FHA Loans
Flexible financing with lower down payments.
FHA loans are ideal for first-time homebuyers or those with less-than-perfect credit. Backed by the Federal Housing Administration (FHA), these loans offer accessible home ownership options with flexible qualification criteria.
What is an FHA loan?
- A government-backed mortgage insured by the Federal Housing Administration
- Designed to help borrowers who may not qualify for traditional loans
- Allows for a lower down payment—often as little as 3.5%
- Available for single-family homes, multi-family homes (up to four units), and certain manufactured homes
Eligibility
- Credit score typically 580 or higher for 3.5% down payment; credit scores between 500-579 may qualify with 10% down
- Steady employment or income history for at least two years
- Primary residence requirement—the home must be owner-occupied
- Front-end debt-to-income ratio typically below 31%; back-end ratio below 43% (this may vary with compensating factors)
Key Benefits
- Lower credit score requirements than most conventional loans
- Minimal down payment requirements, making home ownership more attainable
- The option to use gift funds for down payment or closing costs
- Streamlined financing options through the FHA program
Oakstreet Mortgage LLC | NMLS ID: 1618618 (www.nmlsconsumeraccess.org) | © 2024 | Contact Us Today | Privacy Policy | Terms Of Use
Any rates advertised herein by Oaktree Mortgage LLC dba Oakstreet Capital NMLS ID#: 1618618 www.nmlsconsumeraccess.org are only available to qualified borrowers. Additionally, the stated rate and APR may change or not be available at the time of loan commitment or lock-in. Oakstreet Home Loans LLC dba Oakstreet Capital is not affiliated with, or an agent or division of, a governmental agency or depository institution. Refinancing of exiting liens, even at lower rates may result in higher total finance charges over the life of the loan. Any pre-approvals referenced herein are not approvals and are only available after prospect application has been submitted to lender and approved by its automated underwriting system or manual underwrite. Terms and conditions of pre-approvals will be promulgated on all pre-approvals provided. CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.