FHA Mortgages
Your new home can be closer than you think, thanks to the FHA mortgage program and a variety of down-payment options.
An FHA home loan helps you qualify for a mortgage by including a mortgage insurance premium in the loan amount.
An FHA Mortgage from Amegy Bank can make homeownership available to individuals and families needing a little extra assistance to qualify. With this program, mortgage insurance is added to your loan to help you qualify. In addition, the FHA has a variety of options for low- to moderate-income borrowers and those without a large down payment.
Benefits you should know about
Advantages
- Available for Fixed-Rate Mortgages.
- Perfect for first-time homebuyers.
- Assists those with less-than-perfect or limited credit history.
- Funds needed to complete the purchase — including down payment — can be gifted.
- Mortgage insurance is added to the loan amount to help you qualify.
- Insured by the Federal Housing Administration (FHA).
- Flexible credit requirements and low down payment options.
- Debt-to-income ratio can be above conventional limits.
- Loan decisions are made locally for faster turnarounds and approvals.
- Make an early pay off or pay down with no prepayment penalties.
Things to think about
Considerations
- Intended for clients purchasing a primary residence.
- Loan amounts up to $472,030 (amount varies by county).
- Short-term Fixed-Rate Mortgages under 30 years still feature consistent monthly payments.
- A short-term 15-year Fixed-Rate Mortgage offers a lower interest rate. If you need a lower monthly payment, you may opt for a 30 year.
- You can own your home twice as fast with a 15-year mortgage versus a 30-year loan, though 30-year options are still available.
Keep your rate and your payments steady over time.
Fixed Rate Options
Fixed-Rate Mortgages are popular among homeowners because the interest rate and monthly payments stay the same over the entire term.
Own Your Home Twice as Fast
You’ll pay a bit more every month, but a short-term Fixed-Rate Mortgage can cut in half the amount of time it takes to own your home. Plus, you typically get a lower rate for a 15-year term than a 30-year.
Consult a Mortgage Loan Officer
We’re proud of our history of investing in communities and client relationships. Our residential mortgage team works closely with you to assess your needs and offer the loan that will work for you.
Decisions Made Locally
We make our loan decisions at the local level, so we understand our clients and the market. That means you can benefit from a faster turnaround time on approvals. And can get your loan funded sooner.
Apply today for your home loan.
It only takes about 15 minutes to apply. Be ready with: Social Security Number and date of birth (borrower and co-borrower), home address and phone number (mailing address if different from home), previous address (if at residence less than 2 years) and gross monthly income.
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