Today Lending Blog

Many potential homebuyers will qualify for a FHA loan in Tulsa, OK. However, it is still up to the homebuyers to search around and get the best deal for themselves. A little knowledge goes a long way when buying a home.

First, you need to determine how much you can afford to pay each month. You don’t want to get into a situation where you can’t afford to make the payments.

While there are guidelines in determining how much you can afford, only you know your circumstances. For example, a couple may qualify for a home loan with payments of $1,000 a month. This couple may also know that they won’t be able to afford anything over $900. It is in the best interest of the couple to find a house that they can get for $900 a month instead of stretching it to the $1,000 limit.

Next, you need to find a qualified lender. The FHA doesn’t loan anyone money. They insure loans through qualified lenders. This means you need to find a lender that can do FHA loans. Otherwise, you won’t be able to get a FHA loan no matter how much you make.

Finally, find out the limits to the FHA loan in your area. The loan limits change periodically so it is best to check with your lender to determine what the current limit is. Once you know the loan limit, you can begin searching for a house that meets your needs.

With all the information in hand, you should be able to find your perfect house along with the perfect loan.

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Today Lending (www.TodayLending.com) is owned by Chris and Kelly Davenport and is one of the top home lending institutions in all of Oklahoma and Texas. Chris and Kelly Davenport are also top real estate consultants in Tulsa, Oklahoma and own The Davenport Company (www.DavenportCompany.com) which services home buyers and sellers in the Greater Tulsa region. Contact Chris anytime at (918) 340.0010 for more information.

There’s a saying that you can’t get something for nothing, but you can still get no money down Oklahoma mortgages if you know where to search.

FHA Mortgages

If you are a first time homebuyer considering a FHA-insured loan might be worth considering.   Some of the advantages of a FHA loan are:  You are not required to put a lot of money down and sometimes no money down, if someone “gifts” you the down payment.  The interest rates are typically lower because it is a federal government loan.  Lending requirements are not as strict as traditional lenders.  You may still qualify if your credit isn’t A+.

VA Mortgage Loans

If you are actively serving or retired from the military, you may qualify for a VA home loan.  VA loans make it possible to purchase a hoe with “no money down.”  Closing costs can be paid by the seller and some of the closing costs can be incorporated into the loan.  To see if you qualify contact the Veteran’s Administration or your lender for more information.

USDA Home Loans

USDA home loans are available for rural areas with no money down and 100% financing.  This loan program sponsored by the U.S. Agriculture Department is a great opportunity for low to moderate income individuals to purchase a home.

No money down Oklahoma mortgages are available, if you know where to look.  Contact a lender in your area today and see if you qualify.  You could be celebrating the holidays in your new home with no down payment.

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