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Qualifying for Your FHA Loan in Tulsa OK

By Pam Bertrand

Republish: EasyPublish™ Published: 02Nov2009 Word count: 540 Viewed: 143 time(s) Get Free Content For Your Site

Once you’ve decided to purchase your first home in the Tulsa area, there is a lot do to: finding your home, pre-qualifying, and financing your loan. With so many options, it can be confusing where you should start, but qualifying for your FHA loan Tulsa OK is not difficult at all. In fact, finding a trusted lender can help relieve the anxiety when buying your first home.

Check Your Credit

Before you even think about buying a home you may want to check your credit. Any errors or discrepancies should be taken care of before you start your house hunting. This can save time when you apply for your mortgage. Even if you don’t have the best of credit, you may still qualify for a FHA loan, but it is recommended that you tie up all of your loose credit ends beforehand. This can save you time, money, and sometimes a bit of embarrassment.

Typically FHA does require that any delinquent accounts be current or paid off before approving your loan. If you have a Federal tax lien, it is not required that you pay if off, but you will have to qualify for a monthly mortgage payment with the repayment amount included in your debt to income ratio. In most cases, state tax liens must be paid in full before your FHA loan will be approved.

Do You Qualify With No Credit History

While most lending institutions use FICO credit scoring system, FHA does not use this system. This means that even if you have no credit history you still may qualify for a FHA loan.

If you do have some type of credit, typically a minimum credit score of 620 is needed to qualify for a FHA loan. If you are not sure of your credit score, it is highly recommended that you take the time to get your credit scores from all three of the top credit bureaus as they can differ with each agency.

FHA Guidelines

FHA is a little less stringent on their qualifying terms. For instance, you do not have to have a checking or savings account like most conventional loans.

You do not have to have money in a bank account for three months. If you do have bank accounts, you must provide three months of statements.

FHA will allow the buyer to receive the down payment as a “Gift,” such as from a family member although you will need to provide proof that the funds are given to you such as the other person’s banking information to prove that they have given you the funds.

If you have a retirement or 401k plan, you may be able to borrow money from these funds for your down payment.

If you are purchasing a 3+ unit or refinancing, FHA does require that you have three months of mortgage payments in “Reserve.”

Of course, there are more FHA guidelines that are not mentioned here, but this is just to give you a brief overview of what to expect when qualifying for your FHA loan Tulsa OK. Getting your paperwork in order ahead of time will help the process go smooth and you can focus your energy on finding the perfect home in Tulsa, Oklahoma.

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