FHA Loan Tulsa OK: What You Don’t Know Can Hurt You
What is a FHA Loan?
FHA loans are loans guaranteed by the FHA. This means even if the burrower (you) default, the lender gets their money. This means more lenders will approve new loans.
Who qualifies for FHA loans?
Almost everybody will qualify for a FHA loan.
FHA loans have a no income limits. This means anyone with decent credit can get a FHA loan. Those with bad credit won’t be approved but you don’t need perfect credit either.
The debt to credit ratio also needs to be reasonable.
Why get a FHA loan?
For some homebuyers, the upfront costs of buying a home can be too much to handle. FHA loans allow potential homebuyers a small 3% down payment. This is lower than what most other loans will allow.
What are the problems with FHA loans in Tulsa OK?
FHA limits loans
Since FHA limits the amount it will loan, you may not be able to borrow enough for the house. The amount available for FHA homes changes on a regular basis. Check with a reputable lender to determine the amount available for Tulsa, OK.
FHA loans require a credit history
No matter how great your lender is, if you don’t have any credit you won’t qualify for a FHA loan. Your credit score doesn’t have to be great but you have to have some credit history to qualify.
Where to go next
If you are interested in a FHA loan, contact a qualified lender. They will help you determine if a FHA loan is right for you.
Resource Box
Today Lending (www.TodayLending.com) is owned by Chris and Kelly Davenport and is one of the top home lending institutions in all of Oklahoma and Texas. Chris and Kelly Davenport are also top real estate consultants in Tulsa, Oklahoma and own The Davenport Company (www.DavenportCompany.com)
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