"Hello my name is Gilda Krantz-Smith, Realtor®/Buyer Consultant; Chinowth & Cohen Realtors®. I can be reached at 918-808-0224.
Now is the time to Buy!! Inventory is decent. Rates are no longer at their lowest in history, but they are still in the 4 to 4.50% range for a 30 year fixed rate mortgage.
I have put together some good information for all home buyers to consider prior to financing your home purchase.
Please bookmark this page and check back on a regular basis for the latest updates on current mortgage financing news or
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Home Financing Updates for FHA, VA, Conventional and Rural (USDA) Loans:
RD - USDA Rural Development Home Loan Program (no down payment)
Tulsa County Bond Money- 3.5% Down Payment assistance program
Oklahoma State Bond Money (OHFA) - 3.5% Down Payment Assistance program
100% Home Loan Programs
Summary - ALL Home Loan Programs Available
New Rules for past Bankruptcy and Forclosure for Home Buyers
Free Consultation and Home Buying Services
Search the MLS for Your Dream Home
Call/Text or email - Realtor®/Consultant, Gilda Krantz-Smith direct at 918-808-0224 or E-mail
100% Financing (NO DOWN payment required) - USDA Rural Home Loan Program
To see if a property is eligible for a USDA/RD 100% financing mortgage,visit:
The USDA Rural Development Home Loan Program or commonly called an RD loan, is a down payment assistance program that is primarily used to help households or individuals with moderate to low income, purchase homes in most rural areas of Oklahoma such as Owasso, Glenpool, Collinsville, Oologah, Skiatook etc.
Household Income Limits (all members in household) do apply and the home must be located in an eligible rural area as defined by USDA. You must be a U.S. citizen, permanent resident, or qualified alien. The house you are purchasing must be your primary residence and you do not have to be a first time home buyer.
There are two types of programs. One is the Guaranteed Home Loan (for moderate to low income) and the other is the Direct Home Loan (for very low income).
Type One - Guaranteed USDA Home Loan
There is no limit on maximum loan amount however, there are debt to income ratio limits of 45% and income limits for the Rural Development Loan (For the Tulsa rural Areas - $74,650 for family household income up to 4 persons and $99,850 for 5 or more person household)
For areas of Oklahoma outside of the Tulsa Oklahoma rural areas, please refer to the USDA website for more income elgibility details. USDA Website
This is a very affordable home loan that will help you obtain no down payment or 100% financing so your cash can be saved for other things after closing such as furniture, moving trucks, utility transfers etc.
Elgibility government guidelines require a minimum median credit score of 640, have verifiable income coming in, no bankruptcies or forclosures in the past 3 years (from discharge date or past the sherriff sale date), and some extra cash for closing cost if seller cannot assist with all your costs, and for home inspections.
For personal guidance to start this loan process and find your dream home, Call/Text Gilda Krantz-Smith with Chinowth & Cohen Realtors 918-808-0224, or E-mail * Gilda@GreaterTulsa.com
Let's get started today on your path towards Home Ownership.
"Achieve The American Dream" ....Contact Gilda to show you how!
Type Two- Direct USDA Home Loan
The Direct Home Loan is for very low income individuals or households that would like to purchase a home. You must have income coming in and good credit. For this type of loan you DO NOT go through a lender but rather qualify direct with the USDA, pending funding availablity.
Your payments may be subsidized and interest rate lowered to assist with the affordability of owning a home.
Please visit the USDA website for more details on this type of DIRECT USDA Loan
Direct USDA details or call Realtor/Consultant, Gilda Krantz-Smith 918-808-0224 for guidance on how to get started.
To verify income limits or to see if your home chosen is in an area that is elgible for either of these two programs visit the USDA (United States Department of Agriculture) website for more inforation: Property Elgibility and Income Limits Chart
For additional benefits of a USDA RURAL Home Loan click here
Tulsa County Bond Money
3.5% FHA/VA Tulsa County Downpayment/Closing assistance for Home buyers purchasing ANYWHERE in City of Tulsa or Tulsa County.
This limited issue of Tulsa County bond money provides 3.5% of sales price assistance towards your Costs to getting an FHA, VA or RD loan. This assistance can be used for downpayment or closing costs and is avaialble on a first come first serve basis for homebuyers... as long as the program is in effect. You must have a sales contract to get this money reserved for you. This program is income based with an $82,800 maximum income limit; Requires a 640 Middle credit score, and a maximum debt to income ratio of 45%; No first time home buyer requirement. Call for the Current fixed 30 year interest rate since it adjusts up and down from time to time. It is usally always a little higher than the normal FHA interest rate.
This type of loan can be used to purchase a single family home, 1-4 unit home, Condos and Townhomes.
Great way to buy with no downpayment in the City of Tulsa or anywhere in Tulsa County. For more details on this type of home loan Call/Text/or Email Gilda Krantz-Smith, Realtor/Consultant, Chinowth & Cohen Realtors 918-808-0224 or email@example.com - Now is the time to buy!!
Oklahoma State Bond Money- 100% Financing ( OHFA - Oklahoma Housing Finance Agency State Bond Home Loan Programs)
The OHFA (Ok Housing Finance Agency -www.ohfa.org) Advantage and Dream programs offers a homebuyer State Bond money for down payment assistance. Designed for moderate income individuals and families.
OHFA Advantage and Dream programs offer home loan assistance through elgible lenders all across Oklahoma. This assistance is available to first come first serve (qualified applicants). Must have a sales contract to reserve your Bond money.
Down Payment Assistance = 3.5% of total loan amount
Maximum purchase price = $214,925 for the Advantage Program (Must be first time buyer) and $271,050 for the Dream Program (Do not have to be a first time buyer)
Loan types allowed: Conventional, FHA, VA, RD and HUD 184
Property eligibility---ENTIRE STATE of Oklahoma
Buyer must have a minimum of a 640 median credit score and no more than a 45% debt to income ratio.
Seller can pay up to 6% of buyers closing costs/prepaid items for FHA, 4% for VA and 3% for Conventional type home loans.
The Advantage Program is for first time buyers or those that have not owned a home in 3 years and do not exceed income limits in for example the Tulsa, Rogers, Wagoner, Creek or Osage counties $59,700 total household gross income for 1-2 person household and $68,655 for 3 or more person household (Note: Target area are higher income limits)
The Dream Program does not require first time buyer status and maximum income is $71,040 (1-4 family members) & $82,800 (3+ family members). For more information on other Oklahoma Counties maximum income limits Click Here
The bond assistance is a grant towards your 3.5% down payment and or closing expenses ( More assistance can be obtained with a higher interest rate). (This is based off of the total loan amount.)
Homebuyers must meet income, purchase price and credit score guidelines. Three years of filed tax returns will need to be supplied to lender.
Interest rate is pre-set, however it changes from time to time. It is generally a little higher rate than the normal FHA loan program where you pay your own downpayment. Call, Text or Email Realtor/Agent , Gilda Krantz-Smith 918-808-0224, firstname.lastname@example.org, for details of how to reserve your portion of the state bond money or for more general information on how to get started with prequalifying for this home loan.
Types of loans to consider:
Conventional Conforming Home Loans- (up to max of $417,000) (5% minimum down payment, seller can assist with up to 3% of buyers closing costs, 720+ credit score needed). Some credit unions will only require 640+
Conventional Jumbo Loans- (Greater than $417,000) Interest rates are generally a little higher. 5/1 Adjustable rate mortgages are also available at much lower rates with some lenders ( this is a great product, to lower your monthly house payment, if you are planning on short term home ownership).
FHA Home Loans (3.5% down payment is required and seller can assist with up to 6% closing costs, family gifts are allowed for down payment and closing costs, or you may, in some cases, borrow against your 401K. 620+ credit score needed. If your credit score is less than 620, you may be eligiable for an FHA loan with proof of 3-6 months house payments in reserve at closing. If your credit score is less than 600, you will be required to pay a larger down payment depending on the lender. Non-occupant co-signors are allowed, as long as you meet the minimum criteria.
3 to 3.5% Down payment assistance programs are available on FHA Home Loans for all Oklahoma State Wide homes to first time borrowers, or those not owning a home in past 3 years, unless you buy in a targeted area, then it does not matter. Minimum credit score for the down payment assistance program to be used with the FHA loan is 640, income limits apply.
VA (Veteran) Home Loans (0 Downpayment, no monthly mortgage insurance in payment, and seller can assist with up to 4% closing costs, 640+ credit score needed).
Sec. 184 - Native American loans The Section 184 Loan Program was designed to provide mortgage financing to Native American and Alaskan Native tribal members. Interest rate is based on market rates not credit scores. Native American programs elgibility depends on you having your Tribe Card (CDIB Card from approved tribe). There is no minimum credit score requirement for this loan.
The advantages of this program are: Lower monthly mortgage insurance that drops off when loan is paid down to 78% LTV, Down payment is only 2.25% over $50,000 and 1.25% under $50,000 sales price as opposed to the FHA normal downpayment of 3.5%; Seller can contribute up to 6% towards your loan costs. Maximum debt to Income Ratio is 41%. You also can combine the bond downpayment assistance with this loan but you must have a 640 median credit score to be elgible.
Rural Development (USDA) Home Loans (0 Downpayment and seller can assist with up to 6% closing costs, 640 credit score needed, income limits and property elgibility apply.)
Most loans have NO pre-payment penalty. Call/Text Gilda Smith, Realtor/Advisor, direct 918-808-0224 for more information or how to get started on any of the above loans.
Summary of Loan Programs
Option 1: Credit Union Loans
There are several programs available for new or existing members.
Some local credit unions offer 100% financing for buyers 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. Call or text Gilda for local credit union contacts that can help you with this 918-808-0224
Option 2: Tulsa County and State Bond Money (OHFA) Loans
3% to 3.5% down payment assistance/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. Call or text Gilda for more details: 918-808-0224
Option 3: 100% USDA Rural Home Loan Program-(USDA). Fantastic no down payment program for home purchases outside of the Tulsa city limits or in other rural areas throughout Oklahoma
This type of loan is offered in two forms. One is guaranteed and the other is direct. It is for buyers pursuing 100% financing who are purchasing in rural areas such as in the Tulsa Area: Owasso, Collinsville, Skiatook, Oologah, Sperry, Glenpool, East of 193rd in Catoosa/BA etc.
The seller can assist with up to 6% of the buyers closing costs or a portion can be financed into the loan if seller can not assist, as long as the home appraises. Closing costs may be gifted also.
New Construction, Resale homes, Condo and Townhomes, New Manufactured Homes (permanently installed) are eligible. (i.e. Owasso, Collinsville, Skiatook, Sperry, Oologah, Glenpool, Wagoner County, parts of Rogers County and Osage County areas apply.)
The Rural Development loan is determines your elgibility based on the total number in your household and total income.
You do not have to be a first time homebuyer for this type of loan program. If your home is "For Sale" it has to be under contract before you can be considered. (Funding must also be available) Contact Gilda 918-808-0224, or email: email@example.com to see if funding is currently available in your area
Benefits of an USDA Rural Home Loan Program
*No Cash Reserve Requirements
*102% of Appraised Value allowed to Cover a portion of Buyer Closing Costs
*No Cap on mortgage amount other than the Appraisal (plus 2% USDA-RD Fee financed in)
*6% Seller Concessions Allowed to cover closings costs
*All or a portion of the buyer Closing Costs can be included in the loan as long as property appraises
*Closing costs may be Gifted and DO NOT NEED to come from a relative
*30 year fixed interest rate
*Try USDA-RD BEFORE FHA because requires NO DOWN PAYMENT and Monthly Mortgage Insurance is less than an FHA loan.
*Standard Site Built Homes allowed. Not Allowed: Manufactured Homes, Modular, Log, etc.
*You do not have to be a first time Home Buyer. If you own a home it must be under contract -Exception - Home out of area or structually unsound
*Minimum credit score with most lenders is 640 for borrowers to go "No Money Down" Call/Text Gilda 918-808-0224 if you need a recommendation of an experienced approved USDA RD lender.
*No Declining Markets, all available at 100% LTV
*Must be in a rural approved area
*Must be within approved income limits per your household size
*Check to see if your chosen home qualifies
For DIRECT Rural Home USDA Loans (for low to very low income households) you can get possible subsidized Mortgage payment assistance and longer than 30 year term loans from the government, please call Realtor/Consultant, Gilda Smith at 918-808-0224 Gilda@GreaterTulsa.com for more info or visit the USDA website for more detailed info and for elgibility and income limits.
For example, in Tulsa County if you qualify for this direct program option, your payments are subsidized and closing costs are 2% less because there is no additional guarantee fees etc. Applicant must not be able to obtain credit elsewhere and have good credit history.
(I strongly recommend getting preapproved for this program prior to locating a home due to the time it takes to get approved and to make sure funding is available.)
Option 4: VA financing for our Veteran Buyers. This loan has no mortgage insurance in the payment as the others have and requires no down payment.
With this loan all your closing costs can be rolled into the loan as long as it appraises or negotiated up to 4% with the seller.
If you have a documented disability you can have the part of the mortgage insurance waived.
This is a great no money down opportunity for those that have or are serving our country! Minimum credit score is typically 640, but I have a lender that can do at 620 in some cases but the rate may be higher.
Option 5: Owner Carry or Lease Purchase: For Buyers with a recent bankruptcy discharge date of less than 2 years, past foreclosure of less than 3 years, you have hope. Call Gilda at 918-808-0224, for details on finding a lease purchase or owner carry (private loan). See Option 6 below.
Option 6: Past forclosure? Bankruptcy? If your bankruptcy has been discharged here are the new home financing rules on how long you will have to wait before you can purchase another home in Oklahoma:
This is assuming you have since established good credit from this bankruptcy discharge date and have not been late over 30 days on new debts since discharge date. Your credit score must be 640 or above.
1. Conventional Loans... Bankruptcy 4 years/Foreclosure 7 yrs/ Deed in Lieu or Pre-Foreclosure 2-7 yrs, depending on Loan to Value.
2. FHA Loans... Chapter 7 Bankruptcy 2 yrs, Chapter 13 with at least 1 yr acceptable payment history and approval from Bankruptcy court/ Forclosure 3 yrs.
3. RD (Rural Development) Loans... Bankruptcy 3 yrs.from date of discharge/Chapter 13 needs at least 1 yr acceptable payment history and approval from Bankruptcy court/ Forclosure 3 yrs from date of sheriff sale confirmation date.
4. VA (Veteran) Loans... Chapter 7 bankruptcy 2 yrs, Chapter 13 with at least 1 yr acceptable payment history and approval from Bankruptcy court/ Foreclosure 3 yrs from date of sheriff sale confirmation date.
If home foreclosed on was a VA mortgage, VA may have put a deficiency balance on veterans certificate of eligibility, which means Veteran may have to pay back the deficiency amount to VA before VA entitlement would be restored.
5. Sec. 184 - Native American loans... Chapter 7 Bankruptcy 2 yrs, Chapter 13 with at least 1 yr. acceptable payment history and approval from Bankruptcy court/ Foreclosure 3 yrs.
Option 7: First time home buyers that are policemen, firefighters 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.(Good Neighbor Next Door Program)
There is also a low interest home loan program offered through the Oklahoma Home Finance Agency for Oklahoma educators, firefighters and policemen with down payment and closing cost assistance called OHFA 4 Teachers and OHFA Shield (gross income, purchase price limits and first time homebuyer requirements may apply).
Option 8: Section 184 Native American Home Loan Programs
Low downpayment financing programs. The 184 FHA Loan for card holders only requires 2.25% down instead of the normal 3.5% down, and the mortgage insurance is lower than a regular FHA, There will be a lower monthly premium Mortgage insurance amount added to your payment and it will drop off at 78% Loan to Value, Whereas on a regular FHA the monthly mortage insurance never drops off. Section 184 is not credit score based but credit history based. No minimum credit score. Call or text Gilda 918-808-0224 for recommendations of experienced local Lenders that specialize in this type of loan.
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.
Option 9: Stated Income or Self Employed buyers
The qualifying criteria has tightened.. but it is not impossible to procure a loan. Most lenders will, however, require 25% down payment. Call or email for updates on qualification requirements. I can also help you find an owner carry (private loan from the Owner) or lease purchase (lease for a period of time with an extended closing date) home.
Now is the time to buy!
Invest in your future, gain tax benefits and financial wealth. Stop renting, and become a proud homeowner!
With the variety of financing programs offering down payment and closing cost assistance, save your hard earned money... use it for moving expenses, future investments, or help stimulate our economy buying lots of new things for your future home!
Call, or text Gilda Krantz-Smith, Chinowth & Cohen Realtors, Realtor®/Buyer Consultant 918-808-0224 or E-mail Gilda@GreaterTulsa.com to guide you through the easy process on how to get pre-approved for a loan and then use my Free Home Buyer Services to go find that dream home.
"Happy House hunting!!"
About the Author:
Gilda Smith,Realtor/Consultant, with Chinowth & Cohen Realtors, has 20+ years of full time local real estate experience in the Tulsa, Owasso and surrounding areas. She is available to provide you the quality personal service you deserve for peace of mind and protection.
Don't just settle for any real estate agent to help you purchase one of your biggest financial assets.... partner up with an experienced agent that knows the local marketplace and financing programs out there. This will save you undo Stress, Time and Money!
Take a moment and search for your dream home now!
Click below for access into our Realtor MLS database of homes for sale in the Tulsa/Greater-Tulsa Oklahoma areas.
The inventory of homes is decent and the prices are great.
Realtor® "Homes For Sale" MLS Database.
Take note of the MLS ID number of the home you want to see, and then....
Chinowth & Cohen Realtors®
E-mail Contact Form
Gilda@GreaterTulsa.com Direct Email
Visit Gilda's Real Estate Website
Follow and Like Gilda's Facebook page for Real Estate Updates
Past Client Testimonials/Reviews
For more information on State Bond money loans visit:
Oklahoma Housing Finance Agency
Tulsa Housing Authority Homeownership First Time Buyer Program
Visit the Rural Delopment USDA Income and Property Eligibility Site:
Rural Development (USDA)
What is an FHA Loan? Federal Housing Administration (FHA)
Served in the Armed Forces? Check out your elgibility for a VA (Veterans Administration) Loan? VA Loans
Native American home financing programs 184 Home Loan Programs
For our spanish speaking community here is some information on home ownership in Espanol:
"Manual para Comprar una Casa"
Conventional Loans: Pros and Cons - Conventional Loans
VA Home Loan Info
Good Neighbor Next Door Hud Home Program for Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians
Need an Experienced Local Home Inspector? Inspect your home before you buy or sell, visit DCS HOME INSPECTIONS
Greater-Tulsa Web Communities
Gilda's Past Client Comments/Reviews
Gilda's Real Estate Website
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Mortgage rates, interest rates and all real estate financing information including the no down payment financing programs are deemed to be from reliable sources, but is not guaranteed, and is subject to change without notice. Contact Gilda: Gilda@GreaterTulsa.com 918-808-0224, to verify current real estate information.