"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.
Real Estate Buyers....Now is the time to Buy!! Inventory is decent, Rates are at their lowest in history!
Read about the latest 2011 Home Financing Updates:
100% Financing RD Income Limit Changes
Single Family Housing Guaranteed Loan Program (USDA Rural Development) income limits to be elgible for this type of rural loan:
Check income limits and if your property interested in is elgible. These are posted on the USDA website: Property Elgibility and Income Limits Chart
The new maximum adjusted household income limits 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.
NOTE: For Gross Annual Incomes of $47,400 or less for 4 or more, $42,700 max for 3 member, $37,950 max for 2 member and $33,200 max for one member household please call Gilda 918-808-0224 to determine if you can qualify for government subsidized payments with Rural Development direct loan program.
For more loan details
click here
FHA Mortgage Insurance Update
FHA collects an upfront Mortgage Insurance premium of 2.25%, which is added to the loan amount.
FHA additionally collects a monthly Mortgage Insurance premium that varies by loan term, and by loan-to-value.
Beginning April 18, 2011, the new FHA Monthly insurance premiums are as follows:
15-year loan term, loan-to-value > 90% : 0.50% per year
15-year loan term, loan-to-value <= 90% : 0.25% per year
30-year loan term, loan-to-value > 95% : 1.15% per year
30-year loan term, loan-to-value <= 95% : 1.10% per year
To calculate your monthly mortgage insurance premium, multiply your starting loan size by your insurance premium, and divide by 12.
USDA Rural Development Mortgage Insurance Update
Effective October 1st, 2011, the guarantee fee will be reduced to 2.00%, but there will be an annual MI of .30%. Thus increasing your monthly payment. Rural Development loans in most instances require a minimum credit score of 640. If you would like to pre-qualify for this type of loan contact Gilda 918-808-0224 or E-mail
gilda@greatertulsa.com
(Currently the guarantee fee is 3.50% with no monthly MI(Mortgage Insurance) - On October 1, 2011, it will be 2.00% - which can be added to the loan amount. However, an annual mortgage insurance will be added to your payment)
Tulsa County Bond Money
3% FHA/VA Tulsa County Downpayment assistance for First Time Home buyers.
Details for July 2011 issue still available at this time:
Rate: 5.00% , Minimum credit score 620
3% Down Payment Assistance
1% Origination fee
30 year Fixed Rate for FHA and VA Loans
Income Limits: $68,488 for one or two member family
$78,761 for three or more member family
Purchase Price Limit: $258,690
Must be a First Time Home Buyer or not owned in the past 3 years
Call or email Gilda, (918) 808-0224, gilda@greatertulsa.com, for more details.
Oklahoma State Bond Money 100% Financing ( OHFA - Oklahoma Housing Finance Agency State Bond Program)
Down Payment Assistance-3.5%, Rate is generally a little higher than going FHA rate. 1st Gold Loan- 2010 program rate is 5.50% with zero origination and zero discount.
Loan types allowed: FHA, VA, and HUD 184
Property eligibility---entire state of Oklahoma
If seller pays all the closing costs, then the buyer gets in with a very little amount (may be less than your current rent deposit).
This loan is for first time buyers or that have not owned in 3 years and do not exceed income limits
Soft-second mortgage (0 interest) for the 3.5% assistance, prorated and completely forgiven after buyer lives in house for 5 years. New final closing extension till 5-25-2011
Call or email Gilda, (918) 808-0224, gilda@greatertulsa.com, for details of how to reserve your portion of the state bond money.
Types of loans to consider:
Conventional Home Loans (5% minimum down payment, seller can assist with up to 3% of buyers closing costs, 720+ credit score needed)
FHA Home Loans (3.5% down payment and seller can assist with up to 6% closing costs, family gifts are allowed for downpayment, 620+ credit score needed. If you credit score is less than 620, you may be required to put more down)
3 to 3.5% Down payment assistance programs are available for Tulsa County homes and 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 is 620, income limits apply.
Rural Development (USDA) Home Loans (0 Downpayment and seller can assist with up to 6% closing costs, 620+ credit score needed, income limits apply.)
VA (Veteran) Home Loans (0 Downpayment and seller can assist with up to 6% closing costs, 620+ credit score needed).
Sec. 184 - Native American loans Native Americans; low interest special financing programs with closing cost assistance available at this time. Must have your Indian Card.
Most loans have NO pre-payment penalty and some with no PMI (Private Mortgage Insurance). Call Gilda 918-808-0224 for more information on any of the above loans.
Loan Programs
Option 1: Check your local Credit Union.
There are several programs available for new or existing members.
Local credit unions can offer many times 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.
Option 2: Limited FHA/Conventional Tulsa County and State Bond Money Loans
3% to 3.5% 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.
Option 3: 100% Guaranteed Rural Home Loan- Rural Development (USDA) with no PMI is available. (Fantastic program for purchases out of Tulsa city)
This type of loan is for buyers purchasing in rural areas such as Owasso, Collinsville, Skiatook, Oologah, Sperry, Glenpool, East of 193rd in Catoosa/BA 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.)
The Rural Development loan determines your elgibility based on the total number in your household and your income .
You do not have to be a first time homebuyer for this type of loan program. (Funding must be available) Contact Gilda (918) 808-0224, or email: gilda@greatertulsa.com to see if funding is currently available in your area
Benefits of an RD Loan
*No Mortgage Insurance!
*No Cash Reserve Requirements!
*102% of Appraised Value to Cover a portion Closing Costs!
*No Cap on mortgage amount other than the Appraisal (plus 3.5% USDA-RD Fee)
*6% Seller Concessions Allowed to cover closings costs!
*Gifts allowed and DO NOT NEED to come from relative!
*30 year fixed and no Mortgage Insurance added to pament!
*All Closing Costs can be included in the loan as long as property appraises
*Try USDA-RD BEFORE FHA because require NO DOWN PAYMENT! and NO MONTHLY MORTGAGE INSURANCE
*Standard Site Built Homes. No MFH, Modular, Log, etc.
*No appraisal or Sales Contract needed to submit!
*First Time Home Buyers and Non HomeOwners (Current home must be under contract -Exception - Home out of area or structually unsound) Allowed
*Minimum of 620 credit score with a select few lenders, most require 640 for borrowers to go No Money Down! Call Gilda (918)808-0224 if you need a lender for the lower score
*No Declining Markets, all available at 100% LTV!
*Check to see if your home chosen qualifies
For Rural Home Loans Direct with subsidized Mortgage payment assistance from the government, please call Realtor/Consultant, Gilda Smith at 918-808-0224 or Email: gilda@greatertulsa.com for more info.
For example, in Tulsa County a one person household with $33,200 Gross annual income would qualify for this direct program and the benefits are your payments are subsidized and closing costs are 3.5% less
because there is no additional guarantee fees etc.
For one to two member household, annual gross income can not exceed $37,950; for 3 member, its $42,700 and 4 or more $47,400. Great Program!!! ( I strongly recommend getting preapproved for this program prior to locating a home due to the time it takes and to make sure funding is available.)
Option 4: 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.
This is a great no money down opportunity for those of you 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.
Option 5: For Buyers with a recent bankruptcy, past foreclosure you have hope. Call Gilda at (918) 808-0224, for details or Read Option 6
Option 6: Past forclosure? Short Sale? or Discharged Bankruptcy? New home financing rules as of 3-2011:
This is assuming you have since established good credit and your credit scores are over 640.
1. Conventional Loans... Bankruptcy 4 years./Foreclosure 7 yrs/ Deed in Lieu or Pre-Foreclosure 2-7 yrs, depending on Loan to Value / Short Sale 7 years or 4 years with a reduced Loan To Value and credit has been re-established.
2. FHA Loans... Chapter 7 Bankruptcy 2 yrs./ Chapter 13 with at least 1 yr. acceptable payment history and approval from Bankruptcy court 2 years/ Forclosure 3 yrs/ Short Sale, 3 years if delinquent at the time of the short sale, no waiting period of current on all debt at the time of the short sale.
3. RD (Rural Development) Loans... Bankruptcy 3 yrs./ Forclosure 3 yrs./ Short Sale 3 yrs.
4. VA (Veteran) Loans... Chapter 7 bankruptcy 2 yrs/ Chapter 13 with at least 1 yr acceptable payment history and approval from Bankruptcy court 2 yrs/ Foreclosure 2 yrs/ Short Sale 2 years
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.
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 Indian Home Loan Programs
Native Americans; there are low to no down, low interest special financing programs with closing cost assistance available at this time.
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.
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!
Contact Gilda Krantz-Smith, Realtor/Consultant (918) 808-0224 or Email: 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. Purchase your own home with little or no down payment.
"Happy Househunting!!"
Email, Call or text message Gilda at (918) 808-0224, for free consultation or home finding services. (New construction or Existing resale homes (short sale and forclosure investments included)
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.... partner up with an experienced agent that knows the local marketplace. This will save you 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!
Click here to enter our Realtor® "Homes For Sale" MLS Database and
take note of the MLS ID number of the home you want to see, and then....
Call, text or email Gilda Krantz-Smith
Realtor®/Consultant
Keller Williams® Realty
(918) 808-0224
E-mail Contact
Gilda@GreaterTulsa.com
Gilda's Professional Profile
Past Client Testimonials/Reviews
Informational Links
Information on the reality of how this proposed legislation and health care reform really affects the housing market and tax issues:
Get Information About the American Clean Energy and Security Act (Cap and Trade)
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 special financing programs Indian Home Loan Programs
For our spanish speaking community here is some information on home ownership in spanish:
"Manual para Comprar una Casa"
Conventional Loans: Pros and Cons - Conventional Loans
VA Home Loan Info
Inspect your home before you buy, visit DCS HOME INSPECTIONS for $25 off coupon
Let's Talk Real Estate - Blog
Current Interest Rates/News
Greater-Tulsa Web Communities
Gilda's Showcase Homes
My Clients' Comments
Gilda's Real Estate Website
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