TTCU Federal Credit Union, in Tulsa, has a selection of financing options available for home buyers. They offer two conventional type loans which allow for no money down. These options include:
- 100% Financing – You can buy a home without a down payment. This 100% single loan requires a 720 credit score, with adequate credit history, plus closing costs.
- 80/20 Combo Loan – This loan breaks up the costs, 80% is applied to a first mortgage and 20% is applied to a second mortgage. This loan requires a 680 credit score. and some established credit history, plus closing costs.
Keep in mind, down payments and closing costs are separate. The down payment is the amount being paid towards the home. With the financing options mentioned above, no down payment is needed; however, the buyer is responsible for closing costs. Closing costs include all the “extras”, such as taxes, insurance, escrow, and lender fees. When you purchase a home, you’re required to pay 1 year of insurance upfront. Also, money has to be put into a monthly escrow account so when insurance and taxes are due, the money is available.
There are options available to help with closing costs as well. Most programs will allow the seller to pay up to 3% of the sales price towards your closing costs and “pre-pay” items. Take the time to investigate all your options and see how they fit in with your budget. Often, when closing costs are quoted, they don’t include the escrow, so be sure to ask about all fees. Be vigilant when choosing a lender. There have been instances in which buyers received a pre-approval letter, yet they weren’t actually pre-approved! As a Realtor®, when Darryl Baskin sees a pre-approval letter from TTCU, he knows he can trust it.
If the financing options listed above don’t meet your needs, TTCU offers additional programs, such as VA, bridge, home equity, and home improvement loans. Also, TTCU Federal Credit Union will take 0.125 off your interest rate when you close with them; the loan must be a purchase transaction and close at Integrity Title and Closing. TTCU offers some of the lowest closing costs in Tulsa! Visit ttcu.com to fill out an application online, or get more information.
Taking the time to research financing options is part of the “18 Essential Steps” suggested by Baskin Realty Specialists. Buying a home can be a challenge, but when done correctly, it’s a smooth process.
For more information on interest rates, or to complete a loan application online, contact Dan Newbury at TTCU Federal credit Union or visit ttcu.com.
To schedule an appointment with Baskin RE Specialists, with no obligation, visit askinforbaskin.com.
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