FHA Mortgages are insured by the Federal Housing Administration (FHA), making them easier to obtain than conventional loans in most cases. Additionally, FHA loans allow for a lower down payment than conventional mortgages (3.5%) making them very popular with first-time home buyers.
FHA Mortgages must meet the following criteria:
- Loan Limit in Oklahoma $275,665.00
- Minimum 3.5% down payment.
- 640 Minimum Credit Scores.
- Up Front Mortgage Insurance 1.75% of Loan Amount
- Monthly Mortgage Insurance .85% of Loan Amount Divided by 12 months
To find out if you qualify for an FHA loan, please contact us directly.