FHA mortgages are home loans that are insured by the Federal Government. This insurance protects the lender from losses suffered if the home goes into foreclosure. It is not the same as hazard insurance or insurances that pay in the event the borrower dies or becomes disabled.
FHA allows a buyer to purchase a home with as little as 3.5% down. They tend to be more lenient on areas such as credit, funds to close and coborrowers.
FHA tends to be more flexible than Conventional financing in the money needed to purchase the home. In an FHA mortgage the customer must put at least 3.5% of the sales price into the transaction. Some of this money may be used for down payment and the rest for closing costs . Keep in mind, however, that the total cost to close on an FHA is commonly over the 3.5%. With the down payment, closing costs, money to establish escrows for taxes and insurance plus interest to finish out the month of closing, the total costs can be closer to 6 or 8% of the sales price.
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Brian Pingleton of Keller Williams Realty
Ginger Jones of Keller Williams Realty
Alice Slemp-Owens of Coldwell Banker Select
Betty Wilhite of Tenkiller Property.Com LLC
Allison Pittman of Greater Green Country
Broken Arrow, OK
John Walenciak of McGraw, REALTORS
Scott McCarter of Keller Williams Realty
Sue Blair of Chinowth & Cohen, REALTORS