For many individuals with low income, the thought of owning a home is not in their plan, but if you live in Oklahoma and you qualify, you may be eligible to receive a 100% home mortgage loan, meaning no down payment required. The down payment is one of the two biggest obstacles when it comes to buying a home that and your credit history.
There are some eligibility requirements, just like most loans, but the funds can also be used to build, repair, relocate a home or renovate your current home. In order to qualify for a USDA loan, an applicant must fall within up to the 115% median income for the area. You must be able to financially make the mortgage payments, which includes taxes and insurance. Keep in mind that while you do not have to have perfect credit, you must have a decent credit history.
The USDA has secured 1,604 loans totally over $165 million dollars in Oklahoma through the Single Family Housing Loan program. The USDAs Farm Service Agent had secured $5.21 million/111 Direct Operating Farm Loans which helped farmers keep their property. These loans have enabled them to purchase livestock, farm equipment, and other operating expenses.
What Are You Waiting For
This is an opportunity of a lifetime for those who may not otherwise be able to purchase a home and with no money down and 100% financing, why havent you applied? Since January 2009, the USDA has increased 120,000 guaranteed home loans, which has almost tripled from 2007.
If you are a first time home buyer, contact your real estate agent or lender in Oklahoma and see if you qualify for a USDA guaranteed loan. You may want to visit their website and review the guidelines for qualifying first or you can work with your agent who can guide you through the process from beginning to end. Be sure that your lender has experience in USDA guaranteed loan processing before you begin your house hunting.
Remember dealing with an agent or lender that has experience in several different types of mortgages will give you options that inexperienced or smaller lenders cannot. You want to know what is available and if you qualify before you make your final decision and this will also help speed up the process and get you into your home sooner.
You also may want to run your credit score to make sure that everything is correct and if you need some time to clean up some blemishes, do that before you proceed through the loan process. Even if your credit is not the best, you may still qualify for USDA Oklahoma loans, but you dont know if you dont go for it. Talk to your lender today and see where you stand.
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Article Added on Sunday, November 1, 2009
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