Reliable FHA Lenders

Apply For An FHA Loan

If you are ready to buy a home but are worried about your credit score and down payment impacting your approval, then applying for an FHA loan may be the perfect solution.

The Federal Housing Authority (FHA) exists in part to encourage homeownership among people who might not otherwise be able to afford it. And currently, FHA loans are more accessible than ever.

Citizens Bank of Ada has served Ada, Oklahoma for over 50 years with our reliable and honest lending solutions. Our FHA mortgage lenders are ready to help you apply for a home loan today. 

What Is an FHA Loan?

An FHA loan is a home mortgage loan that is insured by the federal government.

FHA loans are a good option for those looking for:

  • Low down payments: You can qualify for a loan with a down-payment as little as 3.5% of the purchase price.
  • Easy credit qualifying: Borrowers are eligible with a credit score of 600 or higher.
  • Low closing costs: Some closing costs may be able to be waived, and sellers can cover closing costs up to six percent of your purchase price.

It’s no wonder FHA loans are a popular choice among first-time homebuyers and other borrowers who are normally ineligible to qualify for a home loan.

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

How Long Is the Process?

Typically, pre-approvals can be completed within one to three business days.  The full process from application to closing can take between 30 days and 60 days.

Why Citizens Bank?

We’re proud to be locally owned and operated and to support our community as we have for over 50 years.

Let us show you how easy it is to purchase the home of your dreams. Contact our team at 580-332-6100 to get started today.

 

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