Today Lending Blog

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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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.