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Financing in 73117 : Real Estate Advice

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Activity 16
Tue Apr 9, 2013
Josh Barnett answered:
Sounds great, if you are not living in all three units, the lender may be qualifying your file as an investment file and not an owner occupy. The Down Payment sounds in line with the norm.

Best of Luck
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0 votes 4 answers Share Flag
Wed Jan 23, 2013
Wells Bridgett answered:
You might try Brent Herrmann at First United Bank. 340-2015 He's been very helpful in the past.
Feel free to contact me if you have any questions.

Bridgett Wells
Keller Williams Realty
651-9320
bridgettwells@kw.com
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0 votes 5 answers Share Flag
Sat Aug 18, 2012
Josh Barnett answered:
Mrs. Brown,

Call Teri Cowger w/ Primary Residential Mortgage, Inc. Her number is 405-844-1900 and her email address is TCowger@Primeres.com. She is great and will be able to tell you exactly what you need to get the 5k you desire.

Let her know, Josh sent you her way.

Hope this helps,

Josh Barnett, Realtor
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0 votes 1 answer Share Flag
Sat Aug 18, 2012
Dan Tabit answered:
Trixie,
Owning a home outright and another with very little debt will give you several options. Just realize that $5,000 is a small amount for a home loan and the traditional routes will take some time and have fees associated with them. A Home Equity Line of Credit may be the simplest method you can talk to your local bank or credit union. Be upfront with what you believe your credit scores are, they may eliminate some options or raise the rate.
Finance companies are another source for quick money, but their rates, fees and collection methods leave a lot to be desired. In the end that loan could cost you a lot more than you realize, so be very careful with these sources and NEVER be late or miss a payment.
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Sat Aug 18, 2012
Wells Bridgett answered:
I work with some great lenders that may be able to help you. If you would like more informaion, please feel free to contact me,

Bridgett Wells
Keller Williams Northwest
651-9320
0 votes 3 answers Share Flag
Sat Jul 9, 2011
Ron Thomas answered:
I don't understand your consternation; 20% down is fairly normal for investment properties.

I have worked with a Mortgage representative in California, (they can do loans anywhere in 50 states) and he might be able to answer you better.

I highly recommend him: his name is Shane Milne, and he's is probably with his family because of the weekend. You might try e-mailing him at: shane@thebesthomeloans.com

Good luck and may God bless
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0 votes 3 answers Share Flag
Mon Nov 28, 2011
Russell Benson answered:
Yes it is. Bank of Oklahoma has a great loan right now but generally speaking 10% is about how much you need.

Let me know if I can be of further service. I sell lot sof rental homes and investment properties and would be happy to find you a good deal somewhere.

Russell Benson, Realtor®
Prudential Alliance Realty
405-378-4442
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0 votes 17 answers Share Flag
Wed Dec 2, 2015
Sergio Hernandez answered:
FHA is a government program that insures the loan you obtain from an FHA approved lender.

Speak to a lender, or mortgage broker familiar with FHA loans, for more information and to see what FHA program may be best for you. ... more
0 votes 12 answers Share Flag
Tue Apr 5, 2011
Anna M Brocco answered:
Mon Feb 21, 2011
Andi Bytyqi answered:
Mon Feb 21, 2011
Mike Malvey answered:
Overall you look to be in good shape. You should get in touch with a local realtor who can guide you through the process which will include talking with a local mortgage lender. Would you like me to refer you to a realtor in your area?

Mike
Mike@MikeMalvey.com
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0 votes 37 answers Share Flag
Thu Sep 30, 2010
Russell Benson answered:
You really need at least a 620 score to get a good mortgage. Anything below that will cause a higher down payment and possibly a higher rate. Get with a good local lender and let him or her give you some ideas on how to raise your score in the next few months. See if you can go month to month just in case it takes a little longer. You have many good things but the credit score might be an issue as might the irregular employment history. You may call or email me for names and numbers of a couple of different lenders or any other questions you might have.

Russell Benson, Realtor
405-378-4442
rbenson@okcrealtors.com
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0 votes 8 answers Share Flag
Wed Jan 20, 2010
Ed Alvord, Realtor answered:
You should check with your lender of choice and they would be able to advise you. In todays market, it is good to have your pre-qualification letter in place so when you are shopping you will know how much house you can afford, and qualify for. Blindly shopping without this information could wind up costing you valuable time. With a pre-qualified letter from your lender, you will be able to make a firm offer when you find your home and not chance loosing it to someone else beating you to it! You can use many online Mortgage calculators on line to help you with some of these general questions. Check the one on my website if you like. I am here to help, so let me know what else I can help you with. ... more
0 votes 6 answers Share Flag
Tue Apr 21, 2009
Suzanne Walker answered:
Yes, IF they'll do it. I always advise people ask your mortgage company to modify before paying for a refinance. Here is my experience; your smaller, better banks will. The larger giants won't talk about loan modification until your deliquent.

If you are FHA or VA you might be able to stream line the loan. Call your banker and ask for those details.

I agree it is a pain to have to start over in years and eat up equity to pay closing just to get your rate lower.

Good luck,
Susan Walker
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0 votes 1 answer Share Flag
Mon Feb 21, 2011
Barbara answered:
Check into owner financing? With the stock market down as much as it is right now, some owners are in a position to do this. The interest they earn greatly out produces the stocks they have. Some of these fixer-uppers may not be able to qualify for the conventional mortgage programs due to condition.

I have investors in this area that will get equity loans against other properties they own to buy the next ones. They will offer owner financing on the ones they flip for a term of 5-10 years at 8% right now with at least 10% down depending on sale price. Also consider "balloon" mortgages. This is working great for them and as I gather more buyers due to the advertising I do on these properties....I have started to call some home owners to see if they are also in a position to do this as I need more homes to sell this way. I was very surprised how many are willing and capable of doing this! :)
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0 votes 5 answers Share Flag
Thu Jul 24, 2008
Ed Alvord, Realtor answered:
Aryn,
Oklahoma is one of the least expensive in the country. Home values are very stable compared to the nation. According to the stats I have seen lately, the Oklahom cost of living compared to the nation average being 100 rated unit, Oklahoma is 81 rated, so that translates into 19% under the national average. I home that helps. ... more
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