Wednesday, June 8, 2016

The 411 on FHA Loans

When it comes time to buy a house at the Lake of the Ozarks, you're going to have several options for financing. First State Bank Mortgage offers a full portfolio of fixed and adjustable-rate mortgage products. One of those options is the FHA Loan, perfect for both new home buyers or those looking to refinance.

What is an FHA Loan? 


An FHA loan is a loan funded by the Federal Housing Administration. FHA loans offer competitively-priced rates and a low downpayment option, making them quite popular among borrowers. Those with FHA loans however, do have to pay for private mortgage insurance to protect the lender from a loss if there's a default on the loan.

FHA Loan Requirements 


The FHA loan requirements set by the Federal Housing Authority include:
  • Must have a valid Social Security number, lawful residency in the US, and must be of age to sign for a mortgage in that state. 
  • Must pay a minimum downpayment of 3.5%. 
  • Must have a minimum credit score of 580 for maximum financing with 3.5% down. On a case by case basis, 500-579 may be approved with 10% down. 
  • Must have a steady work history or worked for the same employer for the past 2 years. 
  • Must be at least 2 years out of bankruptcy and have re-established good credit. 
  • Must be at least 3 years out of a foreclosure and have re-established good credit.  

Benefits of an FHA Loan


When it comes to choosing which loan program is right for you, you need to look at the benefits of each type. Here are the benefits of an FHA loan from your Lake of the Ozarks mortgage lender:
  • Flexible credit and underwriting standards 
  • Low closing costs
  • Fixed and adjustable-rate mortgages available
  • Down payments as low as 3.5% of sales price
  • Competitive rates on new home purchases and refinances
  • In-house processing and underwriting

If you're thinking about a new home purchase at Lake of the Ozarks, give me a call at 573-746-7211 regarding all your financing needs. I can answer all your questions about FHA loans and help you decide if it's the best option for you. As the best mortgage lender at the Lake of the Ozarks, I'm committed to working with you every step of the way! 

For Lake area news, resources and tips on financial services, please 


Michael Lasson
Sr. Residential Mortgage Lender
NMLS #: 493712

2265 Bagnell Dam Blvd, Suite B
PO Box 1449
Lake Ozark, MO 65049

Direct:  (573) 746-7211

Email:  mlasson@fsbfinancial.com

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.


2 comments:

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  2. Thank you for sharing such great information.
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