Oklahoma FHA Loans

If you are thinking about relocating to Oklahoma, you will definitely want to consider using an FHA loan to purchase your new home. The Federal Housing Administration (FHA) and US Department of Housing and Urban Development (HUD) have made the loan process as easy and affordable as possible for everyone who qualifies. The FHA does this by extending really great benefits that cannot be found with conventional loans. Here are a few of these benefits you’ll get to take advantage of with an Oklahoma FHA loan:

Low Down Payment

Conventional loans these days can require anywhere from five to twenty percent for a down payment on a new house. This makes homeownership out of reach for many American families. To help reduce the financial burden of buying a new home, the FHA offers loans with a low down payment of 3.5%. Now, even if you don’t have a lot of money saved up, you will still be able to afford the house of your dreams for you and your family.

Lower Overall Cost

The total cost of your FHA loan will be much less expensive than a conventional loan. When you apply for an FHA loan, you won’t have to pay any costly private mortgage insurance (PMI). Plus, with an FHA guaranty you will be able to take advantage of very competitive interest rates.

Easy Refinancing

Once you have your FHA loan, it is incredibly simple to refinance to a lower interest rate. With an FHA streamline refinance, you can get a lower rate without having to supply any additional paperwork or incur any additional costs. Alternatively, you can apply for an FHA cash-out refinance which allows you to borrow money against the house’s equity. The money you receive can be used for any purpose.

Keep Your Home

The FHA has created programs that are designed to help you keep your home. If you find yourself having trouble making payments, you can use either HOPE for Homeowners or FHASecure to help refinance your loan and avoid foreclosure.

Get Started Today!

It’s incredibly easy to get pre-approved for an Oklahoma FHA loan. Take a minute to fill out our secure online form and we’ll be happy to help you on the road to homeownership. The form is free, secure and has no obligation.

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