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FHA

A Loan Designed for Home Ownership

Nearly 1 in 5 U.S. buyers use an FHA loan to finance a home purchase.  The Oklahoma loan limit when financing a single-family residence using an FHA mortgage has been increased in 2024 to a generous $498,257.

The program's popularity, in part, is because buyers can make down payments of just 3.5 percent using the FHA mortgage program.  But, there are other reasons why FHA loans are in demand, too.  FHA loans are insured by the Federal Housing Administration, and with the government guarantee, lenders are more willing to lend with more lenient qualifying guidelines. FHA loans have been specifically designed to help borrowers get into homes.

In addition to flexible underwriting standards, FHA mortgage rates can be lower than comparable conventional rates; and FHA loans can be assumed by a home's subsequent buyer.  This is especially valuable in a rising mortgage rate environment.

First Time Buyers can often benefit from the guidelines of a FHA loan, including a lower down payment. Typical down payments can range between 10% - 20%, but with a FHA loan the down payment can be as low as 3.5%. This lower down payment can even be provided to you from a family member as a gift.  FHA is aggressive with respect to gifts for downpayment. Very few loans programs will allow your entire downpayment for a home to come from a gift. FHA will.  Your entire 3.5% downpayment can be a gift from parents or another relative, an employer, an approved charitable group, or a government homebuyer program. If you're using a downpayment gift, though, you'll need to follow the specific FHA gift fund process.

With more lenient qualifying guidelines, FHA loans make homeownership more accessible to more people. Credit scores as low as 580, higher debt to income ratios, and seller contributions are all allowed with a FHA loan. A few ups and downs in your credit history may be ok with the FHA.

FHA Benefits

First Time Buyers are not the only ones who can benefit from a government guaranteed loan. You can refinance with an FHA loan, even if you don’t currently have an FHA loan. FHA loans come with a few requirements. Because the program intends to help buyers get into a home, you must live in it as your primary residence. (Don’t worry investors, we have plenty of other loan programs that are perfect for you.)

Some FHA programs will require you to have the home appraised by an FHA- approved appraiser, and for you to pay mortgage insurance premiums. Plan on paying Up Front Mortgage Insurance (UFMI) and a Monthly Mortgage Insurance Premium.  Our Scissortail Financial expert loan advisors can tell you what you qualify for and what to expect for your total payments, including mortgage insurance.

Learn more about the process Questions You Should Ask

The experts at Scissortail Financial will arm you with helpful mortgage information plus other valuable resources to help make buying your home quick and easy! 

Step 1 is to make loan application.  To make it easy, Scissortail Financial does not charge loan application or credit report fees to get started.  Scissortail Financial is here to help you every step of the way. 

Call us today to take the first step.

You will be glad you did.

The best customer service.-
Greg is amazing!!! He gave us the best rate out there on our recent refinance and the service he and his team provided was better than we could have asked for. They made this process extremely easy for us and answered any questions we had. They really know what they are doing and have the best customer service in Tulsa. He really is invested and wants to help people and makes sure that they are taken care of every step of the process. Thankyou Greg for being so great at what you do!

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