Mortgage and Lending Laws in Oklahoma
What makes them unique?
While Oklahoma shares similar or identical lending laws with surrounding states, there are several lending laws that are unique to only Oklahoma. The mortgage attorneys at The Hershewe Law Firm discuss some of these laws and how Oklahoma is unique in its lending practices.
First-Time Buyers
First time home-buyers in Oklahoma, if they qualify for an FHA loan, are entitled to a special interest rate that is often a below-market rate. Additionally, first time buyers in Oklahoma may be entitled to have their closing costs or down payment covered as a part of their loan. Receiving this loan depends on your circumstances, making it important that you speak with a mortgage attorney to determine eligibly for unconventional loans.
Special Needs
Mortgage law in Oklahoma provides buyers with disabilities or who are caring for an individual with special needs with the ability to obtain an unconventional loan that may help ease the burden of paying their monthly loan amount. These loans may include mortgages that do not require you to make a payment on the principal amount for the first five years, and may vary depending on what county you are purchasing a home in. Your lender and your attorney can keep you informed of any unconventional loans you are eligible for depending on your personal circumstances.
Educational Employees
Teachers and other employees involved in education services may be entitled, under Oklahoma law, to receive special loans that may include down payment assistance or interest forgiveness. These loans include Oklahoma’s Extra Credit Teacher Home Purchase Program. Your personal circumstances will determine the kind of loan you are eligible for.
Oklahoma has numerous unique mortgage laws that are aimed to protect buyer’s rights and assist them in obtaining a loan towards the purchase of a piece of property. To evaluate your personal circumstances and determine your eligibility, speak with a mortgage attorney.
To speak with an Oklahoma mortgage attorney, contact The Hershewe Law Firm toll-free at 877-382-9734 or contact us via our web form.
