Your Lake of the Ozarks Mortgage Lender: FHA

Monday, October 16, 2023

Is an FHA Home Loan Right for you?

Is an FHA Home Loan Right for you?

FHA loans are an option for homebuyers that haven’t saved up for a large down payment to purchase their new Primary home. An FHA Loan is a mortgage that is insured by the Federal Housing Administration. The program allows borrowers to finance a new primary home purchase with a low down payment and will typically carry a lower interest rate, cheaper Mortgage Insurance, and will allow for a lower credit score.

FHA lenders will review your credit history to determine if you qualify for the program. Even if you have less than stellar credit, you may still qualify for an FHA Loan.

Bankruptcy: you must be at least two years out from the discharge date of a Chapter 7 bankruptcy and you must have established good credit or not have incurred any new credit obligations since the discharge

Late Payments: you need to have a minimum of 12 months of payments on current obligations that are made on time

Foreclosure: these are considered on a case-by-case scenario and will depend on the circumstances that led to the foreclosure

Collections, Judgments and Federal Debt: Typically, collections and judgments must be paid off prior to or at the time of closing, except for medical collections

No credit history: In some instances, you can provide documentation to build non-traditional credit such as insurance payments, cell phone bills, electric bills, etc. Your lender can assist you with what is needed to complete this

FHA Loans will also allow for Gift Funds to assist with the down payment requirement and closing costs. These funds can come from any of the following sources:

· Borrower’s family member

· Borrower’s employer or labor union

· A close friend with a clearly defined and documented interest in the borrower

· A charitable organization

· A governmental agency or public entity with a program providing homeownership assistance to low- or moderate-income families or first time homebuyers

There are also maximum loan amounts for different parts of the country. These have been calculated by FHA and are known as FHA lending limits. These are calculated and updated annually. Below are the 2023 limits.

LOW COST AREA
2023 FHA Limits
Single	Duplex	Tri-plex	Four-plex
$420,680	$538,650	$651,050	$809,150

HIGH COST AREA
2023 FHA Limits
Single	Duplex	Tri-plex	Four-plex
$970,800	$1,243,050	$1,502,475	$1,867,275

Team Lasson is here for all of your home buying needs! If you're thinking about making the leap into home ownership in the near future, please contact us today to get started. We can help you determine what loan programs works best for your financial goals. The first step in preparing for your big purchase is to get pre-approved for a mortgage at Lake of the Ozarks. To get started, visit www.yourlakeloan.com or give us a call at (573) 746-7211!

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Michael Lasson

Senior Loan Officer

NMLS #: 493712

First State Bank Mortgage – Michael Lasson

2751 Bagnell Dam Blvd Suite B

Lake Ozark, MO 65049

Direct: (573) 746-7211

Cell: (573) 216-7258

e-Fax: (866) 397-0318

Email: mlasson@fsbfinancial.com

Website: www.YourLakeLoan.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.

Thursday, March 22, 2018

The Role of the Federal Housing Administration

The Federal Housing Administration, or FHA, is a United States government agency created in part by the National Housing Act of 1934. The agency provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. Keep reading to learn more about the FHA, its role in our country and FHA loans from your favorite Lake of the Ozarks mortgage lender.

The Role of the FHA

The FHA was designed by Congress to help facilitate growth in mortgage loan opportunities after the Great Depression created tough economic conditions and caused the housing industry to struggle. In 1934, only 4 in 10 homes were owned by their occupants. Due to many people being out of work, coming up with a large down payment posed a big problem. Renting was a more viable option for many Americans at that time. The underlying idea was that by providing insurance to lenders, more potential home buyers would qualify for mortgages. The FHA is not a mortgage lender. Its primary role is to insure mortgages provided to home buyers by FHA-approved mortgage lenders. These loans generally serve as an alternative for borrowers that are unable to meet the 20% down payment requirements of conventional loans.

FHA Loans Benefit Everyone

FHA mortgages benefit everyone! Borrowers benefit by having access to home financing that's otherwise not available. FHA-approved mortgage lenders at the Lake of the Ozarks benefit because they can take on more risky borrowers with less of a down payment because of the FHA mortgage insurance premiums that the buyers pay. The housing market and economy benefit as well because of the increased volume of available home buyers.

FHA Loans from First State Bank

FHA loans offer competitively-priced rates and a low down payment option. Whether you're looking to purchase a new home at the Lake of the Ozarks or refinance your current loan, FHA is a great option. The benefits of an FHA loan with us include:

Flexible credit and underwriting standards
Low closing costs
Fixed and adjustable-rate mortgages available
Down payments as low as 3.5% of the sales price
Competitive rates on new home purchases and refinances
In-house processing and underwriting

For more information on FHA loans or any other type of home financing at the Lake of the Ozarks, give us a call at 573-746-7211. As your Lake of the Ozarks mortgage professional, I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve. We are opening the doors to your Lake home!

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