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Tulsa Home Purchase Loans
FHA Home Loan Services offers the low rate home purchase loans in Tulsa with only a 3% down-payment and credit requirements are flexible. Tulsa is the second-largest city in the state of Oklahoma and 45th-largest in the United States. The city serves as the county seat of Tulsa County, the most densely populated county in Oklahoma, and extends into Osage, Rogers and Wagoner counties. Tulsa is located in the heart of Green Country in Northeastern Oklahoma.
Median home prices fell in more than three-quarters of U.S., but metropolitan Tulsa continues to buck the trend, with prices edging higher this year, according to the Greater Tulsa Association of Realtors (GTAR).
In June, the Tulsa area's median home price of $135,000 was 0.7 percent above May's $134,900 and was 2.3 percent higher than June 2007, when the price was $132,000, the GTAR says. The FHA temporarily raised its loan limits to $271,050, which is plenty for Tulsa City home purchase loans.
Tulsa Home Buying with FHA Loans
FHA home buying makes good financial sense. While conventional lenders are tightening their standards due to the foreclosure crisis, FHA still has reasonable credit criteria for their loans. Tulsa home financing with FHA requires only a 580 FICO credit score and just a 3% down payment. In contrast, conventional loans require at least a 660 credit score if you’re putting 20% down and a 700 FICO credit score if you have less than 20% start-up equity. Plus, FHA allows you to do a FHA streamline refinance if the interest rates drop on a 97 percent loan to value (LTV).
To take advantage of FHA’s increased loan limits, you have to act fast. These are expiring on December 31, 2008. Also, the FHA is doing away with seller-funded down payment assistance as of October 1, 2008, and raising the down payment requirement to 3.5%. So, if you need some help with the down payment, you’ll need to act immediately