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Everyone looking to buy a home wants a good deal and USDA loans in Tulsa, OK may be exactly what you are looking for. Before you decide, you need to know a few things.

What is a USDA home loan?

These loans are 100% guaranteed by the federal government. The catch: USDA loans are only available in rural areas.

Are there loan limits?

Yes. The USDA limits how much someone can borrow for the home. This differs according to the area. In Tulsa, OK, the loan limit effective 3/1/09 is $144,500. That does not mean you can borrow that much towards any house. That is only the maximum borrowing amount allowable.

What about income limits?

Along with loan limits, the USDA limits the amount of income a family can receive and still qualify for the loan. Families up to 4 members can make $73,600. Families from 5 to 8 are allotted a maximum income of $97,150.

How much will the USDA loan finance?

USDA loans finance up to 102% of the appraised value of the house. This means it will finance 100% of the value along with the 2% USDA loan guarantee fee.

Who is eligible for USDA loans?

Like most loans, your income must be sufficient to pay the mortgage, interest, property taxes and insurance. Generally, mortgage companies expect payments to be less than 29% of the gross monthly income.

Credit score is also considered. In most cases, a FICO credit score of 620 is needed to qualify for a USDA loan.

The other factor involves your debt ratio. 41% debt is generally accepted as acceptable. The 41% includes all current debts plus the estimated amount to pay the housing costs.

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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,

Often times what separates a renter and a homeowner is the down payment. Well, there is good news! The USDA home loan Tulsa OK program allows 100% of financing for homebuyers. That means homebuyers can purchase a qualifying home for no money down.

There are a few strings attached. However, these strings are generally not a problem for most people.

#1 The home must be in a qualifying area

Qualifying homes will reside in areas that are more rural. There are plenty of qualifying homes in Tulsa County.

#2 There are loan limits

As of March 1, 2009, USDA loans for Tulsa, Oklahoma were limited to $144,500. This shouldn’t be too much of a discouragement, as there are plenty of homes available for under the limit.

#3 Fair Credit is required

While perfect credit is not needed, bad credit won’t be accepted. In the past, a FICO score of 620 was needed for approval. People with some questionable credit history should have a score of 620 or more. Check your credit score to find out where you stand.

Despite the strings attached to USDA loans, they are still the best option for many homebuyers. No money down can mean the difference in paying rent and paying a mortgage. Contact a reputable lender to see if you can qualify for a USDA rural development 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.

When you think of USDA you typically think of beef, but USDA home loan OK has nothing to do with cows or meat products.   If you’re looking for a home in a rural area, read on to see if you might qualify for a USDA Home Loan.

The US Department of Agriculture has a home loan program which allows low to moderate income individuals and families to obtain low interest rate mortgages.  While there are specific requirements to these loans, they are pretty easy to qualify even if your credit is not the best.

The most important requirement to apply for a USA home loan is the property must be in a rural area.  Oklahoma has plenty of rural areas, so chances are great that you will find a home that meets the USDA’s criteria and meets your needs.

The home must meet FHA standards in terms of the condition.    You must fall into the requirement of the program – low to moderate income and have a decent credit history.

To apply for a US Department of Agriculture mortgage loan you can go directly to the Department of Agriculture’s Service Center or you can contact your lender.  They will be able to answer your questions and let you know if you qualify.

A USDA home loan OK has nothing to do with cows, but they can help you purchase property with no money down, if you qualify.   Contact your lender or real estate agent today.  The sooner you do, the sooner you can become a first time homeowner.

USDA Oklahoma home loans are used to help low-income individuals purchase property in rural areas.  This is just a brief overview of the USDA and how their program might be able to help you purchase a home.

For many individuals with low income, the thought of owning a home is not in their plan, but if you live in Oklahoma and you qualify, you may be eligible to receive a 100% home mortgage loan, meaning no down payment required.  The down payment is one of the two biggest obstacles when it comes to buying a home – that and your credit history.

There are some eligibility requirements, just like most loans, but the funds can also be used to build, repair, relocate a home or renovate your current home.  In order to qualify for a USDA loan, an applicant must fall within up to the 115% median income for the area.  You must be able to financially make the mortgage payments, which includes taxes and insurance.  Keep in mind that while you do not have to have perfect credit, you must have a decent credit history.
The USDA has secured 1,604 loans totally over $165 million dollars in Oklahoma through the Single Family Housing Loan program.  The USDA’s Farm Service Agent had secured $5.21 million/111 Direct Operating Farm Loans which helped farmers keep their property.  These loans have enabled them to purchase livestock, farm equipment, and other operating expenses.

What Are You Waiting For

This is an opportunity of a lifetime for those who may not otherwise be able to purchase a home and with no money down and 100% financing, why haven’t you applied?  Since January 2009, the USDA has increased 120,000 guaranteed home loans, which has almost tripled from 2007.

If you are a first time home buyer, contact your real estate agent or lender in Oklahoma and see if you qualify for a USDA guaranteed loan.  You may want to visit their website and review the guidelines for qualifying first or you can work with your agent who can guide you through the process from beginning to end.  Be sure that your lender has experience in USDA guaranteed loan processing before you begin your house hunting.

Remember dealing with an agent or lender that has experience in several different types of mortgages will give you options that inexperienced or smaller lenders cannot.   You want to know what is available and if you qualify before you make your final decision and this will also help speed up the process and get you into your home sooner.

You also may want to run your credit score to make sure that everything is correct and if you need some time to clean up some blemishes, do that before you proceed through the loan process.   Even if your credit is not the best, you may still qualify for USDA Oklahoma loans, but you don’t know if you don’t go for it.  Talk to your lender today and see where you stand.