Oklahoma FHA Loans
Have you always dreamed of celebrating the holidays in a home that you own? In a house that you decorated and that you can truly call yours? Well, if you act now, you could very well own your own home by the holidays. The housing market is currently favoring buyers, and it's a great time to buy! Housing prices are only going to get higher as the economic situation in our country improves, so if you're in a position to buy, seize the moment and consider making an Oklahoma FHA loan part of your home buying plans.
Oklahoma FHA loans are perfect for first time homebuyers who want to take advantage of the low prices of the current housing market but may not have the exceptional credit scores or large down payment to qualify for a conventional bank loan. Oklahoma FHA loans are convenient (you can apply for an FHA loan at a bank, just like other loan products) and since they're managed by the Federal Housing Administration, you can rest assured that they are responsible and ethical loan products, unlike some of the other loan products which target buyers with less than stellar credit or not much cash. The best part about these loans, however, is the fact that they only require 3.5% of the purchase price as a down payment (closing costs can also be rolled into the loan) and even borrowers who have declared bankruptcy in the past can still potentially qualify if they've maintained excellent credit since.
OK FHA Loan Limits
Check with your lender regarding the specific qualifications for an Oklahoma FHA loan. Your lender will be able to tell you if you qualify for the program and will also be able to let you know how much money the FHA can potentially lend you if you're approved for a loan. There is a limit on the amount of an Oklahoma FHA loan and this figure varies based on the type of dwelling since more money is loaned for the purchase of multi-family dwellings. While the maximum loan value does vary based on cost of living (to ensure that, regardless of cost of living in any given area, residents of that area can afford to purchase a home) , the limit for a single family dwelling in every county and city in Oklahoma is $217,050.