Temple, TX/2018: FHA loans are a popular choice of loans amongst first time home buyers as they require low down payments and have affordable closing costs. First Community Mortgage helps residents of Temple, TX turn their dream of purchasing a new home into reality by offering them FHA loans.

Formed in 1988, First Community Mortgage has been committed towards providing its clients a mortgage loan that suits their financial need. It is a full-service mortgage lender comprising of loan processors, underwriters and closing department. It provides loans for buying homes, refinancing existing homes and purchasing investment property. The loan officers are knowledgeable, well-trained have more than 15 years of experience in the field.

FHA (Federal Housing Administration) Loan

• An FHA Loan is meant for homebuyers who do not wish to spend huge amounts on down payments and closing cost.
• These loans are insured by U.S. Department of Housing and Urban Development (HUD) in rural and urban areas.
• They cover owner-occupied single family homes but not investment properties.
• For an FHA loan, a 3.5 % down payment and a credit score of 580 is required. A 10 % down payment is required for those with credit scores of 500-579.
• Sellers, builders and lenders can pay up to 6 % of closing costs.
• Gift funds are allowed.
• Two types of mortgage premiums are required to be paid i.e. upfront mortgage insurance premium (1.75% of the home loan) and the annual premium that is paid on a monthly basis.

Benefits Of An FHA Loan

• The credit score requirements are not strict.
• Easy to qualify for the loan.
• Streamlined refinancing.

Other Loans Offered

• Conventional loan
• Veterans Affairs (VA) Loan
• United States Department of Agriculture (USDA) Loan

For more information about loans offered by First Community Mortgage, feel free to call at (254) 771-0020. You can also visit 7348 W. Adams Ave., Ste. 200, Temple, TX 76502 or log on to https://www.fcmloans4u.com/