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Purchasing a Home in Oklahoma Might Be Easier Then You Think!


No matter where you may be in life; just starting out onyour own, looking for your first home as a married couple, or trying todownsize to something smaller for retirement, the housing market can feel likea difficult journey to navigate. Unfortunately, the prices of houses are risingacross the country, and there are less and less houses to buy, making it easierfor prices to continue to go up.


 


That doesn’t exactly give homebuyers a lot of hope when itcomes to affording a home mortgage. But, working with the right Tulsa mortgagelender, and learning more about different options for Tulsa home loans can make a hugedifference. Keep that in mind: You do haveoptions. Let’s take a closer look at some of them, and alleviate a bit of theweight that can sometimes come with working with mortgage lenders, and gettinga home loan.


 


Look for Low DownPayment Loans


 


The good news is that there are several alternatives you canseek out, rather than paying the traditional 20% down on a home loan. If you’reliving in a rural area and meet the income requirements, you may qualify for a USDA home loan, backedby the United States Department of Agriculture.


 


The other, and perhaps most popular ‘’low down payment loan”option is an FHA mortgage.These are designed to let borrowers put as little as 3.5% down on their home,thanks to the Federal Housing Administration. If you found your dream home andwant to buy it as soon as possible with little down and no max incomerestrictions, FHA loans are a great option that end up helping out thousands ofhome buyers each and every year.


 


Look For a FixerUpper


 


DIY is more ‘in’ than ever before nowadays. People arewilling to get their hands dirty, get to work, and turn a space into their ownwith a little creativity and grit. If you can’t afford the home of your dreams,why not work with something you can afford?


 


Now, it’s easy to assume that buying a house that needs alot of work will end up costing just as much as buying that ‘dream home’ youwere looking for, but that’s a bigger myth than most people realize. Considerthis:


 


Not only can you apply for a renovation loan for your home,but in the process of fixing it up, you’re creating a home that fits your needsand desires, and increasing the property value all at once. So, even if youdon’t live there forever, you can increase the value enough to make a niceprofit when you sell, and go on to buy that home you really had your eye on. Ittakes a bit of work, and a bit of time, but sprucing up a place withrenovations can be a win-win situation if you’re up to the task.


 


Don’t Be Afraid toAsk For Help


 


Gifts are a great way to get the money you need upfront,with no strings attached. Most mortgage lenders will accept gifts, as long asthey can confirm your relationship with the gift-giver, and ensure that the moneygiven is actually a gift, and not a loan.


 


What you do from that point is completely up to you. Mostpeople end up getting gift money from their parents. It absolutely has to beconsidered a gift, without the intention of making payments back toward thatamount. How you handle that situation with whoever gives you the money is yourchoice, but once the money is in your hands, from an established person in yourlife, it can make the rest of the loan process a breeze. Be sure to have theproper documentation in hand - there has to be a pretty secure paper trailattached with the gift to make it legitimate.



Find the Option ThatWorks for You


 


These options only scratch the surface when it comes todifferent ways you can make getting a home loan work for you. If you’re on atight budget, or you don’t think you’ll ever be able to afford a 20% downpayment, don’t give up so easily.


 


If you want more options to consider, try talking to arealtor, or even a Tulsa mortgage lender you can trust. More often than not,you’ll find that you’re all on the same team. Yes, even mortgage lenders wantyou to get the house you’ve been pining for, they just want to make sure it’sdone fairly, so you’ll be able to pay for it comfortably, and on time. Don’t beafraid to ask questions, and try a few different options so you can get thehouse you deserve. If one doesn’t work, you can try another until you find theperfect fit for you and your family.


 


For more information on getting a home loan in northeastOklahoma, contact the experts over at ZFGMortgage at (918) 459-6530