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Magnolia Bank

Magnolia Bank

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FHA Home Loans

Save Big With an FHA Home Loan

FHA home loans from Magnolia Bank in Columbia, MO make financing your home fast and easy. With low down payments and competitive interest rates, an FHA loan is a viable home financing option in Columbia, MO and across the United States. FHA loans are a good solution for first-time homebuyers, borrowers who cannot afford a traditional down payment of 20%, and much more. Our FHA loans are available in a variety of fixed-rate and adjustable-rate options and is available for all income levels in Columbia, MO and across the United States.

  • Are you looking to buy a primary home with as little as 3.5% down?
  • Are you looking for flexible lending requirements for your home loan?
  • Do you have less-than-stellar credit or limited cash for a down payment?

If you answered “Yes” to any of these questions, an FHA mortgage might be a good fit for you. Call Magnolia Bank in Columbia, MO today or fill out the form on the side to get in contact with one of our loan officers.

What’s an FHA Mortgage?

An FHA mortgage loan is insured by the Federal Housing Administration (FHA). An FHA loan is typically one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-ideal credit.

FHA Loan Advantages

  • Credit Scores can be as low as 500.
  • FHA loans are eligible for “streamline” refinances, which is a quicker and cheaper way to refinance your loan in a low interest rate period.
  • Less down payment is required, with a 3.5 percent minimum.
  • FHA loans typically will have a lower base interest rate than a comparable conventional loan.
  • FHA loans are assumable, meaning the interest rate and mortgage balance can be assumed by a new buyer.
  • Can use a non-occupant co-borrower to help qualify for the loan using blended ratios.
  • 30-, 25-, 20- and 15-year terms are all available with fixed rates

FHA Loan Requirements

  • Credit Scores – Minimum Credit Score of 500 for FHA Loans.
  • Down Payment – 3.5% down payment from an acceptable source (savings, loan or gift).
  • Primary Residence – This loan cannot be used to purchase a vacation home or second home. FHA financing can be used to buy a primary home for a relative.
  • Documentation – When applying for a qualified mortgage, you will need documentation of your income.

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Contact Us

Phone: (573) 234-4120

Address: 1 South 4th Street, Columbia, MO 65201

Google Rating
5.0
Community First Home Loans
Community First Home Loans
5.0
Max Prokell
Max Prokell
20:58 25 Aug 16
Bobby and his team at Community First Home Loans are great. They take the time to help you find the best home loan options for you, and they do a fantastic job explaining all of your options. I HIGHLY RECOMMEND them to anyone looking for a home loan. Thanks for everything!
jagormanmo
jagormanmo
20:41 23 Aug 16
On the contrary, to whoever wrote this childish review about Richie & Bobby, you evidently were gooned out when you wrote this. These men have worked so long & hard for me, getting my loan to go through. I can't even imagine them associating themselves with a "little boy" kind of guy that would write something so childish. You need to go back to school and learn how to Try to put down such hard workers in an adult manner. Grow up young man. I mean't little boy. Jean M.
Brandon Mushlin
Brandon Mushlin
19:53 23 Aug 16
I've worked with Richie Duncan in various capacities since 2001. What I know him most for is his straight forward, no time wasting approach with clients, service providers and industry experts. He has been in the industry over 18 years, and he is one of the last I know that will roll up his sleeves to go the extra mile for those clients in tougher situations or with harder credit. Richie continues following up with clients over the years, and his relationship the last 5+ years as a 50 state banker means he is able to help more people that have been put on the back burner. I know many top banks who send him their turn-downs and he is able to work with the client to put them in a loan and great rate. He never pushes you off to an assistant, call it control, or call it an expert wanting to serve his clients, either way, the end result is having a personal advocate in a world that has seen un-trust within the industry. He's rode the industry roller coaster and continues this career for his love of people getting the loan they desire, and his love of the industry, regardless of the continuous changes that come. Richie stays educated and in the know so he can keep you in the know. He has loan options down to a 530 FICO Score for 100% on a purchase or cash out refinance, doing a loan like this takes time, but the programs are available. So please, if you are frustrated, upset with your last experience or are looking for a Mortgage Banker that will always take your calls, then reach out to Richie at Community First National Bank.
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Magnolia Bank is not affiliated with or acting on behalf of or at the direction of the FHA, VA, USDA or the Federal Government