Oklahoma FHA Loans Help Oklahoma Home Buyers
We take great pride in being able to serve the people of Oklahoma every day here at 1st Capital Mortgage. One of the great ways that we are able to serve our communities is by offering a number of different home loan options, such as Oklahoma FHA loans. You can contact our team today to learn more about the various options that we have available. Please give our team a call so that we can assist you in choosing the best option for you based upon your current circumstances. You’ll find that our friendly team is very knowledgeable and helpful in assisting you in the home loan process. You can reach us by dialing 918-274-1519.
At 1st Capital Mortgage, we offer many different types of home loans. For many, the Oklahoma FHA loan is the best option for them. In this article, we will provide a general overview of these FHA loans and outline the most important information and benefits that this loan could offer you. These FHA loans were first established as part of the national housing act that was created in 1934 by the Federal housing administration, or FHA for short. The reason why these loans were created was help balance the financial markets during the banking crisis that took place during the 1930s.
In light of this crisis, the FHA was responsible to improve and stimulate the housing market while also being able to protect FHA approved lenders from losses that would happen during borrower defaults. The FHA has been very successful and has insured over 34 million mortgages across United States. As of right now, the FHA is currently insuring 4.8 million single-family mortgages. We are proud to offer competitive rates in many different financing options with these loans here at 1st Capital Mortgage. Call our team today to learn more about the history of Oklahoma FHA loans.
Oklahoma FHA loans can cover a wide variety of various borrower needs. This can include borrower needs such as purchases, reverse mortgages, refinancing, and even certain special home renovation projects. The FHA loan is very popular with people who are buying their home for the very first time. The reason why they are so popular is because it is one of the easiest mortgages to qualify for. FHA loan homeowners are able to take huge advantages of cash out refinance and streamline refinance options as well. These options are available in order to decrease the interest rates or if someone needs to obtain extra cash for any reason.
There are many different reasons why the Oklahoma FHA loan has risen in popularity. The most common reason is attributed to a low down payment and relaxed credit requirements compared to the other loan options out there. People are able to qualify for an FHA loan with a credit score as low as 580 and a down payment of only 3.5%. Furthermore, family members can gift money to help cover the cost of the down payment if the borrower does not have sufficient funds to cover the costs. Call our team today to learn more about why these loans have risen in popularity.
There are many different requirements in order to qualify for Oklahoma FHA loans. The first requirement is the credit score. A credit score of 580 is often considered the minimum score required for an FHA loan. Those that may have a credit score that falls between 500 and 579 could qualify for an FHA loan if they are able to pay a 10% down payment. There are also specific income requirements with the Oklahoma FHA loans as well. One must have a debt to income ratio of a maximum 43% or better in order to qualify for the loan. There are certain special circumstances where a 50% debt to income ratio could be approved.
There are other requirements involved in Oklahoma FHA loans as well. One of these requirements is the down payment. If one has a credit score of 580 or higher, a 3.5% down payment of the purchase price is a minimum down payment required. In certain special circumstances, such as having a lower credit score than 580, the higher down payment may be required. There is also property requirements involved in FHA loans as well. The property that is going to be purchased has to meet specific safety, security, and structural integrity requirements that have been set by the FHA.
There are two mortgage insurance premiums that are required whenever applying for Oklahoma FHA loans. One of these premiums must be paid up front, the other premium is due every single month when the mortgage payment is made. The upfront premium is 1.75% of the purchase price. We offer the buyer the choice of either paying this at closing or rolling the premium into their current mortgage. The monthly insurance premium is based upon a combination of things which include loan-to-value ratio, loan amount, and the length of the loan. The monthly insurance premium will typically fall between .8% and 1.05%.
There are also specific Oklahoma FHA loan limits that have been set in Tulsa County. The single family maximum loan amount is $271,050. If someone has a two family, their maximum loan amount is $347,000. For those with a three family, they will find that their loan amount will be a maximum of $419,425. Lastly, the maximum loan amount for four family is $521,250. The maximum loan amount will always depend upon the family size. If you like to learn more about everything that’s included into these factors and please give our team a call today.
We love to help you qualify for an Oklahoma FHA loan today. At 1st Capital Mortgage, we are able to assist you at any point during the loan process. We love to answer any questions that you may have to get you started on this new loan. We have a number of different loan options available and would love to help you select whatever would be the best for you. At 1st Capital Mortgage, we take great strides to save our customers money and to help them select the best options. If you’re ready to begin the prequalification process, then go ahead and give us a call today. You can reach us by dialing 918-274-1519.