FHA loans are an attractive option, especially for first-time homeowners, because they are insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. On FHA purchase loans, the minimum down payment is just 3.5%, whereas on Conventional loans it's typically 5%. Our minimum loan amount at this time is $95,000.
What is a FHA Loan?
A FHA Loan is provided by the Federal Housing Administration and has a lower down payment.
Benefits of FHA Loans
There are many benefits to FHA Loans--smaller down payment and more forgiving on credit scores.
FHA Loan Eligibility
FHA Loans have more flexible requirements than a traditional conventional mortgage.
FHA Loan Limits
Loan limits may be different, depending on what county and state the property is located in.
Get Pre-Approved for a FHA Loan
If you are a first time home buyer, refinancing, or simply seeking a lower down payment in most any state except Alaska and Hawaii, contact American Nation Bank at 580-226-6222, Ext. 3550 for more information or click on the following link:
https://bankersmortgage.mortgagewebcenter.com/responsive/#/ApplyNow/StartApplication
