Stillwater
Real Estate Listings
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Stillwater
Real Estate News and Questions
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Tudor style construction. 2 stories. Built in 1980. Property is on 1.5 acres. Views of woods. Gas Heat Pump heating system. Central AC cooling system. City provided sewer/wastewater. Has a fireplace. 2-car Garage (attached) High efficiency appliances. Has a hot-tub/Jaccuzzi Landscape irrigation system. Professionally landscaped. In the Country Club Estates neighborhood.
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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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.
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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
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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.
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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
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The Oklahoma Housing Financing Agency (OHFA),works with participating mortgage lenders statewide to provide 30-year fixed-rate low-interest home loans through OHFA Advantage (state bond money).
Interest rates are below market rate loans. The most popular type of loan offers down payment and closing cost assistance. OHFA also offers new construction loans.
Type
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I would appreciate the opportunity to serve you as you search for real estate in the Stillwater area. Please click on my profile to learn all about me!email ross@estillwater.com www.estillwater.com
Here are some quick demographics courtesy of Census.gov Stillwater Oklahoma
http://www.estillwater.com
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The guidance below is applicable to homeowners with FHA Insured loans. While a good deal of this information may apply to all homeowners in danger of losing their homes, not all of the foreclosure avoidance tools mentioned may be available to you if you have a VA or conventional loan. Additionally,
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To participate in the HUD grants program, you need to be registered with Grants.gov. To assist with the registration process, HUD has developed a brochure on how to register. Registration Brochure. In addition, HUD has a brochure that will help you find and apply for grant opportunities. Find and Apply Brochure.
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Discrimination in mortgage lending is prohibited by the federal Fair Housing Act and HUD's Office of Fair Housing and Equal Opportunity actively enforces those provisions of the law. The Fair Housing Act makes it unlawful to engage in the following practices based on race, color, national origin, religion, sex, familial status
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Nine steps to buying a home
Figure out how much you can afford Know your rights Shop for a loan Learn about homebuying programs Shop for a home Make an offer Get a home inspection Shop for homeowners insurance Sign papersStep 1: Figure out how much you can afford
What you can afford
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Info forStillwater area veterans in the market for aVA home loan.Comprehensive info on VA loan eligibility can be found athttp://www.homeloans.va.gov/eligibility.htm
Am I eligible: General Rules for Eligibility
Frequently asked questions: Frequently Asked Eligibility Questions
To learn How to request a Certificate of Eligibility for VA Home Loan Benefitsfollow the link. You will need tocomplete
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