"Hello my name is Gilda Krantz-Smith, Realtor®/Consultant; Keller Williams Realty.
Please check back on a regular basis for the latest updates on current mortgage financing news.
In my 20+ years of selling Tulsa area real estate....Now is the time to Buy!!
100% Financing Income Changes
Mortgage Rates Dropped Again
$8000 Free Money for 1st Time Buyers
Low to NO Down Loan Program Available
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Income Limit Changes
Look for the new limits to be posted to the eligibility website April 20, 2009 at: http://eligibility.sc.egov.usda.gov/eligibility/- The Single Family Housing Guaranteed Loan Program income limits have been revised for 2009 and there is an increase, effective April 20, 2009. As a result of a direct final rule published in the Federal Register, the existing income limit structure will be revised for the Single Family Housing Guaranteed Loan Program (SFHGLP). Instead of eligible adjusted income limits based on households ranging from 1-8 persons, a two tier income structuring consisting of a 1 - 4 member household and a 5 - 8 member household will replace the 1 - 8 person structure. The present add on limits for larger households will remain the same.
The new maximum adjusted household income limits for the guaranteed loan program in Oklahoma are:
- 1 – 4 person household 5 – 8 person household
$73,600 per year $97,150 per year
For households larger than 8, add 8% of the 1 - 4 person limit for each person in excess of 8 persons.
These income limitations apply for all counties in Oklahoma.
-- As of 4-2-09 Mortgage Interest rates have fallen again to an all time low of 4.75%. Did you know that back in the late 80's when I started my real estate career, home interest rates were near 18% due to inflation at that time.
For example....on a $150,000 home loan with a 30 year mortgage your principal and interest at 4.75% is now only $782.48 plus taxes and insurance. At 18% that would have been $2260.63..Wow! What a difference.
Calculate your payment on the mortgage calculator
First Time Buyers or those that have not owned a home in 3 years... Get up to $8000 Free money from the government's economic stimulus bill signed in on 2/17/09 by the President of the United States. This newly approved home buyer tax credit is for homes purchased between 1-1-09 to 11-30-2009. Now is the time to make your dream home a reality.
Highlights of the $8000 home buyer tax credit:
The Web site at www.federalhousingtaxcredit.com includes basic information about the tax credit and a detailed question and answer section. It also includes information about other housing-related and small business measures in the legislation and a number of home-buying resources for consumers.
- Tax credit for 2009 taxes will be equal to 10% of the home's purchase price up to a maximum of $8,000.
- The principle home must be purchased between Jan 1, 2009 and Nov 30, 2009 to qualify for the new plan.
- Tax credit does not have to be repaid.
- Tax credit has income limits of $75,000 for single taxpayers and $150,000 for married couples.
- This credit is available for all FIRST TIME home buyers, or those who have not purchased in the last 3 years.
- Home buyers must remain in the home for 3 full years to keep the tax credit rebate.
(details, quote from HUD secretary)
WASHINGTON, May 29 (Reuters) - The Federal Housing Administration will allow the new $8,000 first-time homebuyer tax credit to be applied directly toward home purchase costs when using an FHA-insured mortgage, the Department of Housing and Urban Development said on Friday.
The plan to "monetize" the tax credit up-front is aimed at more quickly stabilizing the housing market, HUD Secretary Shaun Donovan said in a statement.
But in detailed rules, the FHA will still require home buyers to provide a minimum 3.5 percent downpayment from other sources.
The $8,000 tax credit for first-time home buyers was created as a part of the Obama administration's $787 billion stimulus plan. Some private lenders already were allowing buyers to apply the credits directly toward purchase costs through special financing schemes.
With the FHA following in a similar vein, a significant portion of the first-time homebuyer market will have up-front access to the credits instead of waiting until tax returns are filed.
"What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing," Donovan said in a statement
FHA-insured loans, which largely have replaced the subprime mortgage market, now accounts for about 25 percent of new mortgages, senior HUD officials said, versus about 2 percent of the market two years ago. At this pace, the agency will insure some 2.2 million mortgages this year.
The National Association of Home Builders estimates that the $8,000 first-time homebuyer credit will stimulate 160,000 home sales across the United States -- 101,000 purchases from first-time buyers and another 59,000 purchases by existing homeowners who sold dwellings to first-time buyers. (Reporting by David Lawder; Editing by Theodore d'Afflisio)
More information on the tax credit.
$8000 Tax Credit Part 2
Conventional home loans (5% min. down payment), FHA home loans (3.5% down payment), Rural Development (0 Downpayment) home loans and VA Home Loans ( 0 Downpayment) are quoting interest rates at an all time history low. Most have no pre-payment penalty and some with even no PMI (Private Mortgage Insurance).
This is an investment opportunity you do not want to miss.
Future Homebuyers if you have a good credit score of 620 or better, stable employment, and a desire to own your very own home at a decent price with lowest in history interest rates... lets get started and go find you a home. Existing Homeowners refinance those high interest rates above 7% or move up to a bigger home or nicer home for the same payments.
Call 918-808-0224, text, or Email Me
and I will help guide you on where to go for the best local rates and lowest closing costs, get pre-approved and find you a great home representing your best interests.
Click on my Mortgage Calculator and compare your house payment with this recent drop in mortgage interest rates.
Despite all the negative media reports, Low to no down payment financing programs are still available in the Tulsa/GreaterTulsa Oklahoma areas for qualified homebuyers.
I have several lenders offering low to no down financing programs for home loans. Some with income limit guidelines and others that do not. Read on to see if any of the below loan programs apply to your financial situation.
Check your local Credit Union.
There are several programs available for new or existing members.
I have even found a local credit union that is offering 100% financing for those buyers out there with a 680 credit score or higher and 5% down for those below this score.
You do not have to be a first time home buyer just 3% of your own money invested in the transaction by paying a portion of the closing costs, prepaids or escrows.
There are no income limits on this type of loan.
Limited FHA/Conventional Tulsa County and State Bond Money Loan with
3% down payment assistance or closing cost assistance is available, but you must be a 1st time homebuyer or not have owned a home in the past 3 years (3 years tax returns needed to prove it). Income guidelines apply.
There is 100% Conventional Rural Development (USDA) with no pmi available.
This type of loan is for buyers purchasing in rural areas such as Owasso, Collinsville, Skiatook, Oologah, Sperry etc.
The seller can assist with up to 6% of the closing costs.
New Construction, Resale homes, Condo and Townhomes are elgible. ( i.e. Owasso, Collinsville, Skiatook, Sperry, Oologah, Wagoner County, parts of Rogers County and Osage County areas apply.)
This Rural Development loan determines your elgibility based on the total number in your household .
Watch for news due out in the middle of April 2009 for higher income qualifying limits for the rural development loans.
You do not have to be a first time homebuyer to take advantage of this program.
For all our Veteran buyers 100% VA financing is available.
With this loan all your closing costs can be rolled into the loan or negotiated with the seller.
If you have a documented disability you even can have the part of the mortgage insurance waived.
What an opportunity for all our buyers that have served in the Armed Forces.
For credit challenged buyers (recent bankruptcy, past foreclosure) with 25% down you have hope. Ask me for details.
If your past forclosure or bankruptcy has been discharged in the past 3 years or more and you have since established good credit from this discharge date and your credit scores are over 600, you are elgible to purchase a home using FHA financing.
First time home buyers that are policemen or teachers
There is a special program out there on HUD (FHA forclosed) homes where you can possibly buy a home for 50% off the list price.
There is also a low interest home loan program offered through the Oklahoma Home Finance Agency for Oklahoma educators with down payment assistance called OHFA 4 Teachers available (gross income, purchase price limits and first time homebuyer requirements may apply).
Native Americans there are low to no down, low interest special financing programs with closing cost assistance available at this time.
It is called the Section 184 Indian Home Loan Program.
This is a mortgage product specifically for American Indian and Alaska Native families, tribes, Alaska Villages or tribally designated housing entities.
Congress established this program in 1992 to facilitate homeownership in Native American communities.
Stated Income or self employed buyers
The qualifying criteria has tightened.. but it is not impossible to procure a loan. Call or email me for updates on qualification requirements.
Now is the right time to buy!
This is an easy way to invest in your future, gain tax benefits, gain the possiblity of massing financial wealth when home prices start moving up again and become a proud homeowner!
With the variety of financing programs offering down payment and closing cost assistance you can save your hard earned money for moving, future investments or simply to stimulate our economy and buy lots of new things to match your future home!
Let go of your landlord or move up to a nicer home, I can guide you through the easy process on how to get pre-approved for a loan and then purchase your very own home with no or very little down payment. Best of all my consultation services are free to the home buyer!
"Happy Househunting!!"
Email, Call or text message Gilda at 918-808-0224, to discuss which financing program will meet your housing needs. (New construction or Existing resale homes)
Gilda has 20+ years of full time real estate experience and is available to provide you the quality personal service you deserve.
Don't just settle for any real estate agent to help you purchase one of your biggest financial assets.... work with only the most experienced and one of the best in this local marketplace.
Please visit Gilda's professional profile and read some past client testimonials at www.gildakrantz.com
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by Gilda Krantz-Smith - All rights reserved
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Information deemed to be from reliable sources, but is not guaranteed, and is subject to change without notice. All information is provided for personal informational use only.