Trying to find the cash for a down payment and other closing costs can be one of the biggest obstacles to many people who wish to be homeowners. However, there are loan programs and grants available where borrowers who qualify can move into a home with little to no money down! Deciphering the terms of these loans and knowing if you qualify can be a bit overwhelming. So give Amber a call at 918-766-1894 and she’d be happy to point you in the direction of lenders in Bartlesville who can determine if you qualify and which is the best loan option for you.

Rural Housing Loan – Borrower can move in with no money out of pocket

  • Property must be outside Bartlesville city limits and on the USDA property list
  • 0% down payment
  • Minimum credit score of 620 (no credit scores also allowed)
  • Low monthly private mortgage insurance
  • Repair escrow allowed up to $5,000

HUD 184 / Native American Loan

  • Must be Native American
  • No property location restrictions
  • 2.25% down payment
  • Seller can pay 6% of buyer’s closing/prepaid costs
  • No minimum credit score requirement (no credit scores also allowed)
  • Low monthly private mortgage insurance
  • Manufactured homes allowed

FHA 203K Loan

  • No property location restrictions
  • Minimum credit score of 620
  • Seller can pay 6% of buyer’s closing/prepaid costs
  • Rehab loan to include most items except structural
    • If structural repairs needed, there is a “Full 203K” loan that borrower may want to consider

FHA Loan

  • No property location restrictions
  • 3.5% down payment
  • Seller can pay 6% of buyer’s closing/prepaid costs
  • Minimum credit score of 530 (no credit scores also allowed)
  • Repair escrow allowed up to $5,000
  • Manufactured homes allowed

VA Loan – Borrower can move in with no money out of pocket

  • No property location restrictions
  • 0% down payment
  • Seller can pay 6% of buyer’s closing/prepaid costs
  • No monthly private mortgage insurance
  • Minimum credit score of 580 (no credit scores also allowed)
  • Manufactured homes allowed

Conventional Loan

  • No property location restrictions
  • 97% max LTV
  • Seller can pay 3% of buyer’s closing costs/prepaid costs
  • Minimum credit score of 620