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Can I Qualify for an FHA Loan?

FHA loans (those sponsored by the Federal Housing Administration) are mortgages that allow low down payments and have relaxed credit score requirements, making them very popular with first-time homebuyers and those with less-than-perfect credit. If you think an FHA loan might fit your needs, the first step is to determine if you can qualify. Here are the basic requirements:  Credit Score & Down Payment Requirements for FHA Loans Credit score and down payment requirements are tied together under FHA loans. For those who have a FICO credit score of 580 or higher, the minimum down ...

July 25th, 2018 | FHA Loans, Government Loans, Can I Qualify for an FHA Loan?

Should I Pay Mortgage Points?

If you are buying a home or refinancing, you have probably heard about “mortgage points.” This form of pre-paid interest can save you thousands of dollars over the course of your loan but in many circumstances is not worth the upfront cost. How do you know whether to pay points or not? Here’s a quick guide to help you figure it out. What are Mortgage Points? Mortgage points – also known as discount points - are essentially a way to pay some of the interest upfront on your home loan. One point is equal to 1% of your mortgage amount. For example, one point on a $100...

July 18th, 2018 | Purchasing a Home, Interest Rates, Should I Pay Mortgage Points?

What is the Difference Between FHA loans and Conventional Mortgages?

If you are just getting started in the home buying process, you have probably come across several different types of mortgage loans as you have researched your options. Two of the most common home loan types are conventional and FHA mortgages. What are the differences between them and when does each make the most sense? FHA Loans FHA, or Federal Housing Administration, loans are a government-insurance program that makes it easier for Americans without great credit or large down payments to become homeowners. When a borrower is approved for an FHA loan with an approved lender, the federal...

July 11th, 2018 | FHA Loans, Government Loans, Conventional Loans, Purchasing a Home, What is the Difference Between FHA loans and Conventional Mortgages?

Happy Independence Day 2018!

We wish you a Happy Independence Day and hope that your day is filled with great food, fun, friends, family and fireworks. Let us all remember the founding of our great nation and the freedoms we enjoy and all those that have sacrificed so much for us and our country. May we all come together to strengthen and protect freedom, liberty and independence for all. If you know of anyone looking for a mortgage in Texas? Please let them know that they can contact Mortgage Pros Inc at 512-346-7767 today and we can go over the best mortgage options for them.

July 3rd, 2018 Happy Independence Day 2018!