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Residents of Bristow Oklahoma have a great home loan product available to them when purchasing a home. The Oklahoma USDA Home Loan was designed for people in rural areas with low to moderate income. Based on its population the entire town and its outlining areas qualify. The current inside city limits of Bristow population is estimated at 4,233 and this is based on the 2010 census.
The Bristow USDA Home Loan is a 100% no money down loan. There are two types of USDA Loans which are the Direct and the Guaranteed. Most borrowers opt for the guaranteed because there are fewer restrictions. The guaranteed is a loan that is obtained through a private lender but is backed by the government. Since the government is backing the loan they set the rules for the loan.
Outside of being a no money down loan there are several other attractive features of the USDA Loan. One of those features is the percentage that is used for monthly mortgage insurance. Of all the loans available today that has mortgage insurance the USDA typically has the lowest. For example the FHA Loan has a factor of .85% while the USDA Loan uses a factor of .50%. This savings could result in hundreds if not thousands of dollars saved over the life of the loan. This allows a borrower to afford more home.
Additionally the USDA Loan flexible credit standards. The minimum credit score is usually 640 for most lenders. Borrowers only have to be removed from bankruptcy for 3 years (case by case 2 years is sometimes acceptable) and 3 years from foreclosure. There are minimal trade line requirement’s however when those cannot be meet borrowers are allowed to use nontraditional trade lines. Nontraditional trade lines are things such as cell phone and utility bills.
Borrowers in Bristow who do choose the USDA Home Loan can also negotiate the sale where the seller of the home pays up to 6% of their closing costs. In most cases this is more than enough to cover everything. In this scenario the borrower is often times getting into the home for no money out of pocket.
There are several other benefits to the USDA Loan but the ones list above are more than enough to make it one of if not the bet home loan option for people in Bristow Oklahoma. They purchase the home with no money down and often no money out of pocket. The credit standards are extremely flexible. The monthly mortgage insurance is the lowest of loans that have it.
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Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
