Financing in Tulsa>Question Details

Jane, Both Buyer and Seller in 07733

We have a credit score of 716 with one credit bureau (TransUnion). Can we get a fixed mortgage w/ 10% down?

Asked by Jane, 07733 Mon Jun 15, 2009

We own a home in midtown Tulsa and are wanting to sell and then buy a fixer upper, 1920's home. We want as much money available as possible for the refurbishment of the fixer upper.

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Jane,

You have a number of good options available to you with what you have described. Selecting the best option would require a little more input, but here are a couple of samples:

FHA 203k - This comes in 2 flavors. One allows structural repairs & is for major rehab projects. The other is called Streamline becuase it is easier and designed more for renovations. Each only requires 3.5% down and neither is credit score sensitive. You are allowed to borrow more than the purchase price of the home (subject to appraisal) to make the repairs you desire. You can also include new appliances and their setup and delivery.

USDA Rural Development - This option has income and location restrictions but allows 100% financing preserving your cash for the renovation instead of the down.

FHA 203b - This is the plain, vanilla FHA loan. It features 3.5% down and may be best if you are planning on staying in this house for a few years.

Your exact circumstances and goals would determine which loan above (or others) would be best for you. I would be happy to consult with you at no obligation to help you on your search.

Tim Epps
Fairway Independent Mortgage - Tulsa
918-528-4010
twitter.com/TulsaOKMortgage
1 vote Thank Flag Link Mon Jun 15, 2009
Hi Jane! Sounds good. Ask your lender for your pre-approval letter.
0 votes Thank Flag Link Tue Jan 15, 2013
FYI... If you were able to put 20% down would would avoid having to pay mortgage insurance.
Web Reference: http://www.johncantero.com
0 votes Thank Flag Link Tue Jan 15, 2013
Yes, you shouldn't have any problem getting the loan as long as you sell your current home first. I recomend you check with several lenders to get the best rate and terms possible. Best wishes-let me know if I may assist you in anyway! Lisa 289-7738 lmanley-jeffers@kw.com
0 votes Thank Flag Link Tue Jun 16, 2009
Jane,
Great question, You have a good credit score and should have no problem getting a loan. I would be able to help you sell and find a great fixer upper in the midtown area. please give me a call and we can set down and talk about what your needs are to sell and to buy. My office is in midtown too.
Jim Hemphill
636.6876
0 votes Thank Flag Link Tue Jun 16, 2009
I work with a number of Investors here in Tulsa and have done some remodeling myself. First, to answer your question more directly; I would think that you would have no problem getting that type of loan as long as you had the cash to make the repairs. Talking to smaller banks and outlining your plan can be key. In the past I have obtained construction loans or rehab loans in order to make the repairs needed and then putting the loan into permanent financing with a lower fixed rate. I have a couple of banks in mind if you would like to discuss how to approach them, I would be more than willing to share my knowledge. Good luck with the Rehab! I have referenced my Twitter account below because I think you can find a number of Mortgage experts on there to pose that question to - as a matter of fact, I am going to do that right now.
0 votes Thank Flag Link Mon Jun 15, 2009
I would recommend talking with The Bomar's with Cornerstone Home Lending, they are honest and upfront and will be truthful with you about what you qualify for and what needs to be done. You can do the application on their website at http://www.TheBomarTeam.com.

Are you looking to buy before you sell? If you buy before you sell the requirements are completely different than if you are planning on waiting until you sell your home before you purchase. If you sell before you buy then from the information you have given I don't see any problem. If you buy before you sell then you they will be looking at you as an investor. My personal opinion would be not to mess with a bridge loan, the only people I have talked with who have had bridge loans ended up in bad situations. I'm not a mortgage expert though, that is why I would suggest talking with The Bomar Team.
Web Reference: http://www.OKLocations.com
0 votes Thank Flag Link Mon Jun 15, 2009
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