Frist Time Homebuyer Information

Before you start looking seriously, go to a bank that does home loans and try to get pre-approved for a loan. Banks will usually give you a check list of what they need from you to apply for a loan. Sometimes a realtor can help with this process by suggesting a bank that makes loans to first timers with limited capabilities. If you can pay off some debt and or save money to cover closing costs that would increase your chances of getting a loan. There are some special deals out there for young couples like you. Also if you happen to be Native American sometimes your tribe can help with the loan. Do you have family members that might be able to give you help with a down payment or closing costs? Be cautious that you do not get a loan with a large balloon payment in the future or an adjustable interest rates that can increase drastically. When you do start to look for a house keep in mind that some parts of Tulsa (or small towns in the surrounding area)are much more reasonably priced for the same amount of space. Another important factor is the school district, it can increase your investment and ability to resale. Also check out the crime rate in the area where you want to look, it can hurt the future value if crime is rising in the area of your home. I would suggest you not look at condos or mobile homes they don't resale as easily when you are ready to move up. You can get lots of this information by researching old articles at the newspaper site on line or go to any public library and they can assist you in finding the information. Use this next six months to educate yourself and the process will go more smoothly. If you and your husband are handy and willing to put in some hard work you can make some really nice improvements with limited investment. Clean up the yard, trim old shrubs, paint inside and out, take out carpets if there are hardwoods underneath and refinish or clean the wood, have bath tubs, sinks, and counters refinished.
Sorry this is so long. It is really wise to invest in a home that increases in value instead of paying rent that is money never seen again. Good luck with finding a home. I would love for you to put a message on when you find your starter house and give hints to everyone wanting to buy a home for the first time.

Hi, there are going to be grants coming out soon in about another month. These grants will help you put down a down payment or things such as this. Also, you can always try to do 100% financing. Try to find a seller who will make concessions for closing costs. This is a buyers market rigt now. I would start by calling BOK or some of the bigger institutions, they have a lot of the grant money. Just start calling around. Someone will be able to help you.

There are some organizations such as Clean Credit at 62nd and Memorial and for a fee they will go in and dispute any small blips that you might have on your credit bureau. In the long run it is worth it because you will get a much better rate and save you thousands of dollars over a 15 or 30 year mortgage term. It may take more than 6 months to get everything cleared up so don't be in a hurry. On the financing side, there are a lot of mortgage companies such as BOK Mortgage and F&M that offer first time home buyers special programs such the Zero Down Homeward Bound at BOK that target moderate income individuals. I went through F&M a few years ago and it was absolutely the easiest loan process that I have ever experienced. Be relentless on getting a good deal and don't think just because you don't have perfect credit that you can't go forward. Good Luck!

Community Action project runs a program for down payment/closing cost assistance. They require that you take a few seminars in order to qualify for the funding, which are actually very helpful - they outline the process of what to expect and things to watch out for.

http://www.captc.org/programs-families-housing-fthb.asp

Larry Miller at BOK handled my loan - he was extraordinarily hardworking and helpful.

Hi, I was in the same boat as you recently, except we actually have really good credit, but everything else is the same--cheap,small house in tulsa. We got one for 76,8 after closing and down costs because it was selling for 80k or something and we made some offers and counteroffers. You're gonna have to find a realtor and a mortgage company or lender of some kind. You may ask around to see who others you know have used and if they were happy with them. I can't give you references cuz my lender and realtor have both moved on. But it actually took us a lot of looking to find a clean, nice house for that cheap. Our house is 1100 sq ft, so not big, but it's in an okay neighborhood south of 31st (which is where you want to be to avoid high crime). And it was mostly newly remodeled--tile, carpet, appliances, fans and lights. But most houses in that price range were total dumps that smelt nasty and looked nasty and needed total remodel. Chances are though that someone somewhere will have a house for sell that meets your standards eventually, because we found ours and we're very happy. You can also look online at remax.com for free and browse the tulsa homes for sell. Good luck!

Hi L.!

Buying a home can be little scary and very confusing at times, even when it's not your first home! I'm a Realtor and stay at home mom. I've been involved in real estate for over 10 years. I used to be a loan officer and am very familiar with all types of financing out there. I can help you and your family find the perfect home and the best loan option that fits your comfort level. If you are wanting to buy within the next 6 months, the best thing to do is to start the process now, and the first step is educating yourself about the entire process. Feel free to call or email me anytime and I will be happy to help you out. ###-###-#### or ____@____.com

Thanks!
V.