Mortgage: FHA Loans

What is an FHA Loan?

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FHA guide

When you’re ready to start preparing for your first home purchase, a Federal Housing Administration (FHA) Loan with Central Bank is a great option. A FHA Loan is a type of mortgage loan that is backed by the government. They require a lower credit score and are popular among first-time homebuyers who are seeking to buy a home with a minimal down payment. An FHA Loan term varies from 15 to 30 years and can be more flexible than conventional loans.

FHA Loan Requirements
FHA loans have clear benefits, but they also have more requirements than conventional loans. To qualify for an FHA loan, your home must:

  • * Be your primary residence
  • * Be occupied within the first 60 days of closing.
  • * Be appraised and inspected to ensure it meets the property standards.

Additionally, you must meet other requirements, including

  • * Proof of employment
  • * A debt-to-income ratio under 43%
  • * Mortgage Insurance Premium (MIP) on the home

FHA Loan Benefits

When you qualify for an FHA Loan, you’ll enjoy the many benefits that come along with it including:

  • * A low down payment
  • * Flexible loan terms – choose anywhere from 15 to 30 years for the life of the loan
  • * Competitive rates
  • * Pay down your principle at any time with no penalties
  • * Available with both fixed and adjustable-rate mortgages
  • * Both fixed and adjustable-rate mortgages available
FHA PRE-APPROVAL QUESTIONS?
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Team Randy Thomas
Team Randy Thomas
Jenny & Randy Thomas
Murney Associates Realtors
1625 E Primrose
Springfield, MO 65804
(417) 575-1291 Direct
(417) 894-9093 Cell

Cole Keeling
Mortgage Banker
NMLS # 1846956
Office # 573-356-4150

Address: 3100 South National Avenue Suite 201
Springfield, MO 65807

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The data relating to real estate for sale on this web page comes in part from the Internet Data Exchange (IDX) of the Southern Missouri Regional MLS, LLC , Inc. Real estate listings held by Brokerage firms other than Randy Thomas - Team Randy Thomas / Murney Associates Realtors are marked with the IDX logo and detailed information about them includes the name of the listing Brokers. The information being provided is for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The information being provided is not guaranteed, and all information should be verified by the consumer. Any representation that a web site contains all listings shall only mean that the web site contain all listing available to the public through the IDX data feed. There may be other properties offered through a REALTOR® that have not been displayed on this site. Data last updated: November 26, 2022 3 AM © 2022 Southern Missouri Regional MLS, LLC All rights reserved.

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