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Norman Home Purchase Loans
Norman is the largest city in and the county seat of Cleveland County. It is located approximately 20 miles south of downtown Oklahoma City and is the third largest city in the state. Norman is also home to the University of Oklahoma, which is home to the Sam Noble Oklahoma Museum of Natural History, one of the largest of its kind, and the Fred Jones, Jr. Museum of Art. The Jones Museum made news in 2000 when it was given the Weitzenhoffer Collection, the single most important collection of impressionist art ever given to an American university.
The median price of a Norman, OK home is $157925. The FHA temporarily raised its loan limits to $271,050, which is plenty for Norman home purchase loans. FHA home buying makes good financial sense. With Fannie Mae’s and Freddie Mac’s stocks tumbling to a 52-week low, conventional lenders are continuing to tighten their lending standards.
Now, you need a good credit score to even be considered for Norman home financing. You need at least a 660 score if you’re putting 20% down and a 700 score if you have less than 20% start-up equity. With FHA, you only need a score of 580 and a 3% down payment. You get low, fixed interest rates with FHA. And, you can do a FHA streamline refinance if the interest rates drop on a 97 percent loan to value (LTV).
First-time Buyers Incentive
Oklahoma offers some great incentives to buy a home like 1st Gold, a down payment and closing cost assistance program that 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.