FHA LOANS ARE AN ATTRACTIVE SOLUTION FOR FIRST TIME HOME BUYERS LOOKING TO PURCHASE A HOME WITH MINIMAL DOWN PAYMENT.
FHA loans are federally insured, which may require a smaller down payment and may offer a lower interest rate than a comparable conventional loan. This might be the right loan for you if you are a first-time homebuyer or if you have limited cash for a down payment and closing costs.
WHAT IS AN FHA LOAN?
An FHA loan is a type of mortgage loan that is insured by the Federal Housing Administration (FHA). FHA loans are designed to make homeownership accessible to more people by providing easier qualification requirements and lower down payment options.
WHAT ARE THE REQUIREMENTS FOR FHA LOANS IN OKLAHOMA?
- A credit score of at least 580 with a 3.5% down payment, or a credit score of 520 with a 10% down payment.
- A Debt-to-Income ration of 43% or less.
- The home being purchased must be your primary residence for at least one year.
FHA Loan Program Advantages:
- 3.5% down payment with credit scores as low as 580
- 10% down payment with credit scores as low as 520
- May be used in conjunction with Down Payment Assistance Programs
- New maximum FHA loan limit of $472,030.00
This is not a commitment to lend; you must submit additional information for review and approval. Rate, Annual Percentage Rate (APR), and terms are subject to change without notice. See your Loan Officer for complete program guidelines costs, fees, and annual percentage rates (APRs).
Details
FHA loans are federally insured, which may require a smaller down payment and may offer a lower interest rate than a comparable conventional loan. This might be the right loan for you if you are a first-time homebuyer or if you have limited cash for a down payment and closing costs.
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