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Oklahoma Home Financing
Oklahoma is in the south central region of the United States. It is the 28th most populous and 20th-largest state. The state's name is derived from the Choctaw words okla and humma, meaning "red people", and is known informally by its nickname, The Sooner State. Oklahoma has one of the fastest growing economies in the nation, ranking third in per capita income growth and leading in gross domestic product growth.
The median home price is $157,213, and Oklahoma home values remain flat in most counties. So, now is a good time to consider an Oklahoma home purchase because itís a buyerís market. With all the legislation that has recently passed, FHA is the way to go for your Oklahoma home purchase loan. FHA has increased its lending limit and modernized its guidelines. And, there are many benefits to the buyer. A Federal Housing Authority (FHA) loan provides low-cost insured Oklahoma home purchase loans and mortgage refinances. It is also pretty much the only loan you can get if you have had some credit issues.
With a conventional loan, you now need a credit score of at least 660 if you're putting 20% down and a FICO credit score of at least 700 if you have less than 20% start-up equity. With FHA, you only need a FICO score of 580 and only a 3% down payment. FHA home buying in Oklahoma is the best way to go, especially if you're trying to rebuild your credit. Don't let current interest rates keep you from buying in these current buyer's market conditions because you could always do a FHA streamline refinance if the interest rates drop.
FHA has temporarily increased its lending limits to $271,050 for a single-family home, which is plenty for moderately-priced homes. However, youíll need to act fast. These limits are due to expire on December 31, 2008. On January 1, 2009, the loan limits under the new Housing and Economic Recovery Act of 2008 will then take effect. While these limits are higher than what they used to be, they wonít be as high as the ones under the current Economic Stimulus Act, which is why itís important to make your move quickly.
First-time Buyer Grant
The state of Oklahoma provides one cash grant program for first time home buyers who do not have funds for the down payment and closing costs: 1st Gold. For more information, please go to Oklahoma First Time Home Buyer Grant.
Oklahoma Cities ranked by population
Oklahoma City 547,274
Broken Arrow 90,714
Midwest City 55,935
Buy a HUD Home in Oklahoma
If a foreclosed house insured by FHA doesn't sell at the foreclosure auction, it reverts back to the U.S. Department of Housing and Urban Development (HUD) and becomes a HUD home. There are plenty of incentives for buying a HUD home including:
A $100 down payment when FHA financing is used, and a $1000 sales allowance for owner occupant sale with a full price offer accepted on properties priced $50,000 or less or a $1500 sales allowance for properties listed $50,001 or more.
To buy a HUD home, you need a HUD-certified realtor. In Oklahoma, HUD homes are administered by First Preston. Owner occupants get the first chance to buy these properties before they become available to anyone, including investors. To place an offer you must have a Buyer Center account, so itís best to create your account before viewing the properties