Oklahoma Mortgage Group - Mike David

  A newly signed executive order has created an attention-grabbing headline: some borrowers could eventually have private mortgage insurance canceled proactively. That possibility is real, but it is not an immediate, universal change. The October 22 order directs the Federal Housing Finance Agency to establish a pilot program involving eligible single-family mortgages owned, guaranteed or securitized by Fannie Mae or Freddie Mac. The proposed system would use automated valuations and other data to identify borrowers who appear to meet equity and additional cancellation requirements. The pilot would apply only to mortgages made after the program is established. Eligibility, payment-history, safety-and-soundness and contractual requirements would still apply. The White House What can existing homeowners do now? Many borrowers with conventional loans already have PMI-cancellation rights. For qualifying mortgages, homeowners can generally request cancellation when the principal balance...

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 ...

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...

  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...

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...

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...

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...

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...

A national seasonal analysis has identified September 27 through October 3 as a potentially favorable buying week in 2026. The forecast considers historical patterns involving inventory, listing prices and buyer competition. It may be encouraging for people who stepped away from the market during the busier summer months. However, buyers should interpret the headline carefully. National trends do not guarantee local results A national forecast cannot predict the conditions surrounding a specific house in Tulsa, Oklahoma City or a rural Oklahoma community. Some sellers may reduce prices after their homes have been listed for several weeks. Other properties—especially well-maintained homes in desirable locations—may still receive quick offers. The analysis identifies a potentially useful window, not a nationwide sale. Why fall can benefit buyers As summer activity slows, buyers may encounter: More time to evaluate certain properties Fewer competing offers Sellers who are more open to neg...

On September 16, 2026, the Federal Reserve increased its federal-funds target by 0.25 percentage point to 3.75%–4.00%. Whenever this happens, one question immediately follows: “Did mortgage rates just increase by 0.25% too?” The answer is no—not automatically. The Fed does not directly set mortgage rates The federal-funds rate is a short-term rate affecting how banks lend money to one another. It can influence credit cards, home-equity lines of credit and other variable-rate products relatively quickly. Fixed mortgage rates behave differently. They are influenced more directly by the bond market, including mortgage-backed securities and Treasury yields. Investors consider inflation, employment, economic growth and expectations about future Federal Reserve policy. As a result, mortgage rates can move before the Fed meets because financial markets have already anticipated the decision. They can also move in a different direction after the announcement based on what the Fed says about inf...

  Qualified real estate investors looking for an investment property loan in Oklahoma may be able to purchase with as little as 10% down through Investor Edge 90. The program is designed to help investors expand their portfolios while preserving more of their available capital for reserves, property improvements, and future opportunities. Can you buy an investment property with 10% down? Investor Edge 90 offers up to 90% loan-to-value financing on eligible investment properties. This means qualified borrowers may be able to purchase with a down payment as low as 10%. Program highlights include: Loan amounts up to $1.5 million No mortgage insurance Potential eligibility for investors with up to 50 financed properties Interest-only options for eligible borrowers Up to 85% loan-to-value financing for two- to four-unit properties Eligibility and the required down payment depend on the complete loan application, property, loan amount, and current program guidelines. Why might a lower do...

  Mortgage rates took a meaningful step higher last week, and this week may be even more consequential. The combination of rising oil prices, persistent inflation and changing expectations for Federal Reserve policy pushed Treasury yields sharply higher. The 10-year Treasury finished last week near 5%, and mortgage pricing deteriorated along with it. For Tulsa-area buyers and Realtors, the important question is not simply, “What are rates today?” It is: Why did rates move, what could happen next, and what can we actually control? Mortgage Rates Moved Higher—Fast Freddie Mac reported that its national average 30-year fixed mortgage rate increased to 6.76% on September 10 , up from 6.71% the previous week. GlobeNewswire But Freddie Mac’s weekly survey does not fully capture what happened later in the week. Mortgage News Daily’s more immediate daily index finished Friday around 7.12% , after rates rose almost one-quarter of a percentage point during the week. Monday morning’s bond mar...

A buyer can love the home, negotiate an acceptable price and receive a competitive mortgage rate—then discover that the homeowners-insurance premium changes the entire payment. Insurance is not simply a closing document. It is part of the buyer’s monthly housing expense and mortgage qualification. What is included in the housing payment? When buyers talk about a mortgage payment, they often mean principal and interest. Lenders generally need to consider the more complete expense, which may include: Principal and interest Property taxes Homeowners insurance Mortgage insurance HOA dues Other required property-related expenses If the actual homeowners-insurance premium is higher than the estimate used during preapproval, the monthly payment increases even if the loan amount and mortgage rate remain unchanged. That can affect the buyer’s debt-to-income ratio and available purchasing range. Which homes may require extra attention? Every property needs appropriate coverage, but an earlier in...

Many potential homebuyers assume down-payment assistance works like a small grant fund: once the available money is claimed, the program disappears. That is not always how Oklahoma Housing Finance Agency financing works. OHFA states that its Single Family loan program has maintained continuous funding since 1980. Its participating lenders can use eligible OHFA financing to help qualified Oklahoma buyers with down-payment and closing-cost needs. Continuous funding does not mean unlimited approval. It means buyers should not automatically rule out the program because they heard that another grant or local assistance fund ran out of money. What should buyers understand? OHFA financing includes a first mortgage combined with assistance that can be applied toward eligible upfront costs. Qualification depends on factors that may include: Household or qualifying income Purchase price Property eligibility Credit and underwriting Occupancy Applicable loan-program requirements The rate and assis...

Mortgage credit scoring may be entering one of its largest periods of change in decades. The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to expand the availability of VantageScore 4.0 to approved mortgage lenders. At the same time, federal officials are considering changes to the traditional practice of obtaining information from all three national credit bureaus. Those headlines sound dramatic, but buyers need to understand the difference between a policy announcement and complete lender implementation. What is VantageScore 4.0? VantageScore 4.0 is an alternative to the classic FICO models traditionally used in mortgage lending. It evaluates credit information differently and can use trended credit data, which looks at how balances and payments change over time. When information such as rental payments is reported to a credit bureau, the model may also consider that history. This could be helpful for some consumers who responsibly pay rent but have limited t...

  If you’re shopping for a home and your financing needs are approaching jumbo territory, there’s a new reason to review your options. Waterstone Mortgage has announced a temporary increase in its conforming loan limit to $845,000 for eligible one-unit homes. The change applies to qualifying loans with new rate locks beginning September 10, 2026. For buyers in Tulsa, Bixby, Broken Arrow, Jenks and surrounding communities, this could provide another option when deciding how to finance their next home. What does the higher limit mean? Loan limits help determine which mortgage programs can accommodate the amount you need to borrow. Waterstone’s increase allows qualifying borrowers to explore its eligible conventional programs for loan amounts up to $845,000. If you previously discussed jumbo financing because of your loan amount, it may be time to compare the options again. The right fit still depends on your finances, the property and your goals. The loan amount and purchase price ar...