Texas · Chapter 24 of 44
Lender Requirements and Loan Programs
FHA, VA, USDA, and conventional loan requirements; buyer qualification; LTV; hazard and flood insurance; PMI and MIP.
20-minute read · Built for the TREC Sales Agent Exam
FHAVAUSDAconventionalLTVbuyer qualificationhazard insuranceflood insurancePMIMIPunderwritingdebt-to-income
FHA Loans
FHA loans are insured by the Federal Housing Administration. Features: minimum 3.5% down payment (credit 580+), more flexible credit, primary residence only, must meet FHA property standards, upfront MIP (1.75%) plus annual MIP (0.55-1.05%), MIP typically for life of loan on post-June 2013 loans. Popular for first-time buyers.
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