Have you had some late payments in the past?  Who hasn't?  If you have been on time with your bills for the past year without getting any new late payments or collections you may be eligible for a fha refinance.  Fha refinances are not credit score based and are intended for borrowers who can prove their income and have been on time with their payments for the past year.  The advantage of fha is the interest rates are usually a bit lower than conventional and only require a 3% down payment.  This is the only mortgage program that will allow you to obtain mortgage insurance with less than a 620 credit score.  The down payment and closing costs can come as a gift from a family member.  Only 500 dollars of your own funds are required and the seller can pay up to 6% closing costs as well.  Seek out the help of a professional mortgage broker when carefully choosing your options.  FYI the maximum loan amount in Texas for FHA financing is a bit over 200k.  This applies for purchases and refinances in Texas. 

For more information on FHA mortgage purchases or refinances in Texas please visit my website at www.yourclearlakemortgage.com or call me at 281.212.7076.

 Jason