Today Lending Blog

When looking into a Tulsa mortgage, potential homebuyers need to know two things. They need to know what the types of mortgages are available and what that means to their bottom line. If they are not sure of either, then homebuyers can potentially lose money.

Types of Mortgages

Despite all the complexity of different types, all mortgages come down to two options. Either the homebuyer is paying off the house with the mortgage or they are paying off the interest for the house on the mortgage. Both of these options have their benefits and drawbacks. Only the homebuyer can decide what is best for them.

It is important to know which one you are getting. Unfortunately, unscrupulous lenders have lent money to homebuyers on interest only loans that they could not otherwise afford. This unscrupulous lending led to the housing crisis that remains today. This does not mean all interest loans are bad. On the contrary, they serve a specific purpose and are great for that purpose.

How the mortgage affects you

This is where things get more complicated. Some loans allow for no money down. Other loans have lower interest rates. While yet other loans are assumable. These are all important things to know about the type of loan you are getting. It is important to discuss with your lender what the loan means to you before agreeing.

Don’t be afraid to ask the lender questions. Ask them if you can transfer the loan. Ask the lender if there are penalties for paying off early. Ask them if the home will be paid off at the end of the loan.

You have a right to know all the terms of your mortgage. A good lender will readily answer your questions.

Resource Box

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.

Due to the recent economy dip, many homeowners have trouble making mortgage payments. In the past, the only option would be refinancing. While refinancing a loan can get you a lower interest rate, it only works for those with good credit.

The loan modification program allows homebuyers to modify their current loan even if they have missed some payments. Banks are encouraged to modify home loans with federal incentive programs. Homeowners can expect to decrease their interest rate up to 2%.

In addition, late payments and missed payments are added to the loan modification. This is not an option for refinancing. Homeowners who have missed payments generally won’t qualify for refinancing. The loan modification program considers the current economy and does not hold missed payments against the homeowner.

The best part about loan modification is it can stop foreclosure. Many homeowners, who would otherwise face foreclosure, can apply for loan modification.  Many times, the very people who need refinancing because of financial hardship are turned down. This is the exact opposite for loan modifications. People struggling to make mortgage payments can file a hardship request. This is the first step in securing a loan modification.

A refinance loan is still a good option for many homeowners. Not everyone qualifies for a loan modification. In this case, refinancing your mortgage with a better interest rate may be right for you. The only way to know is to contact a local lender and talk it over. They should give you all the information you need to make the right decision.

Resource Box

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.

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.

Resource Box

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.

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.

Resource Box

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.

Those looking for a no down payment mortgage loan are in luck. Changes in VA home loans in Tulsa, OK make more military personnel eligible for VA loans. New laws now make the active military eligible for VA loans along with veterans.

The benefits of VA home loans are many, but here are just a couple of reasons to consider a VA home loan.

#1 No down payment

This is the number one reason people seek out a VA loan. The average down payment on a home often means people simply can’t afford a home. Since VA loans finance 100% of the home loan, homebuyers will not need to put down any money for the house.

#2 Reasonable Fixed Interest Rate

A VA loan will have a higher fixed interest rate than a traditional loan. However, this rate is generally only ¼ to 1% higher than the average rate. When you factor in the no down payment, this higher rate is often worth it. After all, if the down payment prevented you from getting a home then a slightly higher rate is no big deal.

#3 Skip the Insurance Fees

Unless you can afford to put down 20% on your home, you would have to pay an insurance fee for your house on a traditional loan. VA loans have their own fund, which is added into the mortgage. In addition, some disabled veterans can have the fee waived.

Veterans and military personnel are encouraged to check out VA loans in Tulsa OK. The money you save with a VA loan could be the difference between owning your home and not.

Resource Box

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.

Section 184k Loan program is very similar to FHA in determining credit worthiness for a borrower.  Eligible borrowers not only have to be registered member a qualified tribe.  But must meet minimum standards.

HUD 184K does not have any credit score requirements and can’t be disqualified on credit score alone.  Non traditional credit lines will be accepted.

Debt to income ratio can’t exceed 41%.  If DTI is over 41% exceptions can be allowed with compensating factors that demonstrate a betterment to the borrower.

Sources of down payment can be gifted.  This gift can be from the tribe.  For example Cherokee Nation gifts 15k for tribal members that remain in the property over 5 years.

Bankruptcy is acceptable after one year chapter 13 and two years chapter 7.  With Chapter 7 bankruptcy exceptions can be made after 12-23 months with documented unusual circumstances.

Has a change in income, illness or other issues caused you to fall behind on your mortgage payments?  Don’t ignore the problem; get help if you are struggling with your VA home loan OK.

Everyone at some time or another falls on hard times and that’s okay.  Know that you do have options and there is help available.  Taking the proactive approach, even when you can’t see the forest through the trees, can mean the difference in saving your home or losing it.

Of course the VA has resources to help you through the financial crises.  The VA has nine regional loan centers that assist homeowners in avoiding foreclosure through counseling and other special arrangements.  Depending on your circumstances, the VA can jump and help you overcome your obstacles.

Another option is to contact your lender and ask for help.  This might be easier said than done, but your lender doesn’t want your home back and they are usually willing to help you stay in your residence.  Options such as repayment plans, loan modifications, and forbearance are just a few of the options that may be available to you.

The key to getting out of your financial hole is communicating.  Call your lender and see what can be done to help you today.  Help is available if you are struggling with your VA home loan OK, you just have to get it.  The longer you wait, the harder it will take to come out of your current situation.  Make that call today!

Has a change in income, illness or other issues caused you to fall behind on your mortgage payments?  Don’t ignore the problem; get help if you are struggling with your VA home loan OK.

Everyone at some time or another falls on hard times and that’s okay.  Know that you do have options and there is help available.  Taking the proactive approach, even when you can’t see the forest through the trees, can mean the difference in saving your home or losing it.

Of course the VA has resources to help you through the financial crises.  The VA has nine regional loan centers that assist homeowners in avoiding foreclosure through counseling and other special arrangements.  Depending on your circumstances, the VA can jump and help you overcome your obstacles.

Another option is to contact your lender and ask for help.  This might be easier said than done, but your lender doesn’t want your home back and they are usually willing to help you stay in your residence.  Options such as repayment plans, loan modifications, and forbearance are just a few of the options that may be available to you.

The key to getting out of your financial hole is communicating.  Call your lender and see what can be done to help you today.  Help is available if you are struggling with your VA home loan OK, you just have to get it.  The longer you wait, the harder it will take to come out of your current situation.  Make that call today!

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.

Native American Loans 184k backed by HUD are becoming increasingly popular.  100% financing with no monthly PMI makes financing a breeze with Native Americans.  Whether they are a first time home buyer or are purchasing their 10th home.  Credit qualifications are a minimum of 600 credit score with no derogitory credit within the last twelve months.  Employment history of 24 months is preferred but not necessary.  Up to 6% of the puchase price in closing cost can be paid for by the seller.  With a properly structured purchase contract.  There will be no money out of pocket except for home inspections, earnest and appraisal.  This is very similar to USDA but there are no income restrictions.  This is the best program available for a home loans if you’re a member of any registered tribe.  Click the apply button at Today Lending’s home page.