Stillwater Homes -- Buying A Home (Part 15 of 20) - 07/09/07 04:54 PM
76. CAN I CARRY DEBT AND STILL QUALIFY FOR FHA LOANS?
Yes. Short-term debt doesn't count as long as it can be paid off within 10 months. And some regular expenses, like child care costs, are not considered debt. Talk to your lender or real estate agent about meeting the FHA debt-to-income ratio.
77. WHAT IS THE DEBT-TO-INCOME RATIO FOR FHA LOANS?
The FHA allows you to use 29% of your income towards housing costs and 41% towards housing expenses and other long-term debt. With a conventional loan, this qualifying ratio allows only 28% toward housing and 36% towards housing and other debt
78. CAN … (3 comments)

Stillwater Homes -- Buying A Home (Part 14 of 20) - 07/09/07 04:51 PM
71. WHO CAN QUALIFY FOR FHA LOANS
Anyone who meets the credit requirements, can afford the mortgage payments and cash investment, and who plans to use the mortgaged property as a primary residence may apply for an FHA-insured loan.
72. WHAT IS THE FHA LOAN LIMIT?
FHA loan limits vary throughout the country, from $115,200 in low-cost areas to $208,800 in high-cost areas. The loan maximums for multi-unit homes are higher than those for single units and also vary by area.
Because these maximums are linked to the conforming loan limit and average area home prices, FHA loan limits are periodically subject to change. Ask … (0 comments)

Stillwater Homes -- Buying A Home (Part 13 of 20) - 07/09/07 04:48 PM
66. WHAT IS THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT?
Also known as HUD, the U.S. Department of Housing and Urban Development was established in 1965 to develop national policies and programs to address housing needs in the U.S. One of HUD's primary missions is to create a suitable living environment for all Americans by developing and improving the country's communities and enforcing fair housing laws
67. HOW DOES HUD HELP HOMEBUYERS AND HOMEOWNERS?
HUD helps people by administering a variety of programs that develop and support affordable housing. Specifically, HUD plays a large role in homeownership by making loans available for lower- … (0 comments)

Stillwater Homes -- Buying A Home (Part 12 of 20) - 07/09/07 04:46 PM
61. WHAT HAPPENS AFTER I'VE APPLIED FOR MY LOAN?
It usually takes a lender between 1-6 weeks to complete the evaluation of your application. Its not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information, the faster your application will be processed. Once all the information has been verified the lender will call you to let you know the outcome of your application. If the loan is approved, a closing date is set up and the lender will review the closing with you. And after closing, you'll be able … (0 comments)

Stillwater Homes -- Buying A Home (Part 11 of 20) - 07/09/07 08:18 AM
56. ARE THERE ANY COSTS OR FEES ASSOCIATED WITH THE LOAN ORIGINATION PROCESS?
Yes. When you turn in your application, you'll be required to pay a loan application fee to cover the costs of underwriting the loan. This fee pays for the home appraisal, a copy of your credit report, and any additional charges that may be necessary. The application fee is generally non-refundable.
57. WHAT IS RESPA?
RESPA stands for Real Estate Settlement Procedures Act. It requires lenders to disclose information to potential customers throughout the mortgage process, By doing so, it protects borrowers from abuses by lending institutions. RESPA mandates that lenders … (0 comments)

Stillwater Homes -- Buying A Home (Part 10 of 20) - 07/09/07 08:15 AM
51. WHAT IF I FIND A MISTAKE IN MY CREDIT HISTORY?
Simple mistakes are corrected by writing to the reporting company, pointing out the error, and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness, explain that for the record. Lenders are usually understanding about legitimate problems.
52. WHAT IS A CREDIT BUREAU SCORE AND HOW DO LENDERS USE THEM?
A credit bureau score is a number, based upon your credit history, that represents the possibility that you will be unable to repay a … (0 comments)

Stillwater Homes -- Buying A Home (Part 9 of 20) - 07/09/07 08:11 AM
46. WHAT IS AN ESCROW ACCOUNT? DO I NEED ONE?
Established by your lender, an escrow account is a place to set aside a portion of your monthly mortgage payment to cover annual charges for homeowner's insurance, mortgage insurance (if applicable), and property taxes. Escrow accounts are a good idea because they assure money will always be available for these payments. If you use an escrow account to pay property tax or homeowner's insurance, make sure you are not penalized for late payments since it is the lender's responsibility to make those payments.
47. WHAT STEPS NEED TO BE TAKEN TO SECURE A … (0 comments)

Stillwater Homes -- Buying A Home (Part 8 of 20) - 07/09/07 08:08 AM
41. WHAT IS INCLUDED IN A MONTHLY MORTGAGE PAYMENT?
The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes, homeowner's insurance, and mortgage insurance (if applicable).
42. WHAT FACTORS AFFECT MORTGAGE PAYMENTS?
The amount of the down payment, the size of the mortgage loan, the interest rate, the length of the repayment term and payment schedule will all affect the size of your mortgage payment.
43. HOW DOES THE INTEREST RATE FACTOR IN SECURING A MORTGAGE LOAN?
A lower interest rate allows you to borrow more money than a high rate with the some monthly payment. Interest … (0 comments)

Stillwater Homes -- Buying A Home (Part 7 of 20) - 07/09/07 08:06 AM
36. WHEN DO ARMS MAKE SENSE?
An ARM may make sense If you are confident that your income will increase steadily over the years or if you anticipate a move in the near future and aren't concerned about potential increases in interest rates.
37. WHAT ARE THE ADVANTAGES OF 15- AND 30-YEAR LOAN TERMS?
30-Year:
38. CAN I PAY OFF MY LOAN AHEAD OF SCHEDULE?
Yes. By sending in extra money each month or making an extra payment at the end of the year, you can accelerate the process of paying off the loan. When you send extra money, be sure to indicate that the excess … (0 comments)

Stillwater Homes -- Buying A Home (Part 7 of 20) - 07/09/07 08:03 AM
31. WHAT IS EARNEST MONEY? HOW MUCH SHOULD I SET ASIDE?
Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and conditions). If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your money is returned to you. If you back out of a deal, you may forfeit the entire amount.
32. WHAT ARE "HOME WARRANTIES", AND SHOULD I CONSIDER … (0 comments)

Stillwater Homes -- Buying A Home (Part 6 of 20) - 07/02/07 03:14 PM
26. WHAT STEPS COULD I TAKE TO LOWER MY HOMEOWNER'S INSURANCE COSTS?
Be sure to shop around among several insurance companies. Also, consider the cost of insurance when you look at homes. Newer homes and homes constructed with materials like brick tend to have lower premiums. Think about avoiding areas prone to natural disasters, like flooding. Choose a home with a fire hydrant or a fire department nearby.
27. IS THE HOME LOCATED IN A FLOOD PLAIN?
Your real estate agent or lender can help you answer this question. If you live in a flood plain, the lender will require that you have flood … (0 comments)

Stillwater Homes -- Buying A Home (Part 5 of 20) - 07/02/07 03:09 PM
21. ARE OTHER TYPES OF INSPECTIONS REQUIRED?
If your home inspector discovers a serious problem a more specific Inspection may be recommended. It's a good idea to consider having your home inspected for the presence of a variety of health-related risks like radon gas asbestos, mold, or possible problems with the water or waste disposal system.
22. HOW CAN I PROTECT MY FAMILY FROM LEAD IN THE HOME?
If the house you're considering was built before 1978 and you have children under the age of seven, you may want to have an inspection for lead-based point. It's important to know that lead flakes from paint … (0 comments)

Stillwater Homes -- Buying A Home (Part 4 of 20) - 07/02/07 03:04 PM
16. WHAT QUESTIONS SHOULD I ASK WHEN LOOKING AT HOMES?
Many of your questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance (e.g., paint, roof, HVAC, appliances, carpet)? Also ask about the house and neighborhood, focusing on quality of life issues. Be sure the seller's or real estate agent's answers are clear and complete. Ask questions until you understand all of the information they've given. Making a list of questions ahead of time will help you organize your thoughts and arrange all of the information you receive. The HUD Home Scorecard … (0 comments)

Stillwater Homes -- Buying A Home (Part 3 of 20) - 07/02/07 03:00 PM
11. HOW CAN I FIND OUT HOW MUCH HOMES ARE SELLING FOR IN CERTAIN COMMUNITIES AND NEIGHBORHOODS?
Your real estate agent can give you a ballpark figure by showing you comparable listings. If you are working with a real estate professional, they may have access to comparable sales maintained on a database.
12. HOW CAN I FIND INFORMATION ON THE PROPERTY TAX LIABILITY?
The total amount of the previous year's property taxes is usually included in the listing information. If it's not, ask the seller for a tax receipt or contact the local assessor's off ice. Tax rates can change from year to year, … (0 comments)

Stillwater Homes -- Buying A Home (Part 2 of 20) - 07/02/07 02:49 PM
6. HOW CAN I DETERMINE MY HOUSING NEEDS BEFORE I BEGIN THE SEARCH?
Your home should fit way you live, with spaces and features that appeal to the whole family. Before you begin looking at homes, make a list of your priorities - things like location and size. Should the house be close to certain schools? your job? to public transportation? How large should the house be? What type of lot do you prefer? What kinds of amenities are you looking for? Establish a set of minimum requirements and a 'wish list." Minimum requirements are things that a house must have for … (0 comments)

Stillwater Homes: Buying a Home (Part 1 of 20) - 07/02/07 02:44 PM
1. HOW DO I KNOW IF I'M READY TO BUY A HOME?
You can find out by asking yourself some questions:
If you can answer "yes" to these questions, you are probably ready to buy your own home.
2. HOW DO I BEGIN THE PROCESS OF BUYING A HOME?
Start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment (see Question 4 for help)? How much space do you need? What areas of town do you like? After you answer these questions, make a "To Do" list and start doing casual research. … (0 comments)

Stillwater Homes - HUD Approved Housing Counseling Agencies - 07/02/07 02:31 PM
The following are HUD approved housing counseling agencies serving the Stillwater area:
Stillwater Homes and Stillwater Realtors
… (0 comments)

Stillwater Homes - 07/02/07 02:25 PM
Volunteers from Senator Jim Inhofe's office, the Federal Home Loan Bank of Topeka, and HUD in Oklahoma City recently started work on a new Habitat home in Oklahoma City as part of the Congress Building America program.
The program draws attention to the lack of quality affordable housing across the country for lower income families. Habitat for Humanity affiliates are partnering with their local members of Congress to build energy efficient, quality affordable homes for families in need.
Mary McDonald, the very personable and happy homeowner-to-be, describes with tears in her eyes how she jumped for joy and then collapsed onto a … (0 comments)

Stillwater Homes - 07/02/07 01:57 PM
When Angela and Andrew Murin purchased their first home using an FHA-insured mortgage, they had no idea that they had set a milestone.
HUD FHA Commissioner Brian Montgomery and Oklahoma City Mayor Mick Cornett recognized the Murins as the recipients of the 34 millionth FHA-insured mortgage.
Andrew Murin is the Executive Chef of the Ford Center Arena in Oklahoma City, and Angela, a former medical transcriptionist, is a stay-at-home mom. They have four daughters: twins Malorie and Amanda, 15; Bailey, 4; and Avery, 17 months.
"Our realtor recommended an FHA mortgage, and we are very thankful for the opportunity, because it allowed us to … (0 comments)

 

Ross Willingham, Realtor Associate

Stillwater, OK

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Tomson Real Estate

Address: 1009 N Boomer, Stillwater, OK, 74075-3506

Office Phone: (405) 334-1966

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