Today Lending Blog

First time home buyer – A small piece of information that could be helpful

admin — Tue, 20 Apr 2010 20:02:37 +0000

Thinking of buying ones dream home and dropping out the plan the next week is not very uncommon as there are many who might have gone through this experience. There are many people who consider that for a first time home buyer, there is just a need to find a home and buy it. Wrong, there are lot many other parameters that also need to be considered such as interest rates and grants.

The very first thing that one needs to decide on before becoming a first time home buyer is that this is the place where one would like to get old, if the answer comes out to be yes, then the deal is through. Those who are considering this option as an investment also need to be aware of the real estate market condition and factors such as Oklahoma Home Loans, FHA loans and various others. The next very important thing that one needs to decide on is the price bracket, everyone is thinking of acquiring a big sized home in the peak earning years, but while doing this one has to keep in mind that adversities can also arrive.

Affordability is a long term consideration that the first time home buyers need to know. Even if one feels that the uncertainty element is there, then it is better to know that the option such as refinance is also available and one can go for it when the need arises. Most of the financial consultants who suggest that the first time home buyers would stretch the loan limit till it becomes comfortable, for them to pay as scrimping on the money is not advisable. There are many people who just compare the rent with the installment; this is not right as home buying brings in lot of additional expenses also.

Every first time buyer needs to consider one thing carefully, how much is the buying limit. There are many people who are not aware with the nitty -gritty of financing and land themselves in big trouble. If one is clear about the repayment module and thinks that this is not going to be tough, then only the financing option has to be considered. Shopping for Oklahoma Home Loans would be a fine idea as with this at least one would know the direction in which one is going.

Eligibility factor matters the most when it comes to Oklahoma Home Loans and this is the reason that the first time home buyers start preparing themselves a little time before. If any first time home buyer thinks that individually one would not come out as eligible, then the spouse’s income can also be collaborated.

One more thing that the first time home buyers can do is to tailor make the repayment installment as per the earning capacity. In initial few years, one can pay less and when income increases this amount can also be increased.

A first time home buyer also needs to keep in mind the tax breaks and loan comparison as these are surely going to help.

Home Mortgage Loan – Important Things to Consider Before Applying

admin — Thu, 15 Apr 2010 20:06:01 +0000

If someone is planning to apply for a mortgage, there are some important things to consider before applying. One should have complete understanding of all these things in order to succeed. Home mortgage loan is not as easy as one thinks; there are some hurdles which one should know to achieve better results. The lender carefully scans the credit ratings history before sanctioning the loan, so these things will let the customers improve their credit rating for the loan sanctioning.

Inadequate Income

Inadequate income is the first thing that lender asks the customer, so one should have proper funds in order to apply for the home mortgage loan. It does not mean that the people who have inadequate income can not apply for the home mortgage but customers should at least present the proper income proofs to the lender so that a lender can sanction the loan. Any type of income is acceptable with proper documentation, so prepare all the required documents before visiting the lender. Good presentation plays crucial role in sanctioning of the loan. If the customer’s income is not enough to afford mortgage payments, then it can be a serious concern for the customer as well as for the lender.

Too Many Debts

If the lender gets an idea that the customer has too many debts or have unpaid loans, definitely the lender will not accept the application. These are the basic things and everyone should be aware of that. So, check out, is there any unpaid debt or loan amount and then visit the lender for the home mortgage loan.

Bad Credit

This is the most dangerous thing because of which the customer’s application can be denied. If someone has bad credit, foreclosures or bankruptcies on the credit report, chances are higher to get denied by the lender. However, one can get the home mortgage loan on bad credit but the interest rate will be higher, so it is worthless to apply for loan with bad credit history. One also has to pay big amount as down payment to apply for home mortgage loan.

Inappropriate Documentation

The paperwork provided to the lender should be proper and accurate. False documentation leads to immediate rejection of home mortgage loan and it can also result in serious legal charges. The personal or financial documents should be accurate and it involves birth certificate, employment information, income information, credit reports and other information provided to the lender. It is a fact that lenders strictly verify all the information provided to them.

Provide Complete Information

It is very important for the customer to provide complete information to the lender which involves personal, financial, family, employment and several types of required information. False information results in the immediate case rejection for the home mortgage loan.

So, one should consider all the above points in order to get the home mortgage loan. Most lenders verify all the information provided to them on their own basis. So, always provide them accurate information to get approved and in order to avoid further inconvenience.

Advantages of Owning Homes, Tulsa, OK

admin — Tue, 13 Apr 2010 20:00:49 +0000

Well, what is an American dream…a palatial house, a car and a fat bank balance. But owning a dream home in the United States has come to a crashing reality in the last year due to the sub-prime mortgage bust. People had bought homes that were beyond their financial conformity, which led to home foreclosures in huge scale. The result was a crisis in the real estate market all across. But Tulsa in Oklahoma (OK) stands apart in this crisis. Here the American dream still rings true.

Tulsa is a hotbed for housing investment for new home buyers. The prices for homes for sale in Tulsa are far below the national average (approximately $165,000 compared with over $275,000 nationwide). Moreover, the prices here are not spiraling at the rate as they are elsewhere. They have gone up even less than 5% annually in Tulsa compared to 10% in other regions of North America. And most homes, Tulsa (OK) are consistently undervalued, as a result you get a better reward for your investment here than elsewhere. Moreover, the real estate crisis that grabbed the whole country, has taught the Tulsa realtors to take every step with a little awareness. They are making the most of the booming market that they have here.

Besides these advantages, Tulsa is also a seat of learning. It has two private universities: the University of Tulsa and Oral Roberts University. Incase you are not a student or don’t have a son to attend the university in near future, then too there are many perspectives associated with Tulsa’s universities that can influence your purchasing a new home, Tulsa (OK).

If you buy spacious home in Tulsa and may need to travel to another part of the country for longer or shorter period, you can easily find tenants from the local student community to occupy it for sometime. You can hold on to your property from remote location safely and make a passive income out of it. You will not need to put your home for sale in Tulsa, incase you need to stay away from the place for sometime.

Secondly, if you get into a financial crunch, and need to generate a quick income, you can rent a part of the house to a student or a visiting faculty member. Owning a home here means that your home works for you to make your two ends meet. It will never sit vacant and leach your finance foe maintenance.

A university town like Tulsa will always have a steady economy. The presence of a vast crowd of students will create a constant demand of faculties and staff. Thus, a job crunch is never likely to happen. The surrounding businesses like restaurants, stores, and other companies will have a flourishing business as the large student community is their substantial client base. Moreover, universities tend to generate money from grants, private donations, and other sources that continue even in a recession.

In addition to this the universities make certain amenities available to general public. These range from recreational facilities to fine arts programs, archives, libraries, and venues for special events. As an owner of a home, Tulsa (OK), you can enjoy a host of them.

FHA Loan Tulsa OK: What You Don’t Know Can Hurt You

admin — Wed, 30 Dec 2009 16:34:49 +0000

What is a FHA Loan?

FHA loans are loans guaranteed by the FHA. This means even if the burrower (you) default, the lender gets their money. This means more lenders will approve new loans.

Who qualifies for FHA loans?

Almost everybody will qualify for a FHA loan.

FHA loans have a no income limits. This means anyone with decent credit can get a FHA loan. Those with bad credit won’t be approved but you don’t need perfect credit either.

The debt to credit ratio also needs to be reasonable.

Why get a FHA loan?

For some homebuyers, the upfront costs of buying a home can be too much to handle. FHA loans allow potential homebuyers a small 3% down payment. This is lower than what most other loans will allow.

What are the problems with FHA loans in Tulsa OK?

FHA limits loans

Since FHA limits the amount it will loan, you may not be able to borrow enough for the house. The amount available for FHA homes changes on a regular basis. Check with a reputable lender to determine the amount available for Tulsa, OK.

FHA loans require a credit history

No matter how great your lender is, if you don’t have any credit you won’t qualify for a FHA loan. Your credit score doesn’t have to be great but you have to have some credit history to qualify.

Where to go next

If you are interested in a FHA loan, contact a qualified lender. They will help you determine if a FHA loan is right for you.

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USDA Home Loan in Tulsa, OK: Frequently Asked Questions (FAQ)

admin — Mon, 21 Dec 2009 16:32:34 +0000

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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VA Home Loan Tulsa: Benefits that Could Save You Cash

admin — Mon, 21 Dec 2009 16:30:33 +0000

Recently, VA loans have been extended to include active duty and reservist along with veterans. This is good new for anyone in the Army, Navy, Marines, Air Force, and National Guard.

VA loans offer no down payment

With no money down, who can resist that? No money is required for loans up to $417,000. As long as the seller agrees to pay the closing cost, you can buy a home with no money out of pocket. Be sure to ask your lender about the 100% loan option.

No Insurance Fees

Most mortgages require the buyer to pay an insurance fee. However, the VA uses a Funding Fee. This fee takes the place of the traditional insurance fee and can be included in the loan. In addition, disabled veterans can get this fee waived altogether. If you are disabled don’t forget to ask the lender if you qualify for the waiver.

Bad credit not always a problem

VA loans don’t look solely at credit scores. People with bad credit that have a recent good payment history may qualify. This means that if you are paying your bills on time and have been for the last year, you may qualify for a VA loan. VA loans tend to offer a better rate than traditional loans. If you have bad credit, ask about a VA loan anyway. You just may qualify.

Finding a lender who deals with VA loans

The best option when buying a house is to find a lender who deals with multiple types of loans. A good lender should offer VA, USDA, HUD, and FHA loans along with the standard mortgage loans.

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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.

Two Things Everyone with Bad Credit must do to secure a Oklahoma Home Loan

admin — Mon, 14 Dec 2009 16:25:46 +0000

Bad credit makes it difficult to obtain an Oklahoma home loan. However, just because you have bad credit doesn’t mean you can’t buy a home. With a few simple tips, you may be able to qualify for a home loan.

Everyone says, “Check your credit report” but no one ever tells you what to do with that information. Here you will learn three simple things to increase your credit rating.

#1 Check your bad credit

Look over your credit report to make sure all the bad credit really belongs to you. Sometimes bad credit is applied to the wrong person. Someone with a similar name or social security number may have done something that got put on your credit report. If you see anything that does not belong to you, write the credit companies. You can find ready to use forms on the Internet telling you exactly what to say.

#2 Fix some of the bad credit

Look at your bad credit and see if you can fix any of it. Maybe you owe $35 dollars to some company. Paying that off would improve your rating.

If you have broken a lease on an apartment, you may owe them money. Many times, you can negotiate a lower amount to settle the debt. This payoff can drastically increase your credit score.

Basically, scour your credit report and see what can be paid off. Anything paid off will improve your credit rating. Try your best to pay off as much as possible. This can end up saving you thousands of dollars in fees later.

After doing these two things, contact a lender who specializes in a variety of loans. You will be surprised at what is available to people with bad credit.

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Go Local with Your Oklahoma Mortgage

admin — Mon, 07 Dec 2009 16:24:22 +0000

Oklahoma mortgages are similar to other mortgages throughout the United States. However, there are some differences. When looking for an Oklahoma mortgage, you will want to deal locally as they will be more likely to understand what is available in your area.

USDA Loans

USDA loans are loans guaranteed by the government. The big catch is that the house must be in a rural area. Local lenders will know which houses in the area qualify.

The other big difference with USDA loans is the limits. Income limits along with loan limits vary from one location to another. For example in Tulsa, OK, the maximum allowable income for a family of four is $73,600. Other areas have a different maximum income.

Native American Loan Programs

Did you know that the section 184 loan guarantee program was created for Native Americans? This allows Native Americans to attain a mortgage on tribal land. Of course, the Bureau of Indian Affairs is required. It creates leasehold that allows the house to be foreclosed on while the tribe maintains the land rights. Contact a local lender to learn more about Native American Mortgage Loans.

These are just two reasons that local lending is best. However, there are many more reasons to go local. For example, you can go to a local place in person and a local person understands the needs of the area.

Locally based and locally established lenders make better mortgage matches. Essentially, they offer more convenience for the potential homebuyer.

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Tulsa Home Loans: One Family’s Experience

admin — Mon, 07 Dec 2009 16:20:19 +0000

A few years back, a couple wanted to buy a home so they looked into Tulsa home loans. They were excited because the wife just finished college and received a teaching position in Tulsa. The husband had his own business so they were ready to move.

As first time homebuyers, they were not sure where to start. However, they started by looking for a home they liked. After looking at dozens of houses, they finally found the perfect house.

It had everything. It had a living room with a den, a very large kitchen and a big backyard. The backyard was perfect too. It had a greenhouse for the wife’s roses and a workshop for the husband’s projects. What really sold the house was the swing. It had a bench swing in the middle of the yard just as the wife had always wanted. Now all they needed was a loan.

As it turns out, the couple didn’t make enough money yet for the house. The wife hadn’t actually started teaching yet. However, the lender was smart. She knew the wife would be teaching in a few months and had an idea. The couple would apply for an interest only loan. This was perfect!

The couple applied for the interest only loan and got it! They paid on the interest only loan for a few months until the wife started getting paid. Then with first paycheck in hand, they went and reapplied for a new loan. This time they qualified for a regular mortgage.

The couple got their dream home all thanks to an understanding lender.

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Beginners Guide to Tulsa Mortgages

admin — Mon, 30 Nov 2009 16:14:32 +0000

Look up “Tulsa mortgages” in Google and you will find over a million results. All these pages can be quite daunting for homebuyers. So where does one start? How does someone go about getting a loan? What do you even need for a loan?

The First Steps in Getting a Loan

Tulsa mortgages are generally the same as mortgages from elsewhere in the United States. There are a few differences but when you are first starting to look the differences don’t really matter.

Right now, focus on yourself and finding a good lender. You will be able to contact a good lender easily. After all, if you can’t contact the lender, then the lender won’t do you any good.

Getting a Loan

Whether you are a first time homebuyer or not you will need some essentials. All borrowers need to gather financial documents. You will need to know how much you make and how much you owe. This means paychecks, bank statements, bills and credit cards. Gather it all together to determine how much you can afford to pay on your mortgage.

Check your credit score

Your credit score will be vitally important for most Tulsa mortgages. While there are a few exceptions, a good credit score means lower payments.

Before you buy a home, check your credit score first. Then request a copy of your credit history. Once you get your credit history, check it over for mistakes. If there are any mistakes, write to the credit agencies. Then check your credit history for easy fixes. If there is anything you can easily pay off; do it. This could save you thousands of dollars in interest later on.

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