FHA Loans (Federal)

FHA Loans (Federal) is gift funds for homebuyers in Texas. Federal Housing Administration (FHA) insured mortgage program backed by HUD allowing qualified borrowers to purchase homes with as little as 3.5% down payment. Down payment may be fully gifted from family, employer, or approved non-profit. Requires upfront MIP of 1.75% and annual MIP. Minimum credit score of 580 for 3.5% down (10% down required for scores 500-579). No income limits. 3.5% minimum down payment for credit scores 580+. 10% down for scores 500-579. down payment may be fully gifted from family or approved sources. no income limits. available for 1-4 unit primary residences. seller can contribute up to 6% toward closing costs. upfront MIP of 1.75% and annual MIP required. Funding comes from Federal.

FHA Loans (Federal) is structured as a grant, so it is not repaid. The assistance is recorded in 1st Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

FHA Loans (Federal) is open to homebuyers who will live in the home as their primary residence. The program lists a minimum credit score of 580. Minimum 580 credit score for 3.5% down.

FHA Loans (Federal) can be used for Single Family, Condo, Townhouse, 2-4 Unit, and Manufactured Home. New construction is eligible. Manufactured homes are eligible.

FHA Loans (Federal) serves homebuyers purchasing anywhere in Texas.

Applications for FHA Loans (Federal) go through the administering agency, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.