Mortgage Help Available For Tulsa Homeowners

Mortgage Help Available For Tulsa Homeowners

Posted: March 5, 2009 04:13 PM

Updated: March 6, 2009 07:39 AM

FEATURED VIDEO Mortgage Help Available For Tulsa Homeowners

By Scott Thompson and Dan Bewley, The News On 6

TULSA, OK -- President Obama's $75 billion mortgage relief plan is aimed to help close to 9 million homeowners refinance their mortgages.

Real estate Web site Zillow.com says 38 percent of homeowners in Tulsa and Creek counties are eligible for part of the plan.

But a local mortgage banker says it may not be the best option for area homeowners.

The plan includes two programs and is intended to help one in every nine U.S. homeowners.

One program is aimed to help homeowners with a loan through Fannie Mae or Freddie Mac refinance their loans to lower or fixed interest rates.

The other program allows for the loan to be modified and has strict qualifications: you must have signed your mortgage before Jan. 1; you must be the owner and live in the home; you can't owe more than $729,750 on the loan; you must be able to prove that you can't pay the mortgage because of a financial hardship, like a reduced income or medical problems; and your monthly payment must be more than 31 percent of your monthly income.

Tell us your story. Click here if you plan to use the President's plan to refinance your home.

Not everyone thinks the plan will make a difference.

"I am dubious as to how much it will be able to help even on a national basis," said Tim Epps, a mortgage banker with Fairway Mortgage.

Epps says Tulsa remains insulated from the national housing crisis.

"We've actually still had year over year growth over the last eight years ... moderate, small, but it's been responsible growth," he said.

The numbers back him up. Zillow.com says 5 percent of Tulsa mortgage holders are underwater, meaning they owe more than their home is worth.

The national average is 20 percent.

Epps says there are other options in the area. With interest rates dipping about 5 percent, he recommends homeowners contact their mortgage broker professional and ask for a simple refinance.

He says it may be easier than the government's new plan.

President Obama's mortgage relief plan is intended to help one in every nine U.S. homeowners.

Zillow.com says 5 percent of Tulsa mortgage holders are underwater.

Tim Epps says the mortgage relief plan may not be the best option for area homeowners.

MORE LINKS Financial Stability Web Site Zillow.com Tim Epps 918-528-4010 Tim@MyFairway.net

NO Shortage of Mortgage Money Here!

Contrary to what you might have heard, there is no shortage of mortgage money in this country! In fact, there is probably more money available now, than at any time in the history of the world. A simple estimate would be more than a TRILLION DOLLARS is waiting for people to use to purchase new homes by either FNMA, FHLMC, FHA, VA, not to mention the almost endless supply of private money worldwide.

What has taken place is the almost free ride in lending is over. Borrowers now need to have down payments and be employed. Yes, you have to be able to pay back the money you borrow. You can’t go out and buy ten or fifteen “Primary Residences” and just provide a copy of a lease signed by your brother in law so you can go purchase house number sixteen.

You also have to have some kind of history of actually paying your bills and earning a living. All that aside, never has it been a better time to buy a home.

Yes, I said it; there may have never been a better time to purchase a home! Just look at the facts:
1) Are we closer to the bottom of the housing market than at any other time in recent memory?
2) First time home buyers tax credit of up to $7,500 for qualified borrowers.
3) Interest rates near historic lows.
4) Purchase programs for as little as $100 down.
5) 100% CLTV on FHA loans with family second lien.
6) Plenty of homes in inventory.
7) Tax credits.
8) Foreclosures available.
9) Short sales available.
10) And one really outstanding mortgage professional available to share with you just how easy it is to close your deal quickly and easily.

So while the era of wild and sometime out of control lending is over. If you are qualified to own a home, you can do so on really attractive terms!

For more information, please call:
Tim F. Epps
(918) 528-4010
tim@myfairway.net

Our Mission is...
To help anybody and everybody fulfill the American dream of home ownership.
To provide our clients with the best possible customer experience through outstanding service.
To help borrowers overcome roadblocks that can arise while securing a loan.
To offer the most competitive loan program tailored to the individual borrower.
Fairway Independent Mortgage, located in Stillwater, Oklahoma City and Tulsa, provides the right financial solutions for our clients to allow them to accomplish short-term and long-term financial plans, as well as, their short-term payment and equity objectives.
Throughout the interview process, we analyze current financial situations, establish the financial goals and then find the right mortgage solution. Once a decision has been made on the loan program, Fairway works to expeditiously close the transaction with the least amount of inconvenience and with the highest possible degree of client satisfaction.
Our goal is to become our clients’ mortgage lender for life. We want to provide a “one stop shop” for all future financial needs and endeavor to do the same for friends, family members and co-workers referred to us too.
Fairway is dedicated to helping anybody and everybody fulfill their American dream of home ownership.
With Fairway Independent Mortgage, you can expect:
Fast Answers...
We will quickly review all of the variables and outline your options.
Professional Approach...
We will handle each and every loan with the highest integrity and accuracy.
Local Processing...
We process your loan on-site for speed and convenience.
Competitive Rates...
FAIRWAY offers all types of mortgage financing at the lowest rates available.
Top-tier Customer Service...
We serve our customers with honesty, integrity and competence.