FHA Mortgage ~ Buying a Home in McCurtain Conty or Choctaw County OK
So you thought you could qualify for a USDA Guaranteed Mortgage with 100% financing but your income is just over the limit. You're not prepared to do a Conventional Mortgage with a 10% or 20% down payment plus closing costs... what's left?
An FHA Guaranteed Mortgage is what's left and maybe it should have been your first choice. An FHA Mortgage can be a 30 year fixed rate mortgage with a very competitive interest rate. Yes, there is a Mortgage Insurance Premium due as part of your payment due to the loan to value ratio, but interest rates are lower than local conventional interest rates; currently often over a 1% rate difference.
Your down payment can be as low as 3.5% of the purchase price on 1 to 4 units. 1 to 4 unites means a single family residence, duplex, tri-plex, or quadriplex. You can even include the cost of doing some energy saving measures on top of the purchase price, such as adding more insulation to the home.
There are 333 FHA approved Lenders in Oklahoma, so there is definitely one near you.
The FHA appraisal must be done by a certified FHA appraiser. The appraiser may list some things in the home that need to be corrected. That's not a bad thing! There are 447 FHA (Federal Housing Administration) approved appraisers in Oklahoma.
So what's holding you up? Why haven't you already gotten pre-qualified with a lender that offers the FHA Guaranteed Mortgage as part of the loan programs they offer?
For more information on FHA (Federal Housing Administration) Guaranteed loans, visit the HUD (Housing and Urban Development) site.
Now is a good time to buy a home in Choctaw County or McCurtain County and Now is a good time to do it with an FHA Mortgage. If you need contact information for lenders that we've worked with that have made FHA Guaranteed Mortgages to our clients so you can get pre-qualified to buy a home from Integrity Real Estate Services, give me a call! Judi Barrett at 580-212-5946!