Loan tYPE: FHA – Federal Housing Administration can provide a better alternative to Conventional Loans!
The FEDERAL hOUSING aDMINISTRATION Loan Type, CAN BE YOUR BEST OPTION! In addition, This loan type has made home ownership a reality for millions!
FHA home loans remain an integral part of the government’s efforts to help more Americans
become homeowners. For borrowers with credit issues, or not much money for a down payment,
FHA loans provide an alternative path on the road to homeownership.
Home prices and mortgage rates remain low, making this a great time to purchase your new home
with government-backed, FHA financing. And, FHA loans are available in a variety of terms, to suit
your individual needs.
Best of all, you can obtain initial financing with an FHA home loan. After making payments on time
– and building your credit, and equity in your home – you’ll have the option to refinance into a
conventional loan, with even better rates and no mortgage insurance premium
Here are some advantages:
- Loan To Value: 96.50%
- Down Payment Minimum: 3.50%
- No prepayment penalty
- Minimum Credit Score: 600
- Fixed or Adjustable Rate
- There are no Income or Location Restrictions
- Seller Concessions: 6%
- Funding Fee/MIP: 1.75%
- Monthly Mortgage Insurance: 0.85%
- Limited Closing Costs
- Maximum Loan Amount: 275,665
- Great for moving up and purchasing a more expensive home
- Chapter 7 Bankruptcy: 24 months
- Chapter 13 Bankruptcy: 12 month payout
- Previous Foreclosure: 36 months
Call today to learn more about the advantages of FHA financing. The JD Dorris Team looks forward to working with you and your loved ones when this loan product is involved! You can call/text, check out our website, and/or download our app!
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Sales Manager – NMLS# 469266
Owasso OK 74055
9455 N Owasso Expwy A
First United Bank Mortgage