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Take it step-by-step
Love making lists and checking things off when they're complete? We've got you covered. We'll give it to you straight. Here are the steps you need to take when purchasing a home.
Start crossing some stuff off
Time to start gathering up your down payment.
Did you know you need to use "seasoned money" for your down payment? It's not the latest Facebook recipe but the requirement that your down payment has been in your account for a minimum of 60 - 90 days. Down payments typically range from 0 - 20% of the purchase price based on what type of home loan you qualify for in Oklahoma. Get started on building up your down payment so you don't experience any delays at closing.
Open a savings account today
What does my credit score need to be?
The minimum score to qualify for a home loan is 620 and requires a clean credit history for the past 12 months. The higher your credit score the more options you have for financing your home.
What kind of documents will I need to provide?
This list is not comprehensive and can grow quickly depending on your personal situation.
- Current paystubs to include the last 30 days
- Current bank statements to include 30 days
- Last 2 years of W-2s
- Signed copies of your last 2 years of Federal tax returns with all schedules
- $550 deposit for appraisal
What is included in my estimated monthly payment?
Your monthly payment will typically include principle, interest, taxes and insurance (if applicable, mortgage insurance).