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:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

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

405.249.5993

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3.5 Ways to buy a home for little or no money down

21 10 2011

Does your rental house feel like the one in the picture?

Rickety, drafty homes that cost a fortune to heat in the winter and never cool down in the summer?  No privacy?  No security from the shady neighbors?  Worn, smelly, stained carpets?   And your landlord…don’t even get me started.

In the words of Dylan, “It ain’t a way to live, sister.”

Most renters are stuck here until they can save the money for the down payment.  Fortunately, I have 3.5 solutions to help you get into your first home so you can ENJOY living in your house.

1. VA Loan- if you are an active duty servicemember or the spouse of a deceased servicemember, you may qualify for a VA loan.  No down payment is required, and you pay no monthly mortgage insurance.  This helps you buy a better home and get a lower payment.  Thanks Uncle Sam!

2. USDA Loan- 90% of Oklahoma is considered rural, and if you plan to buy outside of OKC limits, you could buy a home for no money down and pay no monthly mortgage insurance.  Your taxes and the sales price of the home will probably be lower, too.

3. Section 184 Loan- If you are a member of an Indian nation, you may be eligible for a Section 184 loan.  You could buy a home anywhere in OK, pay no mortgage insurance, and pay a small down payment.  Plus, many tribes have down payment assistance to help you get into your new home.

3.5 FHA Loan- If none of the above apply to you, you can always buy a home with an FHA loan.  FHA requires a down payment of 3.5% of the sales price, but this can be a gift from a family member.  If your family can’t help you out, contact me– I have 18 other ways to get the money for the down payment that FHA allows.  We’ll go through all the options that could help you.

Wilhelm Koenig

405.249.5993





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!