Your rate and the loan amount you qualify for will lie heavily on your credit score, assets, and liabilities (car payments, credit card payments, IRA’s and other investment accounts, savings accounts, etc.) .

Each bank/lender has different “products” available to them. Not all lenders can do a HUD-184 loan, or land loan, or they might not be a part of the different down payment assistance programs (DPA) or grant programs. So start asking questions.

• Conventional Loan – The most common type of home loan, which is offered through private lenders.
• FHA Loan – Loans designed for those with high debt-to-income ratios and low credit scores, and most commonly issued to first-time homebuyers. They are NOT exclusive to 1^st time home buyers. Offered by FHA-approved lenders only and backed by the Federal Housing Administration.
• VA Loan – Loans designed for veterans, spouses, and reservists, offered through private lenders and guaranteed by the U.S. Department of Veterans Affairs. Must have a DD-214 form.
• USDA Loan – Loans for homebuyers in designated rural areas, back by the U.S. Department of Agriculture. We have many areas in Oklahoma that qualify for this loan.
• Construction Loans – Short-term loans to finance the construction of a new home, often converted to a traditional mortgage after construction is complete.
• Home Ready – With a low down-payment and expanded financing flexibility, HomeReady offers an ideal solution that works for creditworthy low-income borrowers-whether they’re first-time or repeat buyers
• Home Possible – This loan offers more options and credit flexibilities to help very low-to low-income borrowers. Co-borrowers who do not live in the home can be included for a borrower’s one-unit residence, and borrowers are permitted to have another financed property.
• Hud-184  – Loans designed for Native Americans in Alaska and Oklahoma. Low down payment, 15 & 30 year terms, fixed rate
• Bank Statement loan – 640+ credit score, up to 90% LTV, 2 years self-employment, 30 year
• Medical Professionals Loan – low down payment, adjustable & fixed rates,
• Fix & Flip Loans & DSCR (Debt Service Coverage Ratio) for income producing properties.

Questions to ask a Lender

1. Which type of mortgage is best for me?
2. Do you have an in-house under writing department? (in-house is much smoother usually)
3. How much down payment will I need?
4. What interest rate can you offer?
5. Do I have to pay any points?
6. How much is your origination fee?
7. What other lender fees are there?
8. How long will it take to close the loan?
9. Any charges for prepaying this loan?
10. What other costs will I pay at closing?
11. Do you charge for an interest rate lock?
12. Do I qualify for any special discounts or DPA (down payment assistance)  programs?
13. Could you prepare a good faith estimate for me?