INVESTORS LOVE OKLAHOMA! Our home prices rank among the most attractive in the nation. Home values are still on the increase, raising 2.39% in the Oklahoma City area during the 3rd quarter of 2007. Opportunities for cash flow remain great. While the coasts and northeast have seen significant drops in real estate values, Oklahoma remains a moderate market with steady growth trends and options a strong, energy based economy.
Our investor financing can help. Here are a few helpful guidelines:
*Credit, credit, credit… The key to a positive cash flow is minimizing your mortgage expense. Great rates are desirable. Super credit scores get you there.
*Have cash for a down payment. Gone are the days of 100% investment financing.
*Avoid Mortgage Insurance (MI) if possible to maximize your cash flow. This can be done with a minimum 20% down payment or applying a 2nd mortgage to your maximum 80% LTV first mortgage. Sometimes mortgage insurance is necessary, but don’t panic if you need it to get the loan done.
*Stated Income/Stated Asset loans are helpful. Many of our investors are self employed. Proving self employed income requires tax returns and can be a very involved task. Stated programs greatly simplify the task at hand and speed up the process. They allow LTV’s below 80% with no MI.
NOTE - PROGRAMS ARE SUBJECT TO CHANGE BASED ON MARKET AND LENDING CONDITIONS
Here’s a sample scenario based on excellent credit and 80% LTV:
PURCHASE PRICE: $160,000
DOWN PAYMENT: $40,000
LOAN AMOUNT: $120,000
INTEREST RATE: 7.25% 30 YR FIXED RATE
PRINCIPLE & INTEREST PAYMENT: $818.61
ESTIMATED TAXES: $175
ESTIMATED INSURANCE: $90
ESTIMATED RENT: $1200
CASH FLOW: $116
Let us help with your investment purchases.
