Insured by the Federal Housing Administration, FHA loans offer attractive rates and financial savings to homebuyers that may not qualify for a traditional home loan. With flexible requirements such as lower credit scores and income levels, these loans are a popular choice for first-time homeowners as well as Kansas City residents with stable employment that might not be eligible for a traditional home loan. As a growing, yet affordable, metropolitan city, Kansas City is attracting many first-time home buyers to settle down in one of the area’s newly revitalized neighborhoods or established, historic communities.
Advantages of FHA Loans
- Less Cash Needed With affordable closing costs and only a 3.5% down payment requirement, FHA loans are perfect for Kansas City residents with limited cash on hand. For many first-time homebuyers, FHA loans provide the flexible financial requirements needed to make their dreams of homeownership a reality.
- Loans Are Quickly Approved A big city lifestyle at a lower cost of living has made the Kansas City housing market extremely attractive and competitive, with quick-moving inventory selling within days. As a government-backed loan, FHA loans require less paperwork to gather and approve, allowing borrowers to save crucial time in qualifying for a loan in this competitive environment.
- FHA Loans Can Be Assumed For homes with an existing FHA loan, buyers have the option of assuming the previous owner’s FHA loan, allowing the new homeowners to enjoy the low interest rate that the FHA loan was originally obtained for.
- Accommodating Eligibility Guidelines Unlike traditional home loans, FHA loans were specifically created to make home ownership achievable for buyers with less than perfect qualifications. These loans have lower credit score requirements and flexible employment history guidelines that help more Kansas City borrowers purchase their dream home under terms that work for them.
FHA Loans with Golden Oak Lending Kansas City
At our Kansas City location, our mortgage specialists understand not only the challenges and pitfalls of purchasing your first home, but also how to navigate the competitive Kansas City real estate market. Unlike other mortgage lenders, we assign our Kansas City buyers a personal loan officer to guide them through the entire loan-approval process from underwriting to closing. We are here to build a relationship with you, so call our local Overland Park office today to learn more about FHA loans.