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 s...
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...
71. WHO CAN QUALIFY FOR FHA LOANSAnyone 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 ...
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 liv...
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 yo...
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...
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...
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 ...
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 ...
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 ...
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 pr...
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 neighborho...
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 dat...
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 sc...
1. HOW DO I KNOW IF I'M READY TO BUY A HOME?You can find out by asking yourself some questions: 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.D...
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 ...
The concepts surrounding Housing Authorities have been with us since during the late 1930s, and in the years that followed, the housing programs that were activated on the federal level were adopted by individual states. Oklahoma adopted legislation in 1965 and, as a result, passed the Oklahoma ...
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 clos...
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.comHere are some quick demographics courtesy of Census.gov Stillwater Oklahoma Popula...
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. Additional...