Stillwater Homes

Storm Chasing Memorial Weekend

Ross Willingham, Realtor Associate (Tomson Real Estate) — Tue, 27 May 2008 12:47:32 -0700

storm Chasing Memorial Weekend

Ross Willingham, Realtor Associate (Tomson Real Estate) — Tue, 27 May 2008 12:46:43 -0700

I have a referral for the Arlington area.

Ross Willingham, Realtor Associate (Tomson Real Estate) — Mon, 10 Mar 2008 12:44:58 -0700

Hello,

I have a personal referral for a home buyer in the Arlington, VA area. They are first time buyers, but well qualified. Please see my referral post on the active rain referral board. I just wanted to pass this along.

Thank you!

Ross

Howdy

Ross Willingham, Realtor Associate (Tomson Real Estate) — Fri, 07 Mar 2008 12:58:02 -0800

Hi group! Someone recently invited me to join this group. When I checked it out I couldn't help but to join. I look forward to particpating in futurer discussions!

Ross

Great Investment Property With Positive Cash Flow

Ross Willingham, Realtor Associate (Tomson Real Estate) — Fri, 07 Mar 2008 12:42:31 -0800

Three VERY WELL MAINTAINED Triplex Units (9 Apartments), with 100% occupancy and a positive cash flow are waiting for a new owner in Perkins, Oklahoma. Each unit has carpet and tile, refrigerators, stoves/oven, washers and drivers, central heat and air. VERY GOOD CONDITION. These won't last long.

Perkins is approximately 12 miles south of Stillwater and serves as a bedroom community to Stillwater. Units have excellent history of near 100% occupancy. All three Triplex Units (9 apartments) can be purchased for $299,000. Rental Income: $3,900/month.

2.75% commission split.

Call 405.334.1966 or email (ross@estillwater.com) for detailed information and photographs.

Stillwater Homes -- Buying A Home (Part 15 of 20)

Ross Willingham, Realtor Associate (Tomson Real Estate) — Mon, 09 Jul 2007 16:54:33 -0700

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 I EXCEED THIS RATIO?

You may qualify to exceed if you have:

	a large down payment
	a demonstrated ability to pay more toward your housing expenses
	substantial cash reserves
	net worth enough to repay the mortgage regardless of income
	evidence of acceptable credit history or limited credit use
	less-than-maximum mortgage terms
	funds provided by an organization
	a decrease in monthly housing expenses

79. HOW LARGE A DOWN PAYMENT DO I NEED WITH AN FHA LOAN?

You must have a down payment of at least 3% of the purchase price of the home. Most affordable loan programs offered by private lenders require between a 3%-5% down payment, with a minimum of 3% coming directly from the borrower's own funds.

80. WHAT CAN I USE TO PAY THE DOWN PAYMENT AND CLOSING COSTS OF AN FHA LOAN?

Besides your own funds, you may use cash gifts. If you can do certain repairs and improvements yourself, your labor may be used as part of a down 8 payment (sweat equity).

	Attorney's or escrow fees (Yours and your lender's if applicable)
	Property taxes (to cover tax period to date)
	Interest (paid from date of closing to 30 days before first monthly payment)
	Loan Origination fee (covers lenders administrative cost)
	Recording fees
	Survey fee
	First premium of mortgage Insurance (if applicable)
	Title Insurance (yours and lender's)
	Loan discount points
	First payment to escrow account for future real estate taxes and insurance
	Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)
	Any documentation preparation fees

	Settlement Statement, HUD-1 Form (itemizes services provided and the fees charged; it is filled out by the closing agent and must be given to you at or before closing)
	Truth-in-Lending Statement
	Mortgage Note
	Mortgage or Deed of Trust
	Binding Sales Contract (prepared by the seller; your lawyer should review it)
	Keys to your new home

	Be sure to read and understand everything before you sign.
	Refuse to sign any blank documents.
	Do not buy property for someone else.
	Do not overstate your income.
	Do not overstate how long you have been employed.
	Do not overstate your assets.
	Accurately report your debts.
	Do not change your income tax returns for any reason. Tell the whole truth about gifts. Do not list fake co-borrowers on your loan application.
	Be truthful about your credit problems, past and present.
	Be honest about your intention to occupy the house
	Do not provide false supporting documents.

	Do you expect your finances to changeover the next few years?
	Are you planning to live in this home for a long period of time?
	Are you comfortable with the idea of a changing mortgage payment amount?
	Do you wish to be free of mortgage debt as your children approach college age or as you prepare for retirement?

	Pay stubs for the past 2-3 months
	W-2 forms for the past 2 years
	Information on long-term debts
	Recent bank statements
	tax returns for the past 2 years
	Proof of any other income
	Address and description of the property you wish to buy
	Sales contract

Company Name	Phone Number
Experian	1-888-524-3666
Equifax	1-800-685-1111
Trans Union	1-800-916-8800

	In the first 23 years of the loan, more interest is paid off than principal, meaning larger tax deductions.
	As inflation and costs of living increase, mortgage payments become a smaller part of overall expenses.

	Loan is usually made at a lower interest rate.
	Equity is built faster because early payments pay more principal.

	Predictable
	Housing cost remains unaffected by interest rate changes and inflation.

	Balloon Mortgage- Offers very low rates for an Initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is clue or refinanced (though not automatically)
	Two-Step Mortgage- Interest rate adjusts only once and remains the same for the life of the loan
	ARMS linked to a specific index or margin

	15-year
	30-year

	Complete legal description of the property
	Amount of earnest money
	Down payment and financing details
	Price you are offering
	Closing date
	Length of time the offer is valid
	Details of your offer.

	Is there enough room for both the present and the future?
	Are there enough bedrooms and bathrooms?
	Is the house structurally sound?
	Do the mechanical systems and appliances work?
	Is the yard big enough?
	Do you like the floor plan?
	Will your furniture fit in the space? Is there enough storage space? (Bring a tape measure to better answer these questions.)
	Does anything need to repaired or replaced? Will the seller repair or replace the items?
	Imagine the house in good weather and bad, and in each season. Will you be happy with it year-round?

1.	Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?
2.	Do I have a good record of paying my bills?
3.	Do I have few outstanding long-term debts, like car payments?
4.	Do I have money saved for a down payment?
5.	Do I have the ability to pay a mortgage every month, plus additional costs?

	Generally offer lower initial interest rates
	Monthly payments can be lower
	May allow borrower to qualify for a larger loan amount

CENTRAL OKLAHOMA COMMUNITY ACTION AGENCY	P: 405-447-0832 T: 800-256-5940 F: 405-701-1536 E: gcorson@cocaa.org W: http://www.hud.gov/utilities/intercept.cfm?http://www.cocaa.org	619 W. 12 Stillwater, Oklahoma 74074-	- Mortgage Delinquency and Default Resolution Counseling - Prepurchase Counseling - Renters Assistance	- English Only	CENTRAL OKLAHOMA COMMUNITY ACTION AGENCY
CONSUMER CREDIT COUNSELING SERVICE OF CENTRAL OKLAHOMA	P: 800-364-2227-6020 T: 800-364-2227 F: 405-789-5052 E: lhoover@cccsok.com W: http://www.hud.gov/utilities/intercept.cfm?http://www.cccsok.com	The Murphy Building 118 W. 8th Ave. Stillwater, Oklahoma 74074-	- Home Equity Conversion Mortgage Counseling - Mortgage Delinquency and Default Resolution Counseling - Prepurchase Counseling - Renters Assistance	- Spanish	CONSUMER CREDIT COUNSELING SERVICE OF CENTRAL OKLAHOMA
STILLWATER HOUSING AUTHORITY	P: 405-372-4906-18 T: F: 405-372-1416 E: glen_stillwater_ha@sbcglobal.net W: pages.sbcglobal.net/stillwater_ha.net	807 S Lowry Stillwater

General Characteristics -	Number	Percent	U.S.
Total population	16,612			map	brief
Male	8,197	49.3	49.1%	map	brief
Female	8,415	50.7	50.9%	map	brief
Median age (years)	38.5	(X)	35.3	map	brief
Under 5 years	1,039	6.3	6.8%	map
18 years and over	12,203	73.5	74.3%
65 years and over	2,453	14.8	12.4%	map	brief

One race	15,878	95.6	97.6%
White	13,667	82.3	75.1%	map	brief
Black or African American	114	0.7	12.3%	map	brief
American Indian and Alaska Native	2,015	12.1	0.9%	map	brief
Asian	34	0.2	3.6%	map	brief
Native Hawaiian and Other Pacific Islander	8	0.0	0.1%	map	brief
Some other race	40	0.2	5.5%	map
Two or more races	734	4.4	2.4%	map	brief

Hispanic or Latino (of any race)	192	1.2	12.5%	map	brief

Household population	16,448	99.0	97.2%	map	brief
Group quarters population	164	1.0	2.8%	map

Average household size	2.58	(X)	2.59	map	brief
Average family size	3.02	(X)	3.14	map

Total housing units	7,464			map
Occupied housing units	6,383	85.5	91.0%		brief
Owner-occupied housing units	5,115	80.1	66.2%	map
Renter-occupied housing units	1,268	19.9	33.8%	map	brief
Vacant housing units	1,081	14.5	9.0%	map

Social Characteristics	Number	Percent	U.S.
Population 25 years and over	10,997
High school graduate or higher	8,667	78.8	80.4%	map	brief
Bachelor's degree or higher	1,328	12.1	24.4%	map
Civilian veterans (civilian population 18 years and over)	1,915	15.7	12.7%	map	brief
Disability status (population 5 years and over)	3,543	23.0	19.3%	map	brief
Foreign born	107	0.6	11.1%	map	brief
Male, Now married, except separated (population 15 years and over)	4,127	64.8	56.7%		brief
Female, Now married, except separated (population 15 years and over)	4,105	61.6	52.1%		brief
Speak a language other than English at home (population 5 years and over)	422	2.7	17.9%	map	brief

Economic Characteristics -	Number	Percent	U.S.
In labor force (population 16 years and over)	7,659	60.1	63.9%		brief
Mean travel time to work in minutes (workers 16 years and over)	30.6	(X)	25.5	map	brief
Median household income in 1999 (dollars)	31,661	(X)	41,994	map
Median family income in 1999 (dollars)	37,274	(X)	50,046	map
Per capita income in 1999 (dollars)	15,261	(X)	21,587	map
Families below poverty level	455	9.6	9.2%	map	brief
Individuals below poverty level	2,136	13.0	12.4%	map

Housing Characteristics -	Number	Percent	U.S.
Single-family owner-occupied homes	2,835				brief
Median value (dollars)	56,300	(X)	119,600	map	brief
Median of selected monthly owner costs	(X)	(X)			brief
With a mortgage (dollars)	707	(X)	1,088	map
Not mortgaged (dollars)	236	(X)	295

Stillwater Homes

Storm Chasing Memorial Weekend

storm Chasing Memorial Weekend

I have a referral for the Arlington area.

Howdy

Great Investment Property With Positive Cash Flow

Stillwater Homes -- Buying A Home (Part 15 of 20)

Stillwater Homes -- Buying A Home (Part 14 of 20)

Stillwater Homes -- Buying A Home (Part 13 of 20)

Stillwater Homes -- Buying A Home (Part 12 of 20)

Stillwater Homes -- Buying A Home (Part 11 of 20)

Stillwater Homes -- Buying A Home (Part 10 of 20)

Stillwater Homes -- Buying A Home (Part 9 of 20)

Stillwater Homes -- Buying A Home (Part 8 of 20)

Stillwater Homes -- Buying A Home (Part 7 of 20)

Stillwater Homes -- Buying A Home (Part 7 of 20)

Stillwater Homes -- Buying A Home (Part 6 of 20)

Stillwater Homes -- Buying A Home (Part 5 of 20)

Stillwater Homes -- Buying A Home (Part 4 of 20)

Stillwater Homes -- Buying A Home (Part 3 of 20)

Stillwater Homes -- Buying A Home (Part 2 of 20)

Stillwater Homes: Buying a Home (Part 1 of 20)

Stillwater Homes - HUD Approved Housing Counseling Agencies

Stillwater Homes

Stillwater Homes

Pawnee Realtors -- Pawnee County Demographics