The Department of Housing and Urban Development (HUD) is the federal agency responsible for national policy and programs that address America's housing needs. The Federal Housing Authority FHA which is part of the (HUD) plays a major role in supporting homeownership by underwriting homeownership for lower and moderate income families. FHA assists first-time home buyers and others who might not be able to meet down payment requirements for conventional loans by providing mortgage insurance to private lenders. Everyone, who has a satisfactory credit record, enough cash to close the loan, and sufficient steady income to make monthly mortgage payments can be approved for an FHA-insured mortgage. Click here to fill out an application. FHA-insured loans are available in urban and rural areas for single family homes, for 2-unit, 3-unit, and 4-unit properties, and for condominiums in Texas. Interest rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Down payments can be as low as 3 percent, and closing costs can be wrapped into the home mortgage. With an FHA-insured mortgage, you can make extra payments toward the principal when you make your regularly monthly payment. By making extra payments, you can repay the loan faster and save on interest. You can also pay off the entire balance of your FHA-insured mortgage at any time in Texas. Section 203(b) is the most frequently used FHA program. You may use this program to purchase a new or existing one- to four-family homes, including manufactured homes, in both urban and rural areas. A section 203(b) fixed mortgage may be repaid in monthly payments over 10, 15, 20, 25, or 30 years. Section 234(c) provides mortgage insurance for buyers who wish to purchase a unit in a condominium project. The condominium may consist of more than one building, such as a group of row apartments, high-rise buildings, townhouses, or any combination of these structures. Any condominium project must be approved by (HUD). In some cases, (HUD) insures loans (section 237 loans) for people who have had credit trouble and do not meet standard credit requirements to buy low cost homes mortgage loans. (FHA) also insures loans for home improvements -- 203(k) loans. Section 203(k) mortgages allow you to purchase or refinance and rehabilitate a home at least 1 year old. A portion of the loan proceeds are used to pay off the existing mortgage, and the remaining funds are placed in an escrow account and released as rehabilitation is completed. The improvements financed with Section 203(k) mortgage proceeds must comply with (HUD's)Minimum Property Standards and all local codes and ordinances in Texas. Rehab a Home with (HUD's) 203(k) Programs Detailed description and eligibility requirements. 203(k) Program Description. The first step in getting started is to fill out our loan application here on-line for more information and we will have a live person phone you to visit about your loan request. Please fill out the short form application. Amerinet Mortgage Helping you find the perfect fit