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Oklahoma City Home Purchase Loans
Oklahoma City is the capital of Oklahoma. It's located in Oklahoma County and extends into Canadian, Cleveland, and Pottawatomie counties. It ranks 31st among United States cities in population. Oklahoma City is the principal city of the eight-county Oklahoma City Metropolitan Statistical Area in Central Oklahoma and is the state's largest urbanized area.
The median home price for Oklahoma City is $157,213. Overall, Oklahoma City ranks as the nation's 11th most affordable market just behind Syracuse, NY. Oklahoma City posted appreciation of 1.87 percent and a year-over-year appreciation of 4.68 percent. But, itís still a buyerís market, which means itís the perfect time for Oklahoma City home buying.
The FHA temporarily raised its loan limits to $271,050, which is plenty for Oklahoma City home purchase loans. FHA home buying makes good financial sense. It's much easier for a buyer to qualify for a FHA loan than a conventional loan. With a conventional loan, you need a credit score of at least 660 if you're putting 20% down and a 700 FICO if you're starting off with less than 20% equity. With FHA, the minimum score is 580 and you only need 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 97 percent loan to value (LTV).
You'll have to act quickly to take advantage of the increased FHA limits for your Oklahoma City home financing. They're expiring on December 31, 2008, right before the new Housing and Economic Recovery Act of 2008 limits take effect. The new, permanent limits are higher than what they were, but not as high as they are now. Fill out the free loan quote on this page or call us toll-free.