Oklahoma City leading the US out of recession

9 01 2012

High fives all around!  You’ve done it again, Oklahoma!

US News and World Report named Oklahoma City and Tulsa the #1 and #3 cities in the US that are leading the nation out of the recession.  What does this mean?  It means we’ve got JOBS, baby!  It means we have affordable houses.  It means we have a thriving local economy.  It means that our thriving local economy provides money to improve our city and create more jobs.

It means that you need to move here. 

Here’s the article for those of you who like to see who we beat.  And please contact me when you’re ready to see if the grass really is greener in the Heartland.

Wilhelm Koenig


photo by KevinLallier. Some rights reserved.

New Funding Fee changes for Rural Development loans

15 11 2011

On Oct 1st, 2011 the funding fee for Rural Development loans decreased from 3.5% to 2%.  But there will now be an annual charge of .30%.  This fee will continue for the life of the loan.  This is not technically called mortgage insurance, so it will not be bound by the same terms.  This means it will not drop off once you pay down to 80% of the original appraised value.

RD refinances will feature a 1% funding fee instead of the new 2% fee.

Over 90% of the land in Oklahoma is rural, so check the link below to see if your home is eligible:


And contact me to see if you qualify for Rural Development financing.

I look forward to helping you become one of the Oklahomans who I’ve helped save over $20 Million dollars just this year on their homes.

Wilhelm Koenig


I will trade you $300,000 for 1.5 hrs of your time

31 10 2011

If you are a renter, you will likely waste over $300,000 of your money on rent over the next 30 years.  And receive nothing to show for it.

That is like buying your landlord 600 iPad 2s.  What if you could those iPads and that money in YOUR pocket?  Would it be worth an hour and a half of your time?

On Thursday Nov 3rd, from 5:30 – 7:00 pm, I will be hosting a seminar to reveal the secrets of changing your financial future through buying a home.  Hideaway Pizza will be served, but space is limited.  Please RSVP in advance to

Wilhelm Koenig


And we will see you at 5:30 pm on Nov 3rd at the Professional Insurors building, 7301 N. Broadway Extension Ste. 200, Oklahoma City OK 73116.

Q: What documents do I need to get pre-approved?

26 09 2011

A: More than you’ve got. 🙂

Seriously, if you are prepared, getting pre-approved for a home loan is simple.   You and I set up a time to talk about what you want to achieve with this transaction.  This can be on the phone or in person, and usually takes between 15 and 30 minutes.  We’ll cover the bases of getting approved, the homebuying process, and we’ll look at different strategies to save the most money on your home over time.

By the end of this conversation, I will tell you whether or not I can help you, and if I can, exactly what I will do for you.  I will also give you a detailed list of documents to gather, so I can give you a pre-approval letter that shows I have verified your income, assets, and credit and that you are fully approved.

These are usually:

All pages of the last 2 years of your Federal tax returns

The most recent 1 month of paystubs

All pages of the last 2 months of bank statements

All pages of your most recent retirement or investment account statements

Driver’s license and social security cards

And if you are refinancing, your most recent mortgage statement, your home owner’s insurance declarations page, and your tax sheet

That’s typically all you need.  Then we have a follow-up meeting after you’ve gathered the documents so we can finalize your approval.  We’ll address any challenges on your approval and make sure that we have solutions.  This way there are no last-minute curveballs before closing. 

I’ll educate you on the different ways we can structure your loan to maximize your savings monthly or over time, and you can choose what is best for you.  This is how I am saving your fellow Oklahomans over $20 Million dollars on their home financing this year, and I want to help you be a part of this family.

Please contact me for a complimentary consultation today.

Wilhelm Koenig



0% Down Payment VA loans: Could you be Eligible?

27 08 2011

There is a lot of misinformation about VA loans.  I’ve heard everything from “it’s too difficult,” to “I don’t like the VA, so I’m not going to consider a VA loan.“ But let’s look at the facts, because a VA loan could be the best program for you.  In our post-meltdown days, it is one of the few no down payment programs still around.  Plus, there is no monthly mortgage insurance, so you can buy a better home with a more affordable payment.  But first let’s look at who can qualify:


Any eligible veteran who served more than 90 days of active duty during a time of war or 181 days of duty during peacetime should be eligible for VA home buying benefits, with certain exceptions.


Reservists with more than 6 years of duty should be eligible for the benefits.

Spouses of veterans

Surviving, unmarried spouses of deceased veterans can be eligible to receive their ex-spouse’s eligibility, as long as their deceased spouse was eligible.

To make sure you are eligible for the benefits, you will need a certificate of eligibility from the VA.  You can receive your COE online, from your lender, or directly from the VA by mailing in your request for COE.  Based on your situation, you may need to supply some other documentation to receive your COE, like your DD214 discharge papers, or LES statement.

A VA loan is unlike any other mortgage.  A well-done VA loan can open the doors to a house for you with perks you can’t get anywhere else.  But a poorly-done VA loan could be a nightmare, taking unnecessary time, money, and documents.  The biggest key to a smooth process is choosing a lender who has years of experience with VA loans and who knows the specific VA guidelines.  So do your research and hire the one whose experience and knowledge gives you confidence that they can get it done smoothly.

Thank you for your service for our country.  I hope I or another colleague can serve you as our way of saying thank you.

Do I have to pay for closing costs too?

5 07 2011

It depends on how you write your contract. 

Look at this house, the parts of the home represent the parts of a mortgage.  The door is the down payment, the house is the loan, and the chimney are the closing costs, because they stick up above the rest of the house.

If the sales price is $100,000 and the down payment is 5%, then the door costs $5,000 and the home costs $95,000.  The closing costs probably would be around $3,500. 

So if you ask for the seller to pay for your chimney, you can get into your home with only paying for the door ($5,000.) 

Sometimes the seller will pay for the chimney only if you raise the sales price to cover the cost of the chimney.  The new sales price would be $103,500, the down payment would be $5,175, and you would pay no closing costs. 

In either case, it is extremely important to hire a competent loan officer and realtor who both work for you.  I would love to explain your loan details as clearly as the example above and put you in touch with a solid realtor who will work to make the transaction fit your needs.  Please reach out to me when you need help financing your home.

Are you a member of a Native American tribe?

13 06 2011

If so, you may be eligible for one of the best loan products available, the section 184 loan.  It is a loan for registered members of Indian nations or their spouses, which allows you to put very little (or no money, depending on your tribe) down, receive a low interest rate and pay no monthly mortgage insurance.  It also is a loan type with common-sense underwriting guidelines, so if you have some unique situations that keep you from qualifying for a conventional loan, you may still qualify for a section 184 loan.

While close to 50% of the section 184 loans in the US are in Oklahoma, very few lenders offer it, and even fewer do it well, making the process simple for you.  We love our clients, and we especially love helping clients with Native Americans citizenship finance their homes on great terms.

Please reach out to us to start your approval process.  Thank you!

Love your home or Love paying taxes?

28 02 2011

Love paying taxes?  Sure you do, doesn’t everyone?  Most people know that homeownership offers significant tax deductions, but may overlook a few of them as they are preparing their taxes this year.  Here are a few of the most-overlooked home tax deductions.  As always, please consult your qualified tax advisor.

How much of my mortgage interest payment is deductible?

  1. Interest on debt used to buy, build, or improve your home (with some exceptions)
  2. Mortgage Insurance and funding fees for government loans (with some exceptions based on income level)
  3. Property taxes on first and second homes

 I sold my house this year.  Will I owe capital gains tax?

  1. If it was their primary residence for at least 2 of the last 5 years, a married/joint filer could exclude the first $500,000 of profit from paying taxes.
  2. If you made less than the $500,000 profit from the sale, no tax forms are required and no tax is due.
  3. If you sold a vacation home, you may be able to exclude all or some of your gain.

Do I get to deduct money I lost on the sale of my home?

  1. No, but losses on the sale of investment property are deductible.

I bought or refinanced a home this year—which of the closing costs are deductible?

  1. The real estate taxes that you may have paid at closing are deductible.
  2. Prepaid interest is deductible.  You should receive a 1098 from your lender.

Aren’t points deductible?

  1. Yes, based on the following IRS worksheet HERE.
  2. On a purchase, points are deductible on that year’s taxes.
  3. On a refinance, points are prorated over the duration of the loan.  For instance, if you paid $1500 in points on a 15 year refi, you would get to claim  $100 per year.  But if you refi again 2 years later, you could claim the remainder of the original unclaimed points ($1200) plus any applicable prorated points for the new mortgage.

Please consult your tax advisor to see how this information may apply to you.   

Did I forget any other home-related tax deductions?  If so, please share your wisdom with the world below.

Please reach out to me with your questions and concerns about finance and homeownership.  As always, I am here to serve.  Thanks!

Thoughts after Dave Ramsey OKC

21 02 2011

This past Saturday, 10K+ people filled the Cox center for a Total Money Makeover event hosted by Dave Ramsey.  Whether you like or hate his views on debt and credit, it’s hard to ignore them.  Just like it’s hard to argue with simple common sense.

I am a professional debt salesperson.  I sell mortgages, you know, debts designed to last your entire working career.  You’d think that I’d like debts, mortgages, and “creative” financing.  The truth is, I love homes, family, and the financial future that a home can help provide.  But I don’t like debt any more than you do.  In fact, I get happy when I can help my clients kill their mortgage.  There are things way more important than a mortgaged “lifestyle.”

A home really is the biggest step most people will ever take to turbo-charge their financial future, short of starting their own business.  The average homeowner has a net worth of $170,000 compared to the average renter’s net worth of $5,000.

But a home means something different to me now that I am debt-free.  And for many Oklahomans, their concept of a home and debt has changed over the past 2 years, too.  Cash became the #1 financing choice earlier this year.  Credit card debt in the US has decreased every month since late 2008.  The average new home is smaller than the “McMansions” built through most of the 2000s.  And these changes have happened during a time where the costs for owning a home have been at their lowest in history.  The numbers haven’t changed.  Our views on what are acceptable numbers have changed, partly due to Dave Ramsey and his ideas on debt.

This is why I see it as my mission to help as many Oklahomans save as much as possible on their homes—so they can use that money for life.  For their dreams.  For their families.  For their futures.

If you’d like to be a part of the family of clients who saved over $10 million dollars on their homes for the past two years, please reach out to me.  Because your food will taste better and your grass will feel better once you are debt-free.

Thank you,

Wilhelm Koenig



HUD’s Valentine’s Day Present: Another MI premium increase

15 02 2011

HUD’s Mortgagee Letter, released on Valentine’s Day, outlines the new changes that will be affecting all FHA borrowers starting April 18th, 2011.  The MIP annual premium, commonly called “monthly mortgage insurance”, will be increasing from 85 and 90 bps respectively to 110 and 115 bps.  This means that for a couple buying a $175K home with a 30 year FHA mortgage, their monthly payment will go up $33 per month. 

Click on the link HERE for a report showing how much this change will cost you monthly and over time. 

The monthly MI for 15 year FHA loans will also double on April 18th. 

The only way to avoid the MI increase on an FHA loan is to go under contract and have the FHA case number reserved before April 18th, 2011.  This is one instance where your time does equal your money. 

If you need financing designed to save you money or you need a solid realtor who understands the importance of this new FHA change, please reach out to me. 

And I hope that you received a better present yesterday than HUD’s Valentine’s Day “present.”