Do not prejudge your credit

The rules for financing a new home have changed since 2008. We have seen many loan products disappear and old products like FHA and Rural Development come back. Conventional loans will always be with us. For Native Americans there is the 184 program. For Veterans there is the VA program. All the programs listed below have a "guarantee fee" (sometimes called a funding fee) that is part of your closing costs except Conventional loans.

FHA: 3.5% down payment is required, and credit driven. Private Mortgage Insurance (PMI) required with minimum down payment. Our homes are set up to go FHA in the country or the city. Contact Teresa Favors as we already have it set up through her on all country homes outside the city limits.
Rural Development (sometimes called USDA): 100% financing not credit driven but has income limitations and debt restrictions. Call Teresa for details at (405) 640-4700.
184/Native American: low down payment, NOT credit driven, and NO Private Mortgage Insurance. Although this program is not credit driven applicant cannot have had any of the following: no late payments in the last 12 months; no unpaid collections and no judgments or tax liens.
VA : 100% financing must be veteran with a certificate of eligibility, credit driven, funding fee based on the number of times you've used your certificate. No private mortgage insurance.
Conventional: Prior to June of 2008 this was the most popular form of financing, 5% down payment required, credit driven, debt to income driven and Private Mortgage Insurance required on all loans with less than 20% down.

We have created an alliance with several of the mortgage companies in the Oklahoma. By dealing directly with the mortgage companies, you save $1,000's in closing cost! By cutting out the middle man (mortgage broker), we eliminate their junk fees and commissions. Our typical customer saves $$$ by buying from the Builder and dealing with the Mortgage Company. Closing costs are a buyers cost of purchasing a home and normally, the buyer must pay those costs "out of their pocket" in addition to the down payment. With 2 K as the builder, we are allowed to add closing cost to the Sales price of the home (usually 3% but depending on the type of loan, some loan products will allow more). Normal closing cost will run about 3% to 4% of the sale price of a home.

Click for: First Time Home buyer's Special

Teresa Favors with Founders Mortgage office: (405) 471-6660 or cell: (405) 640-4700 When you fill out the application, YOU MUST PUT ATTENTION T FAVORS! At this website, you will find current rates and quick quotes.
www.foundersmortgageinc.com (this will open a new window)

Kathy Tautfest at Bank of Oklahoma Mortgage (405) 616-7517 office or (405) 410-5098 cell. You can click on this link and go to the credit app. Fill it out, and Kathy will get back to you. Clicking on the link opens a new window. Bank of Oklahoma is an Oklahoma company.
http://ktautfest-boklo.mortgagewebcenter.com/Default.asp?bhcp=1 (this will open a new window)

Sam Bursch with Cornerstone Home Lending
Phone (405) 444-0538 Email: SBursch@HouseLoan.com
www.sambursch.com (opens a new window)