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Finding the Right Tulsa Mortgage

By Pam Bertrand

Republish: EasyPublish™
Published: 09Nov2009
Word count: 548
Viewed: 492 time(s)

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So you’ve found the perfect house at the right price; your next step is finding the right Tulsa mortgage. Financing your home is just as important as your decision on which house to buy, and finding financing and choosing the right lender could mean the difference in securing great mortgage terms or “okay” mortgage terms.

There are many options when it comes to finding a lender to secure your mortgage. For the first time home buyer, you may not know the many different terms available to you – FHA, VA, conventional or even bad credit lenders; knowing the various types of loans could save you money as you seek financing for your first home. Here is just a brief overview of a few different types of loans.

FHA Loans

FHA home loans allow first time home buyers and current home owners buy a home with less than 3.5% down. The property must meet FHA standard requirements, but your closing costs are controlled and you can typically qualify for a loan two years after a bankruptcy and three years after a foreclosure.

With FHA loans there are lower qualifying ratios and you have controlled closing costs. This is a great option for individuals who do not have a substantial down payment or those who may have financial problems in the past.

Conventional Loans

You must have a 5% down payment. Credit scores are required. There is no control of the closing and origination fees. There are no property condition standards. The maximum seller credit is 3% towards the buyer’s closing costs. A buyer must wait four years after a bankruptcy or foreclosure to qualify for a conventional loan. The qualifying ratios are less.

Conventional loans are a great option for individuals with an above average credit score and a substantial down payment.

VA Loans

VA loans are for individuals who have served or are currently serving in the Armed Forces. VA loans have lower interest rates and even individuals with bruised credit may still qualify for a loan.

You may be eligible for a VA loan if you have served 161 days during peacetime, served 90 days during wartime (Active Duty), served six years in the Reserved or National Guard, or if you are the spouse of a service member who was fatally wounded in the line of duty.

Bad Credit Home Loans

If you have a low credit score, you may think owning a home is impossible because no one will finance your loan. The truth is that even with not so good credit, there are lenders who will cover “high risk,” loans. Because of number of individuals losing their homes to foreclosure the inventory is vast and some lenders have become a little more flexible when it comes to approving bad credit home loans.

This is just a brief overview of the different types of home loans available. Finding the right Tulsa mortgage is only a click or phone call away. You want to deal with lenders who have experience in all types of loans so you can choose the best loan for your current situation. It is recommended that you pre-qualify for your home loan with a lender before you start shopping for your home. This way you know the maximum you are allowed before you start your house hunting.

The Tulsa Mortgage Market is where Today Lending specializes in the obtaining of your Tulsa Mortgage. Contact 918.582.7283 today to get all of your questions answered.

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