Financing in Tulsa>Question Details

Christi Lynn, Home Buyer in Tulsa, OK

2 cars and need a house! What kind of loan if possible can/should we get??

Asked by Christi Lynn, Tulsa, OK Sun Mar 3, 2013

We have 2 car loans and need a house! We are close to being able to afford a house we are looking at. We were hoping to get a house loan that can pay off our cars as well. Suggestions, ideas, types of loans, our options??

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John Cantero (918) 313-0408’s answer
Depending on your credit score you have several options. Rural devlopment loans are zero down but the property has to qualify and you need a little higher credit score (usually 640 or higher) and with the Indian loans (section 184) I believe they are zero down also but you need an Indian card to qualify. The most popular type financing is FHA which requires a minimum of 3.5% down and you will need a credit score of 620 or higher in most cases. Conventional loans require a minimum of 5% down but if you put 20% down you will avoid having to pay mortgage insurance. I hope this helps and if you need an agent to help you find your home give me a call. You can find definitions to most of the terms used in real estate by following this link http://www.johncantero.com/glossary.shtml
0 votes Thank Flag Link Mon Mar 4, 2013
Although I am not a mortgage lender, I can lead you in the right direction. The lender I use will be able to assess your credit file and determine what you can be approved for. Be optimistic as they are a few options out there to fit your needs. Call me at 918-852-9788, I'd love to assist you!!
0 votes Thank Flag Link Mon Mar 4, 2013
Trulia has some great Mortgage options available, click the "mortgage" button at the top and fill out the loan application.

Best of Luck.
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Sun Mar 3, 2013
McGraw Realtors is affiliated with Oklahoma Mortgage Lenders and they are better qualified to answer your question. Realtors are not mortgage loan officers or processors that is why I would start with a lender. There are all types of loans--Rural Development---FHA---Conventional---Native American etc. After talking to a lender give me a call at 918-855-9758 or email me at jimweaver@mcgrawrealtors.com and we caqn find what you're looking for. Thanks Jim Weaver
0 votes Thank Flag Link Sun Mar 3, 2013
Christi,

I am a mortgage banker here in Tulsa. You will be unable to get a mortgage that will pay off your cars as well, however after you own the home for a certain period of time you may be able to pay other things off using the equity in your home. The key will be seeing what you qualify for at this time. It only takes about 5 minutes to complete an application and withing 30 minutes to an hour I will be able to tell you what you qualify for, what your payment would be, etc

Call me anytime and I will get you started right away.

Cell - 918-809-5444
Office 918-394-5626
0 votes Thank Flag Link Sun Mar 3, 2013
Christi, you need to complete a mortgage pre approval process with Bank Of Oklahoma, Arvest or another local or national lender of your choice.

You will not be able to get a mortgage that will pay off the car loans and buy the house too. A loan to pay off the cars is called bill consolidation loan. The lender can advise you within a week whether or not they can pre approve you to buy a home and what your budget cap would be. Generally they may ask for the past two years of income tax returns, two-three months of payroll stubs and the last month or two of banks statements for starters. Knowing this you can have those documents ready prior to applying for mortgage pre approval.
0 votes Thank Flag Link Sun Mar 3, 2013
I doubt you will get a loan with any chance of it also paying off any other loans. You need to go visit a loan officer and speak to them about your options. Asking that here will only get you guesses.
0 votes Thank Flag Link Sun Mar 3, 2013
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