FHA Loans:
 

A Tulsa FHA mortgage is a mortgage that a government agency called the Federal Housing Administration guarantees. The Federal Housing Administration or FHA is part of the US Department of Housing and Urban Development also known as HUD.
 

One of the best options for a first time home buyer is the Tulsa FHA mortgage for several reasons. It is one of the easiest types of Tulsa mortgage loans to qualify for. It requires a low down payment and one does not need to possess a perfect credit score for approval. Currently the down payment is approximately 3.5%. Therefore, borrowers are eligible for up to 96.5% financing.
 

The main Tulsa mortgage programs offered by the FHA are the HUD 203(b) and the HUD 203(k). The HUD 203(b) provides mortgage insurance for a person to purchase a primary residence. Banks and other lending institutions fund the actual HUD insured Tulsa FHA mortgage. The other Tulsa mortgage program called HUD 203(k) is for those who are purchasing a property that is not in the best condition but a fixer upper. It allows one to acquire capital from a lender which includes the cost of making the repairs and renovations and the cost of the property all in one.
 

There are limits for a Tulsa FHA Mortgage which HUD sets. These limits for a Tulsa mortgage vary depending on the category of the structure that one is intending to buy falls in, which can be anything between a Single Family home to a four-plex.