Oklahoma City FHA Loans

If you are thinking of moving to Oklahoma City, you should definitely consider going through the FHA for your next mortgage. The Federal Housing Administration (FHA) has been around for over seventy years, during which time it has helped millions of Americans become first time homeowners. Today the program is still going strong, and helping more people than ever before. Here are just a few of the many great benefits of FHA home loans.

Low Down Payment

With a conventional loan in Oklahoma City, you might end up paying 20% for a down payment on a new home. This is very expensive, especially for young families and first time homeowners. With an FHA loan, this down payment can be as little as 3.5%. Plus, the FHA does not have any rules regarding where the money for the down payment comes from. So if you have a friend, employer or a charitable organization supply the money, that is completely acceptable.

Low Interest Rates

With an FHA loan you are insured by the US Government, making you a very secure and desirable borrower. Because of this, lenders are often willing to give you a very competitive interest rate. You may even be offered one that is below the current mortgage market rate.

Insurance

In addition to being able to take advantage of great interest rates, your overall costs will be even lower because you won’t have to pay for private mortgage insurance (PMI).

Simple Refinancing

Once you have your Oklahoma City FHA loan, refinancing is incredibly easy. When you apply for a streamline refinance, you won’t incur any out-of-pocket expenses and won’t have to supply any additional paperwork. This is because the FHA will already have all your information on hand. Alternatively, you can apply for an FHA cash-out refinance if you need to borrow money against the house’s line of equity.

Keep Your Home

If you should ever find yourself having trouble making payments, you can apply for either FHASecure or HOPE for Homeowners. These two programs were designed to help people who were struggling with their payments be able to refinance their mortgages and get back on track.

Get Started Today

Getting pre-approved for an Oklahoma City FHA loan is very easy when you take a minute to fill out our secure online form. We’ll have you pre-approved in minutes for free and with no obligation.

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