FHA Loans

FHA loans are government-backed mortgages insured by the Federal Housing Administration (FHA), a division of the U.S. Department of Housing and Urban Development (HUD). They’re offered only by FHA-approved home loan lenders like Financial Concepts Mortgage.

When Are FHA Loans a Good Fit?

FHA loans are ideal for first-time homebuyers as well as buyers with limited savings or lower credit scores. These loans require only a minimum 3.5% down payment and a credit score of 580 or higher. You can still qualify for an FHA loan if your credit score falls between 500 and 579, but a minimum 10% down payment is required.

FHA Home Loans in Oklahoma, Kansas, Texas, Arkansas, and Alabama

Financial Concepts Mortgage is licensed to provide FHA mortgages in Oklahoma, Kansas, Texas, Arkansas, and Alabama. As of 2020, the FHA loan lending limit for a single family home is $331,760 in low-cost areas and $765,600 in high-cost areas. Keep in mind, your loan limit may differ based on the county you reside in and the type of home you purchase. Click the corresponding button below for a full breakdown of loan limits in your state.

FHA Loan Benefits

FHA loans carry many benefits when compared to conventional loans. Our expert loan officers will help you decide which one is best for your situation.

• Lower required down payments
• Streamlined refinancing process 
• Mortgage term of 25 or 30 years
• Closing costs of up to 6% of the purchase price may be included in the loan
• Down payment gifts are accepted
• FHA loans are assumable

FHA Loan Requirements

You must meet certain requirements to qualify for an FHA loan, however, they’re more lenient than other types of mortgages.

• Properties must meet the FHA’s strict safety, security, and structural integrity requirements
• Your debt-to-income ratio must be 43% or less, but it can sometimes be as high as 50% with a higher credit score
• FHA mortgage insurance of 1.75% is required and lasts the full term of the loan with a down payment of less than 10%. If you make a down payment of at least 10%, you’ll pay mortgage insurance for only 11 years.
• Steady employment and income are required

Types of FHA Loans

The FHA and Financial Concepts Mortgage offer a variety of loan types to fit your needs:

• Basic Home Mortgage Loan 203(b): Fixed or adjustable rates available
• 203(k) Rehab Mortgage: Finances purchase and renovation with one loan 
• Construction to Permanent (COP) Loan: Finances the construction of a home as well as the land on which it will be built 
• Title I Property Improvement Loan: Used to purchase a manufactured home or repair an existing home
• Energy Efficient Mortgage (EEM): Finances energy-efficient upgrades during a home purchase or refinance