Backed by the Federal Housing Administration, FHA loans are popular among home buyers in and around Tulsa, Oklahoma. Through this mortgage program, borrowers have an affordable route to homeownership, with flexible, easy-to-meet qualification requirements.
An FHA loan can be a great solution for credit-challenged Tulsa residents, since people with scores as low as 500 may qualify with a 10 percent down payment. With a credit score of just 580, the down payment requirement drops to 3.5 percent. A higher score opens up the door for borrowers with a higher debt-to-income ratio, and a bankruptcy, foreclosure or other financial misstep may not be a barrier to qualifying for an FHA-backed mortgage. Your local mortgage company can help you determine what you qualify for.
The FHA home loan program was designed to help borrowers – including the first time home buyer -- with low- to moderate incomes. However, anyone who qualifies can choose this form of financing, and many home buyers find FHA mortgages to be an attractive option. Interest rates tend to be competitive with conventional mortgages, and loan terms range from 15 to 30 years. Plus, your mortgage lender can roll certain closing costs into the loan amount, and sellers are permitted to offset other costs, which helps home buyers keep more cash in hand.
Finding and securing a mortgage that works for you is much easier with the PRMI team on your side. FHA loans are almost always worth considering, but we’ll help you explore all of your financing options. If you’re ready to buy a home in Tulsa, talk to us today!