If you are buying a home in Austin Texas an FHA loan could be the ticket. There are many misconceptions when it comes to FHA loans. In a nutshell an FHA loan is a loan which is insured by the Federal Housing Authority, but it is not for low-income families, first-time home buyers, or for inexpensive homes. An FHA loan could be the option you need to buy Austin Texas real estate.
FHA loan facts:
- There are no income restrictions for FHA loans.
- FHA loans typically have lower interest rates. Traditional, 30 year fixed mortgages are currently hovering around 4.3%, and FHA loan could be as low as 3.5%.
- FHA loans are for all types of home buyers, not just first time home buyers.
- FHA loan limits can be large, nearing almost $800,000 in value.
- FHA loans can often be transferred to a new home owner when a property is sold.
An FHA loan could be what you need to finance your Austin real estate. Call me today to learn more about buying an Austin home, as well as financing options that might work for you.
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