8000 tax credit in tulsa

100% USDA MORTGAGE UPDATE

OKLAHOMA 100% USDA GUARANTEED RURAL HOME LOAN

Designed as a resource for low to moderate income homeowners in rural communities, the USDA Guaranteed Rural Home Loan has helped many Oklahoma families obtain financing for homes not only in rural areas, but also in cities such as Owasso, Bixby, Glenpool, Coweta, Catoosa, Wagoner, Parts of Broken Arrow, Norman, Noble, and Jenks including many other Oklahoma cities.

While the USDA has guaranteed this loan, the money actually comes from traditional lenders like Golf Savings Bank. We underwrite the loan based on USDA guidelines and then sell it on the secondary market, just like a traditional loan.

One of the most attractive characteristics of the USDA Guaranteed Rural Home Loan is that it is one of the last home loans with 100% financing. I have helped many home owners get into a home with no money down. In fact, they usually are able to get their Earnest Money back as well.

The program also allows for 6% Seller Concessions to help cover the cost of the Buyers Closing Costs. Rates are very competitive with conforming and FHA loans, and there is no monthly mortgage insurance payment.

The two main qualifiers of the USDA Guaranteed Rural Home Loan program are:

The Property must be within a qualified area. This is easy to determine based on a USDA online map on our website http://www.zfgmortgage.com.
The Adjusted Household Income must not make exceed the published income levels for the area. This takes a little more work as it is unique to the USDA.
The loan is undergoing some changes right now. Traditionally, the USDA will provide financing up to 102% of the appraised value of the home. This covers the 2% Guarantee Fee that is mandated by Congress to help repay the cost of this program. Historically, this program runs out of money every year and then is funded again by Congress. Over the last 2 years, the program has exhausted its funds in the Spring. Last year it was quickly funded, this year, not so. The program is currently out of funds and is awaiting Congressional funding.

There is a Bill before Congress to make the USDA Guaranteed Rural Home Loan self-funding. This will enable the program to continue to exist without the need for Congress to continually allocate for funds. The Rural Housing Preservation and Stabilization Act increases the maximum loan guarantee fee that USDA’s Rural Housing Service has authority to charge for new housing purchases from 2.0 to 3.5 percent and allows an annual fee of not more than 0.5 percent per year on the balance of the loan. This will result in a nominal increased monthly payment of around $8 per $100,000 at 5% Interest Rate.

A modified version of the Rural Housing Preservation and Stabilization Act has been added to H.R. 4899, the Disaster Relief and Summer Jobs Act of 2010 and will hopefully be voted on soon.

We are still accepting applications based on the 3.5% Guarantee Fee, underwriting them and then putting them in suspense until the USDA gives us further direction.

If you need to close soon, I suggest using an FHA or conforming loan. If you have the luxury of waiting a few more weeks or months, than this is still the best loan on the market if you don’t have 20% down payment and you and your property qualify.

Apply online Today http://www.zfgmortgage.com

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U.S. mortgage rates sink further

http://www.latimes.com/business/la-fi-mortgage-rates-20100521,0,2503011.story
Rates start at 4.5% 30 Year Fixed and 3.375% 5 Year Fixed Mortgage. Apply online for a “FREE” Mortgage Check-Up & Pre-Approval!! http://www.zfgmortgage.com

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Mortgage Rates Hit Lowest Level of 2010

http://www.cbsnews.com/stories/2010/05/13/business/main6480250.shtml

Log on to our website for Free Pre-Approval for a Refinance or Home Purchase.
http://www.zfgmortgage.com

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Mortgage rates drop for fifth consecutive week

http://www.latimes.com/business/la-fi-mortgage-rates-20100514,0,2568549.story

http://www.zfgmortgage.com

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Homebuyer Tax credit extended for active duty military

Tax credit extended for active duty military U.S. servicemen out of the country for 90 days (since 2008) may have an extra year to get the tax credit, up to $8,000, for buying a home.

The active-duty rule is not new. It’s part of the current tax credit law, though its use is limited. The qualification must be for “official extended duty outside the United States for at least 90 days after 2008 and before May 1, 2010.”

Should that be the case, however, the homebuyer has an extra year to buy a home. He or she has until April 30, 2011, to secure a binding contract, and until June 30, 2011 to close on the home. Other conditions such as a maximum $8,000 for first-time buyers and $6,500 for move-up buyers still apply.

http://www.zfgmortgage.com

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Who determines the market value of a property ?

The seller of the property is the person who sets the price of the property (specially residential property), and not an appraiser. This is because sellers normally do not order an appraisal when selling their homes. Sellers wish to obtain the highest selling price possible for their homes and hence do not want to be bound by the appraiser’s assessment of their home. The real estate agent, who receives a percentage of the price as compensation and often represents the seller in the transaction, normally assists the seller in setting the sale price.

The real estate agent performs a comparative market analysis (CMA). The appraisal laws in most states allow real estate agents to perform CMAs without an appraiser’s license or certification. A CMA is a necessary part of the agent’s preparation for a listing and consists of examining sales of properties in the area to arrive at a listing price. The reliability of the CMA depends upon the agent’s experience and the characteristics of the property and the surrounding area. Typically, the agent will suggest a selling price to the seller based upon the analysis. However, the seller may not accept that price and choose to list the property for a higher price.

For more info log on to http://www.zfgmortgage.com

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Overview of the Mortgage Loan Process

Organize your documents

If you are buying or refinancing a home
If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.
Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

If you are applying for a home equity loan.
If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
Please provide a signed letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.
When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you:

Find out the maximum house you can buy, so you don’t waste time looking for properties you can not afford.

Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.

Helps you close quickly, since your loan is already approved.

Shop loan programs and rates

To shop for a loan you will need to:
Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.

Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.

Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it’s
hard to figure out which program is best for you. That’s where an experienced loan officer can help you make a decision that’s best for you.

Also, consider the ways you can use your mortgage as a financial tool. Very few mortgage brokers and loan officers have the knowledge it takes to provide mortgage planning strategies. If you want to utilize mortgage planning to add considerably more net worth over time by properly handling your debt and equity, then you must seek a Certified Mortgage Planning Specialist. Click here to learn why.

Obtain Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:
– Credit history
– Employment history
– Assets including your bank accounts, stocks, mutual fund and retirement accounts
– Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:
Fill out the loan application completely.
Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.

Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have
an adverse affect on your current application.

Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.

Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.

Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to:
Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted.
Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan
documents are accurate.
Sign the loan documents.
Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.

For more info http://www.zfgmortgage.com
or 918-459-6530

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What is an FHA Loan?

The Federal Housing Administration (FHA) was established in 1934 to improve housing standards and conditions and to provide an adequate home financing system through insurance of mortgages. Families that would otherwise be excluded from the housing market were finally able to buy the homes of their dreams.

An FHA loan allows you to buy a house with as little as 3% down, instead of the higher percentages required to secure many conventional loans. Taking advantage of the FHA loan program is a great way for first time buyers, or anyone with a shortage of down payment funds, to buy a home.

The FHA does not make home loans–it insures them. If a home buyer defaults, the lender is paid from the insurance fund. This is a perfect mortgage solution for those starting out or those having a tough time qualifying for conventional loans.
http://www.zfgmortgage.com

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News story on ZFG Mortgage and Client Mark Fritts on CBS news Ch.6 Tulsa & CBS news Ch.9 4-27-2010 Time Running Out To Cash In On First-Time Homebuyer Credit.http://www.newson6.com/global/story.asp?s=12385009

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