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.
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.
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 ratio of 43% or less.
The home being purchased must be your primary residence for at least one year.
3.5% down payment with credit scores as low as 580
10% down payment with credit scores as low as 520
It may be used in conjunction with Down Payment Assistance Programs
The new maximum FHA loan limit of $498,257.00. This amount varies by property type and location.
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 have limited cash for a down payment and closing costs. To get prequalified or start the application process, contact an FLB Mortgage Lender , email us for more information, or visit one of our branch locations in Oklahoma City, Oklahoma, Norman, Oklahoma, or Frisco, Texas today!
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. Certain restrictions apply to all programs. See your FLB Mortgage Loan Officer for complete program guidelines, loan application, applicable fees and annual percentage rates (APRs) for all loan programs. Full underwritten approval is required, and all loan approvals are subject to credit, income and asset review and approval. Bank NMLS#1215182
Our online application makes it quick and easy to get started. We have experienced mortgage loan officers ready to help you make the best financial decisions for your unique situation.