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Edmond Home Purchase Loans
Edmond is the sixth largest city in the state of Oklahoma. It is in Oklahoma County and is a part of the Oklahoma City metropolitan area in the central part of the state. Edmond is located in the heart of Oklahoma, just north of Oklahoma City. The Associated Press reported that the Edmond median home price for a home sold in July dropped to $212, 000, down by 7.1% from a year ago. But, the National Association of Realtors (NAR) reported that sales of existing homes rose 3.1% in July. They were only expected to rise by 1.6%.
It's still a buyer's market, though. So, now is the best time to buy. With news of conventional lenders continuing to tighten lending standards due to the foreclosure crisis, FHA home buying is probably the best way to go. FHA has much more lenient credit requirements. Edmond home buying with FHA only requires a 580 FICO credit score and just a 3 % down payment. And, you get low, fixed interest rates with FHA. Plus, you can do a FHA streamline refinance if the interest rates drop on 97 percent loan to value (LTV).
The Oklahoma Housing Finance Agency (OHFA) offers a down payment and closing cost assistance program called 1st Gold. This program is available statewide. To get a 1st Gold loan, you will need to contact a lender who participates in OHFA Advantage. You can find a participating lender or call (405) 419-8257 or (800) 256-1489, Ext. 257.
You may also want to consider a HUD home, a foreclosed home insured by the FHA that doesn't sell at the foreclosure auction and reverts back to the U.S. Department of Housing and Urban Development (HUD). You can view HUD homes at First Preston.