"Hello my name is Gilda Krantz-Smith, Realtor®/Consultant; Keller Williams Realty.
Please check back on a regular basis for the latest updates on current mortgage financing news.
In my 20+ years of selling Tulsa/Owasso area Real Estate....Now is the time to Buy!!
Read about the latest Financial Updates:
$8000 tax credit closing date extended
On Friday 7-2-2010, President Obama signed a law giving consumers three more months to close and still get a popular tax credit from the government . Homebuyers with contracts signed by April 30 now will have until September 30 to complete their purchases. The Senate approved the measure on Wednesday just hours ahead of the earlier deadline and one day after the House of Representatives approved the measure.
"The IRS reminds taxpayers that special filing and documentation requirements apply to anyone claiming the homebuyer credit," the Internal Revenue Service said.
100% Financing Income Limit Changes
The Single Family Housing Guaranteed Loan Program (USDA Rural Development) income limits have been increased for 2009.
New income limits and to check if your property is elgible, are posted on the USDA website: http://eligibility.sc.egov.usda.gov/eligibility/
The new maximum adjusted household income limits in Oklahoma are:
- 1-4 person household 5-8 person household
$73,600 per year $97,150 per year
For households larger than 8, add 8% of the 1 - 4 person limit for each person in excess of 8 persons.
These income limitations apply for all counties in Oklahoma.
FHA Mortgage Insurance Update
04/05/10: FHA will collect an upfront Mortgage Insurance premium of 2.25%
(It was 1.75% - now it will be 2.25% - which is added to the loan amount.)
Tulsa County Bond Money
As of Jan 4, 2010, for a very limited time period, 3% FHA/VA Tulsa County Downpayment assistance is now available for First Time Home buyers.
Details:
Rate: 5.20%
3% Down Payment Assistance
1% Origination fee
30 year Fixed Rate for FHA and VA Loans
Income Limits: $64,151 for one or two member family
$73,151.00 for three or more member family
Purchase Price Limit: $258,690
Must be a First Time Home Buyer
Call or email Gilda, (918) 808-0224, gilda@greatertulsa.com, for details of how to reserve your portion of the bond money.
Oklahoma State Bond Money 100% Financing
Rate 5.65%, Down Payment Assistance-3.5%
Loan types allowed: FHA, VA. RD and HUD 184
Property eligibility---entire state of Oklahoma
If seller pays all the closing costs, then the buyer gets in with a net cost of $0.00
For buyers that have not owned in 3 years and do not exceed income limits
Soft-second mortgage (0 interest) for the 3.5% assistance, prorated and completely forgive after buyer lives in house for 5 years.
Call or email Gilda, (918) 808-0224, gilda@greatertulsa.com, for details of how to reserve your portion of the bond money.
Types of loans to consider:
Low to no down payment financing programs in the Tulsa Oklahoma areas.
Conventional Home Loans (5% minimum down payment, seller can assist with up to 3% of buyers closing costs, 720+ credit score needed)
FHA Home Loans (3.5% down payment and seller can assist with up to 6% closing costs, 600+ credit score needed)
Rural Development (USDA) Home Loans (0 Downpayment and seller can assist with up to 6% closing costs, 720+ credit score needed)
VA (Veteran) Home Loans (0 Downpayment and seller can assist with up to 6% closing costs, 720+ credit score needed).
Most have no pre-payment penalty and some with no PMI (Private Mortgage Insurance).
Loan Programs
Option 1: Check your local Credit Union.
There are several programs available for new or existing members.
Local credit unions can offer many times 100% financing for those buyers out there with a 680 credit score or higher and 5% down for those below this score.
You do not have to be a first time home buyer just 3% of your own money invested in the transaction by paying a portion of the closing costs, prepaids or escrows.
There are no income limits on this type of loan.
Option 2: Limited FHA/Conventional Tulsa County and State Bond Money Loans
3% down payment assistance or closing cost assistance is available, but you must be a 1st time homebuyer or not have owned a home in the past 3 years (3 years tax returns needed to prove it). Income guidelines apply.
Option 3: 100% Conventional Rural Development (USDA) with no PMI is available.
This type of loan is for buyers purchasing in rural areas such as Owasso, Collinsville, Skiatook, Oologah, Sperry etc.
The seller can assist with up to 6% of the closing costs.
New Construction, Resale homes, Condo and Townhomes are elgible. ( i.e. Owasso, Collinsville, Skiatook, Sperry, Oologah, Wagoner County, parts of Rogers County and Osage County areas apply.)
This Rural Development loan determines your elgibility based on the total number in your household .
You do not have to be a first time homebuyer for this type of loan program.
*No Mortgage Insurance!
*No Cash Reserve Requirements!
*102% of Appraised Value to Cover Closing Costs!
*No Cap on mortgage amount other than the Appraisal (plus 2% USDA-RD Fee)!
*6% Seller Concessions Allowed to cover closings costs!
*Gifts allowed and DO NOT NEED to come from relative!
*30 year fixed and no Mortgage Insurance added to pament!
*All Closing Costs can be included in the loan!
*Try USDA-RD BEFORE FHA because require NO DOWN PAYMENT!
*Standard Site Built Homes. No MFH, Modular, Log, etc.
*No appraisal or Sales Contract needed to submit!
*You can use your OWN APPRAISAL for the USDA-RD file!
*First Time Home Buyers Allowed!
*Minimum of only 620 on all borrowers to go No Money Down!
*No Declining Markets, all available at 100% LTV!
*http://eligibility.sc.egov.usda.gov
Option 4: For all our Veteran buyers 100% VA financing is available.
With this loan all your closing costs can be rolled into the loan or negotiated with the seller.
If you have a documented disability you even can have the part of the mortgage insurance waived.
This is a great opportunity!
Option 5: For credit challenged buyers (recent bankruptcy, past foreclosure) with 25% down you have hope. Call Gilda at (918) 808-0224, for details.
Option 6: If your past forclosure or bankruptcy has been discharged in the past 3 years or more and you have since established good credit from this discharge date and your credit scores are over 600, you are elgible to purchase a home using FHA financing.
Option 7: First time home buyers that are policemen, firefighters or teachers
There is a special program out there on HUD (FHA forclosed) homes where you can possibly buy a home for 50% off the list price.
There is also a low interest home loan program offered through the Oklahoma Home Finance Agency for Oklahoma educators, firefighters and policemen with down payment and closing cost assistance called
OHFA 4 Teachers and OHFA Shield (gross income, purchase price limits and first time homebuyer requirements may apply).
Option 8: Section 184 Indian Home Loan Programs
Native Americans; there are low to no down, low interest special financing programs with closing cost assistance available at this time.
This is a mortgage product specifically for American Indian and Alaska Native families, tribes, Alaska Villages or tribally designated housing entities.
Congress established this program in 1992 to facilitate homeownership in Native American communities.
Option 9: Stated Income or Self Employed buyers
The qualifying criteria has tightened.. but it is not impossible to procure a loan. Most lenders will, however, require 25% down payment. Call or email for updates on qualification requirements.
Now is the time to buy!
Invest in your future, gain tax benefits and financial wealth. Stop renting, and become a proud homeowner!
With the variety of financing programs offering down payment and closing cost assistance, save your hard earned money and use it for moving expenses, future investments, or help stimulate our economy buying lots of new things for your future home!
Gilda can guide you through the easy process on how to get pre-approved for a loan. Purchase your own home with little or no down payment.
"Happy Househunting!!"
Email, Call or text message Gilda at (918) 808-0224, for free consultation or home finding services. (New construction or Existing resale homes)
Gilda has 20+ years of full time real estate experience, and is available to provide you the quality personal service you deserve.
Don't just settle for any real estate agent to help you purchase one of your biggest financial assets.... work with only the most experienced and one of the best in this local marketplace.
Please visit Gilda's professional profile and read some client testimonials
Take a moment and search for your dream home now!
Click below for access into our Realtor MLS database of homes.
The inventory of homes is decent and the prices are great!
Click here to enter our Realtor® "Homes For Sale" MLS Database and
take note of the MLS ID number of the home you want to see, and then....
Call Gilda Krantz-Smith
Realtor®/Consultant
Keller Williams® Realty
(918) 808-0224
E-mail Contact
gilda@greatertulsa.com
Informational Links
Information on the reality of how this proposed legislation and health care reform really affects the housing market and tax issues:
Get Information About the American Clean Energy and Security Act (Cap and Trade)
For more information on State Bond money loans visit: Oklahoma Housing Finance Agency
Tulsa Housing Authority Homeownership First Time Buyer Program
Visit the Rural Delopment USDA Income and Property Eligibility Site: Rural Development (USDA)
What is an FHA Loan? Federal Housing Administration (FHA)
Served in the Armed Forces? Check out your elgibility for a VA (Veterans Administration) Loan? VA Loans
Native American special financing programs Indian Home Loan Programs
For our spanish speaking community here is some information on home ownership in spanish:
"Manual para Comprar una Casa"
Conventional Loans: Pros and Cons - Conventional Loans
Inspect your home before you buy, visit DCS HOME INSPECTIONS for a $25.00 off coupon
Let's Talk Real Estate - Blog
Current Interest Rates/News
Greater-Tulsa Web Communities
Gilda's Showcase Homes
My Clients' Comments
Gilda's Real Estate Website
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