Explore Stillwater, OK
By Kate Pokroshinskaya
(Royal)
Comments 0
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. Part of the West Wood school district. $3,000 estimated taxes (yearly). Average utilities: $175.00. Home Inspection available. Pest Inspection available. Roof Inspection available. To directly access this property, use this shortcut: http://www.fizber.com/oklahoma-buy-single-family-home-11647631.html
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 3
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 debt78. 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 t...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 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 your lender for details and confirmation of current limits.73. WHAT ARE THE STEPS INVOLVED IN THE FHA LOAN PROCESS?With the exception of a few additional forms, the FHA loan appl...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 laws67. 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- and moderate-income families through its FHA mortgage insurance program and its HUD Homes program. HUD owns homes in many communities through...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 to move into your new home.62. WHAT SHOULD I LOOK OUT FOR DURING THE FINAL WALK-THROUGH?This will likely be the first opportunity to examine the house without furniture, giving you a clear view of everything. Check t...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 fully inform borrowers about all closing costs, lender servicing and escrow account practices, and business relationships between closing service ...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 loan. Lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better your chances are of getting a loan. Ask your lender for details.53. HOW CAN I IMPROVE MY SCOR...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 LOAN?The first step in securing a loan is to complete a loan application. To do so, you'll need the following information. Pay stubs for the past 2-3 months  W-2 forms for the past 2 years  Informa...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 THEM?Home warranties offer you protection for a specific period of time (e.g., one year) against potentially costly problems, like unexpected repairs on appliances or home systems, which are not covered by homeowner's ...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 insurance before lending any money to you. But if you live near a flood plain, you may choose whether or not to get flood insurance coverage for your home. Work with an insurance agent to construct a policy...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 can be present in both the home and in the soil surrounding the house. The problem can be fixed temporarily by repairing damaged paint surfaces or planting grass over effected soil. Hiring a ...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 can help you develop your question list.17. HOW CAN I KEEP TRACK OF ALL THE HOMES I SEE?If possible, take photographs of each house: the outside, the major rooms,...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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, so these figures may be approximate.13. WHAT OTHER TAX ISSUES SHOULD I TAKE INTO CONSIDERATION?Keep in mind that your mortgage interest and real estate taxes will be deductible. A qualified real estate p...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 you to consider it, while a "wish list" covers things that you'd like to have but aren't essential.7. WHAT SHOULD I LOOK FOR WHEN DECIDING ON A COMMUNITY?Select a community that will allow you to best live your daily life. Many peo...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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.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? 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? Wh...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 own our own home and no longer be bound to renting," Murin said."By choosing an FHA mortgage, the Murins knew they would have a low down payment, reasonable c...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 1
 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 Housing Act that same year.Stillwater residents started to realize the need for a local Housing Authority in the late 1960s, but chose to initiate an Urban Renewal Program as an initial step toward the improvement of its residential neighborhood in 1970. In the years immediately following this action, as Stillwaters economic and social base started a rapid expansion, the residential needs of the Stillwater community also experienced shortages in available housing units due to increasing demand p...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 of loans    1st Gold    Market Best    Future Foundation    OHFA Shield    OHFA 4 TeachersCurrent Interest RatesFind a participating lender and the income and purchase limits for your county (Oklahoma state map).Eligibility is determined by family income limits and purchase price limits, both of which vary depending on the county in which the home is purchased. Only single family homes can be purchased through the bond program an...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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 Population, 2003 estimate 41,3203,511,532 Population, percent change, April 1, 2000 to July 1, 2003 5.8%1.8% Population, 2000 39,0653,450,654 Population, percent change, 1990 to 2000 6.5%9.7% Persons under 5 years old, percent, 2000 4.7%6.8% Persons under 18 years old, percent, 2000 15.2%25.9% Persons 65 years old and over, percent, 2000 8.7%13.2% Female persons, percent, 2000 49.3%50.9% White persons, percent, 2000 (a)82.5%76.2% Black or African American persons, percent, 2000 (a)4.3%7.6% American In...
By Ross Willingham, Realtor Associate
(Tomson Real Estate)
Comments 0
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, HUD/FHA does not have any Loss Mitigation oversight over VA or conventional loans. Q: What Happens When I Miss My Mortgage Payments? Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, you also would owe HUD an additio...

Stillwater, OK Real Estate Professionals