So, if you are thinking about buying a home or land to build on in the future, what are some questions you should ask or things you should think about before pursing your next purchase? Check out these questions and answers below:
1) Q: The current market seems to be pretty hard for buyers right now with the multiple offer situations I hear about on the news. Should I buy now or wait?
A: Real estate is one of the biggest assets anyone can have, and even in these real estate markets, it’s always a good time to buy, as long as you have a professional to help guide you through the process from finding the right home, to getting the right financing, and all the way from inspections to closing.
2) Q: I want to buy a home now, but how do I know which option for financing a home is the best fit for me?
A: There are many options out there for financing, from Conventional loans that require 5-20% down, to rural development loans that can fund 100% of the purchase price of the home. Most of these will require a minimum credit score to qualify, but if your credit isn’t where you would like to be, there are some private funding options if you have money to put down as a down payment. Message us for details.
3) Q: If I don’t know what area I want to live in, which area should I choose to buy a home?
A: The location depends on what things you like to do or be near. Do you like to swim, be close to shopping, have a small yard to maintain, or would you prefer to have more land to enjoy with fewer neighbors around you? Do you have children? If you do, always research the school districts to make sure they are the right fit for your family.
4) Q: I own or am renting a home now but would like to build in the future on my own lot or land. Is it possible for me to buy land now while I still own or rent a home?
A: The simple answer is yes. Currently, under the market and pandemic situation we are in as of today, there are no known banks in Oklahoma that offer 100% financing on land, but many will loan on land with a 20% down payment of the purchase price, and if you decide to buy and build at the same time, some will even offer financing with just a 10% down payment of the purchase price. All of these will require a minimum credit score, but if your credit isn’t up to par, there is private funding available with as little as a 15% down payment. Message us for details.
5) Q: I want to buy a house or land but I have a house I need to sell first before I can qualify for a bank loan. Is there any way I can buy or secure a property before I sell my property?
A: In short, yes. There are a couple options. One option is if you find a place you like but haven’t sold your property yet, you can make a contingent offer, which means the offer is subject to your property selling. A second option would be to do a lease purchase or lease to own. This option usually requires a down payment and may require monthly payments, but it allows you to secure a property you like without risking the chance of losing it while you wait for your property to sell. Message us for details.