Lubbock residents looking to achieve homeownership can benefit significantly from FHA loans, a mortgage program backed by the Federal Housing Administration. If you're considering buying a home in this vibrant West Texas city, FHA loans offer an accessible path to homeownership with lower down payment requirements and more flexible credit guidelines. Types of FHA Loans When you explore FHA loans in Lubbock, you'll find several options tailored to your needs. The most common is the 203(b) loan for standard home purchases. If you're interested in a fixer-upper, the 203(k) rehabilitation loan allows you to finance both the purchase price and renovation costs in a single mortgage. For seniors aged 62 and older, the FHA also offers reverse mortgages through their Home Equity Conversion Mortgage
