FHA Loans in Waco, TX
1st University Credit Union’s FHA Loans in Waco, Texas, offer a fantastic opportunity for homebuyers. Backed by the Federal Housing Administration, FHA Loans come with several advantages over conventional mortgage loans. First, they allow for lower down payments, making homeownership more accessible. Second, FHA Loans offer competitive interest rates, which can result in significant long-term savings.
Additionally, the qualification requirements are more flexible compared to conventional home loans, making it easier for individuals with lower credit scores or limited financial resources to qualify.
Whether you're a first-time buyer or looking to refinance, our FHA Loan can provide a viable path toward achieving your homeownership goals in Waco, Texas.
WHAT IS AN FHA LOAN?
An FHA Loan refers to a mortgage loan insured by the Federal Housing Administration, which is a division of the U.S. Department of Housing and Urban Development (HUD). FHA Loans are designed to make homeownership more accessible, particularly for first-time buyers or individuals with lower credit scores and limited financial resources.
FHA Loans are issued by approved lenders and offer several advantages, including lower down payment requirements (as low as 3.5% of the purchase price), more flexible qualification criteria, and competitive interest rates. The FHA insurance protects lenders in case borrowers default on their loans, which allows lenders to offer more favorable terms and conditions to borrowers.
FHA loan advantages:
Only requires a 3.5% down payment
Loan terms can be either 15 years or 30 years
Loan is funded by an approved lender, such 1st University Credit Union, and the mortgage is insured by HUD (the US Department of Housing and Development)
FHA loan requirements:
Borrower must have a credit score of 640 or higher
Private Mortgage Insurance is included in your mortgage
Why An FHA Loan From 1st University Credit Union?
At 1st University Credit Union, our Waco FHA Loans are offered at flexible rates and various term lengths, all for your convenience. Our Waco FHA Loans only require a 3.5% down payment; we also offer loan terms that can be either 15 or 30 years.
At 1st University, everything we do is for the benefit of our members. As a member-owned financial institution, we offer favorable loan terms and lower rates compared to larger banks and other credit unions. As a local Waco, Texas, credit union, we also have a better insight and understanding of the local housing market, which means we are here to help you navigate the complexities of an FHA Loan and find the best option for you.
GET PREQUALIFIED AT 1st UCU
At 1st UCU Mortgage Services, we will help you pre-qualify for a home loan by assessing your credit and income to determine how much you can borrow. You can also use our mortgage loan calculator before starting the process.
Contact Mortgage Services for current rates by email at mortgageservices@culink.net or call (254) 752-2797 or (877) 377-2797.
COME JOIN THE 1ST UNIVERSITY CU FAMILY
You can become a member of 1st University Credit Union by opening and depositing $5.00 or more into a share savings account. $5.00 is the minimum balance that you must maintain in your account while it is open. Once your share account is open, you are eligible for all other credit union services.
And, a 1st University Credit Union membership is for life, no matter if there is a change in employment, family relationship, or place of residence.
Membership is open to anyone. Most of our current members live, work, worship, or go to school in the Waco area or are:
Immediate family members of current members
Baylor University students, employees, alumni, and Air Force ROTC and their immediate family members
Chartwells Employees serving Baylor
Baylor Alumni By Choice — members of this association are friends of BU, but not traditional alumni
Ready to get started? Click the button to open your account online, visit your local branch, give us a call, or request to talk to a representative who can help answer your questions!
VISIT US
Campus Branch
24 La Salle Ave Unit C
Waco, TX 76706
PHONE NUMBERS
Phone: (254) 752-2797
Fax: (254) 752-0552
Lost or Stolen Debit/ATM Card: (254) 752-2797
EMAIL ADDRESS
Please do not put any confidential information (account number, social security number, etc.) in your email.
OFFICE HOURS
Monday–Friday: 9:00 a.m. to 5:30 p.m.
CO-OP SHARED BRANCHING
Locate a shared branch or ATM at www.sbonthego.com
MAILING ADDRESS
One Bear Place 97102
Waco, TX 76798