The March 2011 Home Sales Stats are out. To view visit http://www.tulsarealtors.com/stats/Default.aspx
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Visit http://www.greatertulsa.com/ohfa for the latest updates on how long a prospective home buyer must wait to purchase a home with FHA/Conventional/VA financing.
January 2011 Home Sale and Residential Listing Stats now available for the Tulsa/GreaterTulsa Oklahoma Metropolitatan areas (includes 7 counties - Creek, Osage, Tulsa, Rogers, Wagoner, Pawnee and Okmulgee)
http://www.owasso.com/realty/hstats1101.pdf
http://www.owasso.com/realty/hstats1101.pdf
Currently an upfront guarantee fee of 3.5% is charged and no monthly Mortgage Insurance is required.
I have been notified effective October 1st 2011, the guarantee fee will be reduced to 2.00%, but there will be an annual MI of .30%. Thus increasing your monthly payment. Currently Rural Development loans in most instances require a minimum credit score of 640. For more information contact Gilda 918-808-0224
I have been notified effective October 1st 2011, the guarantee fee will be reduced to 2.00%, but there will be an annual MI of .30%. Thus increasing your monthly payment. Currently Rural Development loans in most instances require a minimum credit score of 640. For more information contact Gilda 918-808-0224
I love RD Home Loans ( zero $ down) 01/25/2011
Rural Development (RD) loans are a blessing for those wanting to buy a home but tight on funds.
RD finances 100%, requires no money down, you can roll your closing costs into the loan as long as the property appraises or can ask for the seller to help pay and the best thing.. there is no monthly mortgage insurance added into your monthly payment.
A family of 1-4 can make up to $74,050 and qualify, a family of 5 or more can make up to $97,750 and still qualify.
In some cases you only need 30 days on job to qualify.
30 year fixed rate.
I even have a few lenders that will close your loan when RD is out of money.
To see if a home you are interested in qualifies for this loan click on the link below then click on property eligibility-Single Family Home: Majority of homes outside of Tulsa City Limits qualify! If your home is in the Tulsa City Limits there are a couple of other programs available that I will blog about later.
http://eligibility.sc.egov.usda.gov/eligibility/eligibilityAction.do?pageAction=sfp&NavKey=property@11
If you or anyone you may know is interested please call me at 918-808-0224or email me, gilda@greatertulsa.com
RD finances 100%, requires no money down, you can roll your closing costs into the loan as long as the property appraises or can ask for the seller to help pay and the best thing.. there is no monthly mortgage insurance added into your monthly payment.
A family of 1-4 can make up to $74,050 and qualify, a family of 5 or more can make up to $97,750 and still qualify.
In some cases you only need 30 days on job to qualify.
30 year fixed rate.
I even have a few lenders that will close your loan when RD is out of money.
To see if a home you are interested in qualifies for this loan click on the link below then click on property eligibility-Single Family Home: Majority of homes outside of Tulsa City Limits qualify! If your home is in the Tulsa City Limits there are a couple of other programs available that I will blog about later.
http://eligibility.sc.egov.usda.gov/eligibility/eligibilityAction.do?pageAction=sfp&NavKey=property@11
If you or anyone you may know is interested please call me at 918-808-0224or email me, gilda@greatertulsa.com
Since the peak of home sales in 2005, there has been an emergence of 2 types of buyers for real estate in today's market.
One type of buyer is the buyer that does not have to sell a home to buy another one. The 2nd type of buyer is the buyer that has to sell their home first. If you fall into the first catagory, you are definitely in a good position to take advantage of the history low interest rates and lower than average home prices. Now is the time to buy!!
On the other hand if you are a "move up" buyer that is looking to move up into a bigger, newer or more expensive home and you have a home to sell, what a strange predicament you are experiencing. It is time to do the math. Ask yourself ....
1. Will it make financial sense to go ahead and take a small loss on your current homes value so that you can reap the benefit of a tremendous savings on your monthly payments because interest rates are so much lower than they were 5 or 6 years ago?.
2. How much am I gaining by purchasing a move-up home now which is currently below normal market value (due to all the forclosure and short sale activity going on at this time). In other words, say in 2005 at the peak of the market your home was worth $200,000 and today it only worth $180,000 ( 10% less). That is a $20,000 loss. But on the other hand you can now buy a $250,000 home with everything you dreamed you wanted for only $225,000 (10% less or $25,000 savings) plus with todays lower interest rates, your payments will stay about the same as what you currently are paying and equity will more than likely build if you plan on staying put for a while.
For most, it will all seem to make financial sense to stop stalling and make your move now. Real Estate is like the stock market in one way, it goes up and down. Today the market is down, but it won't stay this way forever and soon home values and interest rates will be on the rise again. Investing in your future now, will pay off later with the gain in your homes equity and the value of having a low interest rate. Think about it ..a low fixed rate interest rate could possibly be very attractive to a future buyer to assume should the rates go above 8%. Yes rates can go above 8%, remember when they were 16 to 18% back in the mid 80's? Oh sorry, I guess I am giving away my age. Bottom line: Call me for a free consultation on how I can help you decide if now is the time to buy and to get a free list of homes available in your price range to see how much more you can get for your hard earned $'s.
Now to answer the question, Is it worth it to buy a home in this strange housing market or should I wait? YES IT IS, if.. you have stable income, good credit and do not want to move again in a short time period. It is also well worth it if you are an investor. Now is the time to build your real estate portfolio.
One type of buyer is the buyer that does not have to sell a home to buy another one. The 2nd type of buyer is the buyer that has to sell their home first. If you fall into the first catagory, you are definitely in a good position to take advantage of the history low interest rates and lower than average home prices. Now is the time to buy!!
On the other hand if you are a "move up" buyer that is looking to move up into a bigger, newer or more expensive home and you have a home to sell, what a strange predicament you are experiencing. It is time to do the math. Ask yourself ....
1. Will it make financial sense to go ahead and take a small loss on your current homes value so that you can reap the benefit of a tremendous savings on your monthly payments because interest rates are so much lower than they were 5 or 6 years ago?.
2. How much am I gaining by purchasing a move-up home now which is currently below normal market value (due to all the forclosure and short sale activity going on at this time). In other words, say in 2005 at the peak of the market your home was worth $200,000 and today it only worth $180,000 ( 10% less). That is a $20,000 loss. But on the other hand you can now buy a $250,000 home with everything you dreamed you wanted for only $225,000 (10% less or $25,000 savings) plus with todays lower interest rates, your payments will stay about the same as what you currently are paying and equity will more than likely build if you plan on staying put for a while.
For most, it will all seem to make financial sense to stop stalling and make your move now. Real Estate is like the stock market in one way, it goes up and down. Today the market is down, but it won't stay this way forever and soon home values and interest rates will be on the rise again. Investing in your future now, will pay off later with the gain in your homes equity and the value of having a low interest rate. Think about it ..a low fixed rate interest rate could possibly be very attractive to a future buyer to assume should the rates go above 8%. Yes rates can go above 8%, remember when they were 16 to 18% back in the mid 80's? Oh sorry, I guess I am giving away my age. Bottom line: Call me for a free consultation on how I can help you decide if now is the time to buy and to get a free list of homes available in your price range to see how much more you can get for your hard earned $'s.
Now to answer the question, Is it worth it to buy a home in this strange housing market or should I wait? YES IT IS, if.. you have stable income, good credit and do not want to move again in a short time period. It is also well worth it if you are an investor. Now is the time to build your real estate portfolio.
Existing home sales rose in September 2010, affirming that a sales recovery has begun, according to the National Association of Realtors. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, jumped 10.0% to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August, but remain 19.1% below the 5.60 million-unit pace in September 2009 when first-time buyers were buying in anticipation of the initial deadline for the tax credit last November.
Could the housing market be in its early stages of recovery? Homes are very affordable, interest rates are at their lowest in history and savvy buyers with decent credit and stable employment are starting to pay attention to one of the biggest opportunities of building wealth over a long term.
With the low interest rates the median monthly mortgage payment for a recently purchased home is several hundred dollars less than it was five years ago. Many buyers are now paying less on thier mortgages than their rent. Use my Mortgage calculator http://www.owasso.com/realty/calculator.htm to figure your house payment at 4.375% and see for yourself. Email gilda@greatertulsa.com and ask about 3 - zero down payment programs currently available for first time homebuyers. Combine this with the seller assisting you with your closing costs and PRESTO you can now buy a home for less than your rent deposit..
Could the housing market be in its early stages of recovery? Homes are very affordable, interest rates are at their lowest in history and savvy buyers with decent credit and stable employment are starting to pay attention to one of the biggest opportunities of building wealth over a long term.
With the low interest rates the median monthly mortgage payment for a recently purchased home is several hundred dollars less than it was five years ago. Many buyers are now paying less on thier mortgages than their rent. Use my Mortgage calculator http://www.owasso.com/realty/calculator.htm to figure your house payment at 4.375% and see for yourself. Email gilda@greatertulsa.com and ask about 3 - zero down payment programs currently available for first time homebuyers. Combine this with the seller assisting you with your closing costs and PRESTO you can now buy a home for less than your rent deposit..
The 30-year, fixed-rate mortgage hit record lows. The lowest in more than 50 years. The Freddie Mac Primary Mortgage Market Survey reported the average rate for a 30-year, fixed-rate mortgage at 4.19% with an average 0.8 origination point for the week ending Oct. 14, down from last week's average of 4.27%. A year ago the average was 4.92%. This is the lowest rate the survey has recorded since its inception in 1971. Mortgage rates were last at this level in April 1951, according to Freddie Mac. The Bankrate survey of large banks and thrifts reported the average rate for a 30-year, fixed mortgage is 4.47% with a 0.32 origination point, slightly above the 25-year-old survey's record low of 4.45% posted last month. Rates for 15-year FRMs are falling steeply, setting a new low for Freddie Mac. Now is the time to refinance your mortgage or buy that dream home you have been waiting on. Call me to help guide you on this.
Home Value Trends - Oct. 2010 10/08/2010
Interest rates are still lingering at historic lows going up and down on 30 yr fixed rate mortgages from 4.25% to 4.50% depending on the day you check. I found a link to watch a short video on Home Values. Very interesting!
Home value trends and Pending Home Sales Update - Oct. 2010
http://www.youtube.com/watch?v=X5QaG60QgUU
Home value trends and Pending Home Sales Update - Oct. 2010
http://www.youtube.com/watch?v=X5QaG60QgUU
