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Can You Finance an Oklahoma Home That Currently Has Tenants?

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A tenant-occupied home is not automatically ineligible for mortgage financing. However, the lease, possession date and buyer’s intended use must align with the selected loan program. The first question is straightforward: Will the buyer move into the property, or will the property remain a rental? Buying it as a primary residence A primary-residence mortgage is based on the borrower’s genuine intent to occupy the property. FHA requires at least one borrower to occupy the property within 60 days of signing the security instrument and intend to remain for at least one year. Common Fannie Mae and Freddie Mac security instruments contain a similar 60-day occupancy provision, subject to stated exceptions. hud.gov If an existing tenant holds a lease that extends beyond the required occupancy period, an owner-occupied mortgage may not match the actual situation. The parties should resolve the possession timeline before closing rather than assume the tenant will leave immediately. Keeping the ...
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The HUD Section 184 Upfront Fee Has Increased: What Oklahoma Buyers Should Know

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HUD Section 184 financing remains an important home-loan option for eligible Native American and Alaska Native borrowers. Beginning October 1, 2026, however, one of the program’s costs changed. HUD increased the upfront loan-guarantee fee from 1% to 1.5% for new Section 184 firm commitments, including refinances. The annual loan-guarantee fee remains zero. content.govdelivery.com What is the upfront guarantee fee? The upfront guarantee fee helps support HUD’s guarantee of the loan. It is calculated as a percentage of the applicable loan amount and is generally incorporated into the loan structure rather than treated like an ordinary monthly charge. Because the fee increased by half a percentage point, buyers may see a slightly higher final loan amount and monthly payment. For illustration, a 0.5-percentage-point increase equals: $1,000 on a $200,000 base loan amount $1,250 on a $250,000 base loan amount $1,500 on a $300,000 base loan amount These examples only demonstrate the fee diffe...
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Location: Tulsa, OK, USA
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Mortgage Monday: Rates Find Some Relief Before a Big Inflation Week

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  Mortgage rates finally showed a little improvement late last week. After several weeks of increases, mortgage-backed securities began recovering some of their losses, and daily national mortgage rates moved lower. That was encouraging. But buyers should be careful about assuming a few better trading sessions mean mortgage rates are headed significantly lower. This week brings two important inflation reports that could quickly change the direction of the mortgage market. There is also a fresh housing-market story that may be particularly useful for buyers. More homes are available nationally, even though fewer sellers are listing. That combination tells us quite a bit about where the market stands as we move further into October. Mortgage Rates Improved Late Last Week Freddie Mac reported that its national average 30-year fixed mortgage rate reached 7.40% on October 8 , up from 7.28% the previous week. That marked the seventh consecutive weekly increase. AP News However, Freddie M...
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Mortgage Rates Hit Nearly 3-Year Highs Despite Weak Jobs

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September’s jobs report looked like the kind of economic news that should help mortgage rates. The U.S. economy added only 29,000 jobs in September . Unemployment increased slightly to 4.2%. Wage growth slowed to 3.0% over the past year, and July and August payrolls were revised lower by a combined 60,000 jobs. Bureau of Labor Statistics Mortgage rates briefly improved Friday morning. Then the improvement disappeared. Mortgage News Daily’s national 30-year fixed index ultimately finished Friday at 7.57% , close to its highest level in years. Mortgage News Daily That may seem contradictory, but it tells us something important about the mortgage market right now. The Fed Is Only One Piece of the Mortgage Rate Puzzle The Federal Reserve controls a very short-term overnight interest rate. A 30-year mortgage is a long-term financial instrument. That means mortgage rates are influenced much more directly by mortgage-backed securities and longer-term Treasury bonds. Early this week, the 10-ye...
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Can One Loan Cover Your Land, Construction and Permanent Mortgage?

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For many Oklahoma buyers, building a custom home feels more complicated than purchasing an existing property—especially when the financing appears to require three separate steps. A Single Loan Close construction mortgage may provide a more streamlined path. Depending on the program and project, one loan can potentially cover the land, eligible construction costs and permanent financing after the home is completed. How does it work? The loan is closed before construction begins. During the building phase, funds are released through a controlled draw process as documented work is completed. The borrower generally pays interest based on the amount that has actually been disbursed, rather than the entire construction budget from the first day. After the home is completed and the required inspections and documentation are accepted, the loan converts to its permanent phase. What costs may be included? Depending on eligibility, the project budget may include: Land or lot acquisition Construc...
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Location: Tulsa, OK, USA
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Can Income From a Second Job Help You Qualify for a Mortgage?

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Many Oklahoma households rely on income from more than one job. When someone begins preparing to purchase a home, a natural question is whether the lender can count both sources. The answer is sometimes—but the income history matters. Why isn’t the current paycheck enough? Mortgage underwriting is designed to evaluate whether qualifying income is stable and reasonably likely to continue. A borrower may currently be earning substantial income from a second job, but the lender still needs to determine whether that arrangement has an established history. A recent increase in hours or a brand-new second position may not yet demonstrate a sustainable pattern. How much history is needed? Requirements vary by loan program and income type. For Fannie Mae conventional financing, a two-year history for each employment-income source is recommended. In some cases, a history of at least 12 months may be acceptable when positive factors support the income’s stability. The lender may review: Start da...
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A New Mortgage Option for Oklahoma Nurse Practitioners

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Specialized medical-professional mortgages are not limited to physicians. Qualifying nurse practitioners who hold a Master of Science in Nursing or Doctor of Nursing Practice degree may now be eligible for Waterstone Mortgage’s Medical Professional Program. For Oklahoma NPs managing student debt, relocation or the transition into a new position, this expansion could create an additional home-financing path. What features may be available? Depending on the borrower and transaction, the program may offer: Up to 100% financing on qualifying loan amounts No monthly mortgage insurance Potentially favorable treatment of certain student-loan obligations Employment-start flexibility for some eligible borrowers Options for certain newly hired 1099 medical professionals Purchase and refinance financing These are potential program features—not guarantees. The borrower, property and complete loan structure must satisfy current underwriting requirements. Why does mortgage insurance matter? Many low...
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Location: Tulsa, OK, USA
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