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:
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:
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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