Ms. Lopez,

Much of the advice below is good, but I would like to clarify some points and make sure that you are aware of a few things.

1. Once a lender has pulled your credit for a mortgage transaction, other inquiries within a 45 day period by mortgage lenders will not impact your score. You are allowed "Shoppers' Rights" in the scoring models to properly evaluate your selection. In order for a responsible lender to give you an accurate picture of your ability to obtain a loan, he must be able to pull your credit to run through his automated underwriting system. A common scare tactic by some originators is to tell you your score will go down if others pull your credit. This is NOT true. - http://www.myfico.com/CreditEducation/CreditInquiries.aspx - You will also note there that inquiries do not have a significant impact on your score. That said, a mortgage lender will ask you to explain all inquiries in the past 12 months. Recent inquiries for cars, etc. may require some explanation.

2. Interview some lenders to see how they work and if you are comfortable with them. Ask about their rate lock policies. Any originator can quote you a rate that will sound great until you have a lockable loan - i.e. a contract to buy a home. Do not focus only on rate. Make sure that you get the best package of rate, fees, costs, and service available to you.

3. While there is bond money available right now, the rate for these loans is significantly higher than what you could get from a conventional or FHA loan. Simply having becuase there is down payment assistance available is not reason alone to pay more for that privledge. Consult with a lender that will give you the complete picture. There are other down payment assistance programs in the OKC metro area that do not require that you use a particular lender or program. Also, depending on where you are looking, there may be Rural Development funding which would allow 100% financing. The home you attached this question does not qualify, but rural does not have to mean moving to Slapout, OK. Ask if the lender has RD loans if down payment assistance is needed and you don't mind expanding your search area.

The bottom line is to make your selection based on what is right for you in the big picture - not based on what the loan officer is pushing you toward.

I would be happy to consult with you to discuss YOUR needs with regards to a home loan. My company and I lend statewide and have a full basket of products available to meet your situation and needs best.

Thank you,
Tim Epps
Fairway Mortgage
918-528-4010
Tim@MyFairway.Net

Let Crystal help you.
The new maximum adjusted household income limits for the guaranteed loan
program in Oklahoma are:

1 – 4 person household 5 – 8 person household
$73,600 per year
$97,150 per year


Crystal Adams
Mortgage Consultant
First Mortgage Company
DIRECT 405-642-0183
FAX 405-842-1913
OFFICE 405-842-8090 xt 144
EMAIL: cadams@firstmortgageco.com
APPLY ONLINE: http://www.crystaladams.com

Good Luck,
"Mr Ed" Alvord, Realtor

I would recommend you compare several of the people offered here and ask them to give you a Good Faith Estimate showing all of their fees. There is more to a loan than just interest rate.

Call Chris Duncan with the Duncan Mortgage Team at First Commercial Bank. His office number is 405.330.9631 and email chris.duncan@okfcb.com. If you call him, he can take you through the lending process. I have had great success with Chris and several clients have used his services. In fact, the area of the home you're looking at is an area I am quite familiar with so if you need any help please don't hesitate to email me at jenn@JenniferSellsOklahoma.com or call 405.603.7443.

I've attached Chris Duncan's Website in Web References.

I forgot to mention that I did receive an email today that said there is some bond money available to help with closing costs/down payment. If that is something you would like more information on let me know and I'll send over the email. My email is BuyYourHome@Century21.com or 405-570-7585.

I would highly recommend talking with The Bomar Team (405-445-5445) with cornerstone home lending. It's free and they are excellent with their communication. My personal favorite thing about them is that when they say you are able to purchase a home you are able to purchase a home, I have worked with several other lenders who have told a buyer they can buy and when they find the home they love find out that the lender assumptions were not correct. 100% of the people I have worked with who were approved by The Bomars have received financing from them. 445-5445 or their website application at http://www.TheBomarTeam.com

Jace

If you have a bank you do business with start with them first. You'll need to fill out a application and they will pull your credit, look at your income to debt ratio, job history, and other prerequisites. She what the loan option(s) the bank offers you. Then price the loan with one to two other sources. I wouldn't let them pull your credit again, no need. You can get referrals from agents and/or friends, and/or the phone book or better business bureau.

If you are a first time home buyer you should try and find a preapproved lender through the state's bond program which is about to be released at the end of the month. It assist approved first time home buyers with down payment and closing cost.

Best of luck,
Susan Walker

I would recommend you contact Jim Rapp at First Mortgage Company.359-8096 or jrapp@firstmortgageco.com. After you speak with him, give me a call at 615-2796 and we can go take a look at this home.

Kristyn Grewell
CENTURY21 Goodyear Green
405-359-7400