How Does an FHA Loan in Oklahoma Work?
An FHA Loan in Oklahoma is a loan which has no limits on income and doesn’t require a downpayment. The Federal Housing Administration insures this loan. Qualifying homeowners may only have to make a downpayment as low as 3 percent thus making this a popular loan choice for many first time homebuyers.
Many have dreamed of having their own home. The market for housing is favoring buyers and now is a great time to consider applying for an FHA Loan in Oklahoma. By doing so, the buyer can take advantage of lower prices on the current housing market without having perfect credit or a large chunk of money as downpayment.
An FHA Loan in Oklahoma is convenient as you can apply for this loan at a banking facility such as USDA Loans Direct. FHA loans are managed by the Federal Housing Administration and this gives the borrower the ability to be sure the loan is ethical. In Oklahoma, the FHA loan requires 3 percent of the purchase price as your down payment. The costs for closing can also be included in the total loan amount. There have been instances where borrowers have even filed bankruptcy in their past and still qualified if they maintained a good credit score since the filing of bankruptcy.
USDA Loan Direct approved Lenders can give you specific qualifications for an FHA Loan in Oklahoma. The lender will tell you whether or not you actually qualify for the program along with the exact amount you can borrow. Keep in mind that there is a limit on the actual amount you can borrow on an FHA loan and this is based off of the type of housing. More money is often loaned for multi-family dwellings. The loan value max varies on the cost of living and whether or not the borrower can afford to purchase the selected home. In Oklahoma, the limit is $271,050 for any single family dwelling. This amount allots for a previous existing home or new construction. The best part is that there aren’t any income limits for the borrower.
In Oklahoma, there are now higher loan limits, lower down payments and lower home prices. This makes this type of government issued loan more secure for the average homebuyer. More homes are qualifying for FHA loans these days. Because of stricter guidelines on other types of loans, many are taking the path of obtaining an FHA loan in Oklahoma.
For an FHA loan, your income should be well documented. The starting rate with an FHA loan is 31 to 43 percent. Income documentation will prove you have stable income before being approved for the loan.