Oklahoma Mortgage Group - Mike David

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...

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...

  Manufactured housing plays an important role in Oklahoma, particularly for buyers seeking affordability or purchasing in rural communities. One long-standing obstacle has been financing a manufactured home that was moved after its original installation. Beginning September 9, updated Freddie Mac guidance may create a financing path for some of these properties. Under the updated requirements, an eligible manufactured home moved from another site must be inspected by a licensed professional engineer or another appropriate authority to verify its structural integrity. The home also cannot be placed in an area with more restrictive wind, roof-load, or thermal-zone requirements than the zone for which it was constructed. That is a meaningful change—but it is not blanket approval for every relocated home. Buyers and Realtors must still consider: HUD certification labels and construction records The home’s movement and installation history Foundation requirements Real-property classifi...

A condo can offer the right location, maintenance arrangement or price point for a buyer. It also comes with a financing question that does not arise in exactly the same way with every detached home: is the condominium project eligible for the intended loan? Fannie Mae published project-standards updates in Lender Letter LL-2026-03 on March 18, 2026. For Fannie Mae loan applications dated on or after Aug. 3, 2026, the Limited Review process has been retired. Depending on the facts, an established project may need a Full Review or may qualify for a Waiver of Project Review. Fannie Mae also updated policies involving project reserves and financial health. This does not mean every condo purchase will be delayed or denied. It does mean buyers, sellers, Realtors and association contacts can help by starting the documentation conversation early. Here are several items a lender may need to evaluate, depending on the program and transaction: • condominium association budget and reserve informa...