Should You Use An FHA Loan To Buy Your Texas Home?

Mortgage and Lending with Service First Mortgage, NMLS #166487 NMLS 217454

What is an FHA Loan?

An FHA insured loan (Federal Housing Administration) is a loan backed by the U.S. Department of Housing and Urban Development (HUD). Not only are FHA home loans are a viable option for many Texas first time home buyers, they are even great loans for step up buyers. Although FHA loans are government-backed, they are not grant or down payment assistance.  Lenders make these loans to home buyers and follow HUD guidelines.

FHA home LoansHowever, FHA insures the loan for the lender for offering the loan with such a low down payment. The insurance is provided only to individuals, and approved by HUD through a fixed set of regulations and guidelines. Interlinc Mortgage is FHA approved by HUD to offer first time home buyers in Texas their first home loan.  Step up buyers are welcome too.

At Interlinc Mortgage, we understand that purchasing your first home in Texas can be a scary process. However, a FHA first time home buyer loan makes home ownership more accessible. As a first time home buyer in Texas, Interlinc Mortgage can help you obtain a new mortgage for as little as 3.5 percent down as long as you meet the minimum credit score requirement of 580 or higher.

Below we’ve addressed some common concerns among first-time home buyers.

What are the requirements?

An FHA loan can be approved even if you have a less than perfect credit score, have filed bankruptcy or have income issues. The first time FHA home buyer program is a flexible option for any Texas resident.

FHA Loans are a good fit for you if:

  • You have a less than ideal debt-to-income ratio.
  • You have less than perfect credit.

What are my options?

The first time home buyer program in Texas can help residents afford the new home of their dreams. Depending on the type of work, an FHA home loan also is available to finance repairs or home improvements.

FHA Loans can apply to:

  • A new home purchase for first time home buyers and step up buyers in Texas.
  • Home improvement projects according to the FHA 203K Loan guidelines.

Is there a limit to how much I can purchase my new home for?

There is no maximum sales price. However, there is a maximum loan amount based on each county in Texas. The maximum loan for a first time home buyer in Plano and all off Dallas-Fort Worth Texas for a single family home is $334,650, $428,400 for a duplex.

Why are FHA loans so accessible?

For a first time home buyer, a FHA loan makes it easier for Texas residents to qualify because the government guarantees the loan making it less risky for the lender and therefore easier to approve. However, each lender has set standards that they adhere to, which may differ from lender to lender. There are no income limits like many first time home buyer program, but you will need to have enough income to prove you can make the payments. FHA loans can be easier to qualify for than most first time home buyer programs or conventional mortgages. 

Contact the Richard Woodward Mortgage Team today to find out if an FHA loan is right for you.  For more information regarding FHA home loans and programs visit

The information provided on the FHA Loan program is intended only as general educational information regarding the program. An in-depth consultation with Richard Woodward Mortgage Team is necessary to determine if the program is appropriate for your individual circumstance.

Richard Woodward, NMLS 217454

Your Local, Direct, 5 Star Rated Mortgage Lender

Office:  (214) 945-1066

Interlinc Mortgage Services, LLC., NMLS 205696

7711 San Jacinto Place, Ste 100 Plano, Texas 75024


Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. InterLinc is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice.


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Richard Woodward NMLS#217454

Service Beyond Expectations! Your Texas Lender
7711 San Jacinto Place, Ste 100 Plano, Texas 75024