Texas & Oklahoma FHA Mortgage Financing
First United Bank Mortgage offers a variety of low money
down FHA loan programs at competitive interest rates to
home buyers and homeowners in Texas and Oklahoma.
Whether you are looking to purchase your first property or
refinance your existing home, let our FHA loan professionals
help you find the right loan product to meet your goals.
Call The Decker Group at First United Bank Mortgage Company
today or complete the rate quote form on this page for additional
information - 972-591-3097
What is a FHA Loan?
A FHA loan is a government insured home loan provided by FHA-approved lenders.
FHA stands for Federal Housing Administration which is a division
of the Department of Housing and Urban Development. A FHA
Loan is a popular among first time home buyers because there
is minimal down payment and the down payment can be gifted.
Requirements for OK & TX FHA Loans:
- 600 minimum credit score
- Minimal down payment (call for details) however the down
payment can be a gift.
- Require Upfront Mortgage Insurance Premium of which is typically
financed into the loan amount
- Monthly Mortgage Insurance required for most FHA loans (call
for details)
- Must have a valid Social Security Number
- Two years of steady employment
- Bankruptcy is at least two years old
- A foreclosure is at least three years old
Benefits of Oklahoma and Texas FHA Financing
- Low down payment from consumers
- Interest rates are often better than conventional loans, even for borrowers with less than perfect credit
- Qualification is often less difficult than for conventional loans
Why Choose First United Bank Mortgage for Your Home Loan?
- Low Money Down Home Financing
- Aggressive Texas FHA Mortgage Rates
- Streamlined In-House Underwriting, Processing and Closing
Processes Enables You Close Faster
- Professional FHA Financing Consultants
- Low Cost FHA Streamline refinancing available
* Mortgage programs and terms subject to
change. Please call 972-591-3097 for more details.
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Examples of mortgage products and scenarios listed on TXMortgageGroup.com
*30-Year Fixed-Rate Mortgage: The payment
on a $200,000 30-year Fixed-Rate Loan at 5.00% and 70% loan-to-value
(LTV) is $1073.64. The Annual Percentage Rate (APR) is 5.170%.
Payment does not include taxes and insurance premiums.
*15-Year Fixed-Rate Mortgage: The payment
on a $200,000 15-year Fixed-Rate Loan at 4.50% and 70% loan-to-value
(LTV) is $1529.99. The Annual Percentage Rate (APR) is 4.787%.
Payment does not include taxes and insurance premiums.
*FHA Loan: Rate is fixed. The payment on a
$204,250, 30-year fixed rate loan at 5.00% and 90% loan-to-value
(LTV) is $1248.79. Payment includes a one time upfront mortgage
insurance premium (MIP) at 1.0% of the base loan amount and
a monthly MIP calculated at 0.90% of the base loan amount.
The 0.90% monthly MIP will be paid until the loan reaches
78% LTV, provided the MIP has been paid for a minimum of 5
years. Thereafter, the monthly loan payment will consist of
equal monthly principal and interest payments until the end
of the loan. Payment does not include taxes and insurance
premiums. The actual payment amount will be greater. The Annual
Percentage Rate (APR) is 5.756%.
*30-year Fixed-Rate VA Loan: Rate is fixed.
The payment on a $200,000 30-year fixed-rate loan at 5.00%
and 90% loan-to-value (LTV) is $1100.65. The Annual Percentage
Rate (APR) is 5.169%. Payment does not include taxes and insurance
premiums. The actual payment amount will be greater. VA loans
do not require PMI. The VA loan is a benefit of military service
and only offered to veterans, surviving spouses and active
duty military.
*Adjustable-Rate Mortgage: The payment on
a 30-year $200,000 5-year Adjustable-Rate Loan at 4.50% and
70% loan-to-value (LTV) is $1013.37. After 5 years, the principal
and interest will increase or decrease based upon the value
of the predetermined index. Payment does not include taxes
and insurance premiums. The Annual Percentage Rate (APR) is
7.625%. Rate is variable.
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