FHA Home Loans

What Is an FHA Loan?

An FHA loan is insured by the Federal Housing Administration (FHA) and issued by an FHA approved lender. Since these loans were designed for low-to-moderate income borrowers, they offer options to borrowers with lower minimum down payments and credit scores. While FHA loans are popular with first-time home buyers, they are available to anyone who qualifies.

How Does It Work?

If you think you may be interested in applying for an FHA loan, contact our team of qualified FHA lenders to learn more about your options. FHA loans come in 30-year and 15-year terms with fixed interest rates, which are currently at historic lows. Note that the FHA requires borrowers to pay mortgage insurance, which is similar to the private mortgage insurance (PMI) you might find on a conventional loan.

Am I Qualified for an FHA Loan?

Qualifying for an FHA loan in Ada is much easier than most other types of home mortgage loans. Here are the primary qualifications you must meet to be eligible:

• Lawfully reside in the United States
• Have a valid Social Security
• Have consistent employment history for the past two years
• Intend for the home to be your primary residence
• Have a minimum 3.5% down payment
• Have a credit score of 600 or more

All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.