FHA Loans

Among the several specialties at King Financial are FHA loans. Our team of professionals can handle this process for you with ease!

FHA loans are given through the U.S. Department of Housing and Urban Development, as well as the Federal Housing Administration. The loans under this umbrella are essentially an assortment of specific funding programs designed to appeal to buyers under various circumstances.

FHA loans are insured by the FHA, which has made them of great benefit to borrowers looking to obtain funding from lenders. Private lenders are protected by a mortgage insurance requirement, as their potential losses are covered if a default occurs.

Lenient credit requirements are part of the many reasons why FHA loans are popular for home-buyers. Also, down-payment expenses and closing costs are also reduced for borrowers who use FHA loans.

Down-payments can be as low as 3.5% of the price of a home for first-time home-buyers, who are cited as anyone yet to have owned a home within the past three years. 

Those who are using an FHA loan to acquire a home must be aware of the loan limits pertaining to their county. King Financial is a leading company in the Texas areas of Colleyville, Flower Mound and Southlake, which are in Denton County and Tarrant County.

Below are the loan limits for both counties:

 
County Single Duplex Tri-plex Four-plex
Denton $310,500 $397,500 $480,450 $597,100
Tarrant $310,500 $397,500 $480,450 $597,100
                                                  
As was mentioned at the beginning of this page, FHA loans are largely a collection of various sub-loan programs that appeal to different types of borrowers. 

Among its featured loan programs are:

•    Fixed-Rate FHA
•    Adjustable-Rate (ARM)
•    FHA Secure Refinance Loan
•    Graduate Repayment Mortgage
•    Growing Equity Mortgage
•    FHA Reverse Mortgage
•    Energy Efficient Mortgage
•    FHA Condominium Loan


The fixed-rate FHA loan is great for those who lack enough capital on their own to buy a home, yet still would like to do so. Mortgage payments remain the same throughout the term of the loan, thus home-buyers will always know their interest rates and how much they must pay each month.

Adjustable rate mortgages are also known as ARMs. Families within the low-to-moderate income range aspiring to own a home can find this program beneficial. The loan begins with low mortgage payments before adjusting to market rates. If a homeowner comes across financial issues due to interest rates increasing, the FHA secure refinance loan is a program that is fitting. 

Sometimes ambitious home-buyers are in the low-to-moderate income category, but are in line for a substantial increase in their earnings in the coming years.  The FHA loan that applies to them is the gradual repayment mortgage.

The growing equity mortgage is a program that features smaller installments in the early stages of the loan with payments marginally increasing over time. 

The FHA even has a loan program specific to homeowners 62 and older with reverse mortgages. In all, reverse mortgages allow a homeowner to convert their home’s equity into income and credit.

Via the energy efficient mortgage, borrowers can receive financial assistance to help lessen their monthly utility bill costs, plus pay for rehab expenses toward energy-efficient enhancements. 

FHA condominium loans are available for borrowers needing funding to procure a condo. Assistance can also come in the event borrowers must leave their homes while their apartments are being transformed into condominiums.

No matter which FHA loan program appeals to you, King Financial can gladly help! Call us today at (972) 539-2500!


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