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What is an FHA loan?

Since the 1930s, Federal Housing Authority (FHA) loans have offered paths to homeownership for borrowers who need additional flexibility on their down payments or who are worried about their credit scores. Over time, government-backed FHA loans have become a popular option for first-time homebuyers.

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Who benefits from FHA loans?

Because FHA loans are often associated with smaller down payments and a wider range of credit scores, many borrowers assume that FHA loans will not serve their needs. But the truth is there are thousands of FHA loans issued each year in counties throughout Central Texas. Here are just a few 2021 numbers for borrowers in our own communities.

  • Bastrop County

    The average FHA loan amount for Bastrop County was $248,000 with an interest rate of 3.176%. A total of 569 government-backed loans were issued.

  • Bell County

    The average FHA loan amount for Bell County was $191,661 with an interest rate of 3.215%. A total of 1,726 government-backed loans were issued.

  • Hays County

    The average FHA loan amount for Hays County was $258,786 with an interest rate of 3.038%. A total of 1,406 government backed loans were issued.

  • Williamson County

    The average FHA loan amount for Williamson County was $270,368 with an interest rate of 3.027%. A total of 2,910 government-backed loans were issued.

What are FHA loan requirements?

For one, FHA loans often require a smaller down payment than conventional loans, beginning at 3.5% (compared to 5% for conventional loans). Plus, FHA loans offer more credit-based flexibility to borrowers. Amplify will consider applications with credit scores as low as 600.

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Common FHA Loan Questions

We asked our real estate lending team to share - and then answer - some of the most common questions they receive about FHA loans.

  • Are there mortgage limits for FHA loans?

  • Are there restrictions on FHA property types?

  • Are FHA loans less attractive to sellers?

  • Are there credit requirements for an FHA loan?

Contact Our Team

If you would like to learn more about FHA loans at Amplify, use this form to contact our real estate lending team. A loan officer will contact you via phone or email within 24 hours of receiving your message.

Please do not include any sensitive information such as account number or social security number.