Let’s face it ? trying to scrape together enough money for a down payment for your first Oklahoma City home can be difficult at the best of times. This does not mean to say, however, that it cannot be done. Most people find a way to come up with a down payment for a their first home when they are serious about getting out of the rental marker and into the freedom that comes with owning a home. If you really want to own your own home, you can find a way to get that down payment.

Here are a few tips you can use to help you budget for the down payment.

1. Figure out how much you will need

If you are planning to purchase your first Oklahoma City home in two years, for example, take a look at the price you’d like to pay and how much of a down payment you’ll need. Factor in the inflation rate when you’re looking at the total price of the home. Once you have an idea of the down payment you’ll need, you’ll have a stable base to work with.

2. Crunch the numbers

Don’t even take a look at your income right now. The first thing you need to do this determine how much money you’ll have to put away every month to reach the final figure in two years. The reason why you don’t want to look at your income at this point is you might get discouraged and figure that you won’t be able to make it in a short amount of time. Now is not the time to get discouraged – you’re just getting started! Just get an amount down on paper of how much you would have to save every month to get that down payment for your first Oklahoma City home in place.

3. Figuring out solutions

Now it’s time to look at how much money you are currently earning. Don’t take a look at your budget as far as whether you can afford to put the required monthly amount away. Instead, examine how much of your income can go towards this amount.

Take the difference between how much you need and how much you can contribute every month and then look at solutions. This is what people do when they are serious about putting together a down payment for a first Oklahoma City home. They don’t look at the stops, they look at solutions.

At this point, if your income cannot handle the amount you’d need every month to put together a down payment for two years, you have two options. Either you can raise your income or lower your expenses. In some cases you have to do both. Now is the time to get bright and figure out how to get this extra money. There is a way, even if you haven’t seen it yet.

By now you will have worked out a budget and need to look at your income solutions. Getting a down payment together for your first Oklahoma City home does involve some effort and you’ll need to be prepared to do some extra work, if necessary, to put it all together.

Let’s face it. Buying your first Oklahoma City home can be a bit unnerving, to say the least. This is a commitment that needs to be made for the long-term and a lot of thought needs to go into it. Not to mention money!

Here are a few things that you can do to settle yourself down and come to terms with buying your first Oklahoma City home.

1. Don’t panic

Don’t let your emotions get in the way of a logical decision. Breathe and relax. Think of the benefits of owning your own home and release the panic. Most of your thoughts may be focused on the “what ifs”, such as “What if I lose my job and can’t afford the mortgage?” or “What if I get injured and can no longer work?” You’ll have to deal with these “what ifs” during many stages of your life and if you fall prey to them now they can stop you from accomplishing a great many things. After all, isn’t life itself a big “What if?”

2. Learn everything you can

Fear of the unknown is a heavy burden to bear. Most of the problem that you are dealing with stems from the fact that you have unanswered questions or certain things that you may not fully understand about the real estate process.

Sit down with your real estate agent before buying your first Oklahoma City home and find out everything you can about it. The more you learn the better able you’ll be to make a well-informed decision about a house purchase.

3. Talk it out

The best way to get rid of your fear is to talk it out with your Oklahoma City agent. He has dealt with this fear with many other clients and understands exactly what you are going through. Be up front and ready to discuss them in order to get them under control.

If you’re afraid of stepping forward and buying your first Oklahoma City home, understand that almost anyone making this decision is in the same boat. The difference is always how you choose to handle it.

If you are weighing your options as far as buying vs renting Oklahoma City real estate you should carefully consider all aspects of the debate. Depending on your financial situation, your choices should be fairly straightforward.

Reasons to rent

Renting a home means that you will have no major renovations or maintenance to do in the house. You will not be held responsible for major damage, unless you have caused it as a tenant. This means that you do not have to worry about large and small expenses arising with little or no warning, causing you personal financial distress. Also, you do not have to worry about making a down payment, other than first and last month’s rent. This is better for people that have less money saved up or cannot get approval for a mortgage.

Reasons not to rent

There are a lot of reasons that you should not rent a house. For starters, you cannot do any major changes to the premises without prior consent from the owner. This can be a hassle for even the smaller things like adding a backyard patio or even changing the color of your house. You also will be paying into something with no long-term results. At the end of your lease you will have nothing to show for the thousands you have spent other than the memories accumulated over the time spent in the residence.

Reasons to Buy

The best reason to buy a house is you will actually end up owning something and will have a large asset that you can pass down to your children or other relatives. Unlike renting, when you pay your monthly mortgage bill you will actually be reducing your debt on the house until you hit a point where it is entirely yours. You can also make changes and do small renovations at your own pace without first getting permission from a landlord. Larger renovations may require a city permit. Owning a home means that you can use it as collateral to make other large purchases on credit, such as an investment property or car.

Reasons Not to Buy

If you do not have any financial security or the funds required to make a down payment you should not buy a house. You need to have a steady income and money saved up to make a deposit towards the total amount owed on the house. When looking at your options in regards to buying vs renting Oklahoma City real estate you should take a good hard look at your financial situation since this is one of the most influencing factors that will lead you towards your final decision.

Many first time homebuyers will rush into an Oklahoma City real estate agreement without thinking things through and this can end up being disastrous. Without properly assessing the residence or property first you could lose a significant amount of money. It is very common to see homebuyers simply fall in love with a house and purchase it without getting it properly inspected. In some cases the new homeowner may end up being stuck with a house that is beautiful on the outside but failing apart behind the walls.

Here are some of the other common mistakes that many buyers make when purchasing a new Oklahoma City home.

Not finding the right mortgage

Having the right financial institution to back you up financially can save you thousands of dollars over the course of years of payments. Most Oklahoma City homebuyers do not have the means to make a purchase on their own, which means that they will have to obtain a mortgage and pay it off over a certain number of years with interest. Never take the first mortgage offer you encounter. Always compare mortgages and consider using a mortgage broker. He will do the comparison shopping for you and in many cases find a deal you may have missed otherwise.

Failure to get the home inspected

This can be a very big mistake for first time and experienced homebuyers alike. Home inspections will reveal the good and the bad aspects of the house. You have to know the state of the Oklahoma City home before putting any money down. There is always the chance that there is underlying structural damage.

Property taxes

You need to learn about the property taxes you are going to have to pay once you own the home. There are a lot of costs involved in owning and maintaining a home and Oklahoma City property tax is one of them. You’ll need to make sure that your budget can accommodate these extras.

These are the common mistakes many people make when searching for Oklahoma City real estate. Take the time to learn about your taxes, get a home inspection done and shop around for the best mortgage. All of these things can end up saving you thousands of dollars in the long run.

For a first time Oklahoma City homebuyer, buying a home elicits emotions of fear and excitement. Buying is a long-term expensive venture. You need to be well prepared in order to make a wise investment decision and arm yourself with important knowledge on real estate pricing, bank regulations and mortgage requirements in order to make a wise investment choice.

Here are some tips that can help you along.

Don’t settle for less

Price is not the only factor to consider when it comes to a purchasing a home. The quality of the home is a very important consideration. You may be tempted to get a better deal as you are shopping but if the house has problems that you really aren’t equipped to handle then you’re not really getting much of a deal anyway.

Read everything before you sign

It is common for first time Oklahoma City homebuyers to simply skim through any paperwork that appears complicated and lengthy. Don’t be one of them. If it takes you half an hour to go through the paperwork, take the time. Be sure to ask any questions you have as well. It is your responsibility to know and understand everything you sign and if anything happens later you cannot use the excuse that you did not read a document. A lawyer and real estate agent can help you understand the technical aspects of any documents.

Present your Case

The circumstances of every Oklahoma City homebuyer are different. The bank or lending institution should consider this carefully. Is the buyer purchasing the home for his own occupation or for a rental? This helps the bank decide on the interest rate and how best to handle the homebuyer.

Mortgage Analysis

The bank will offer you a mortgage based on many different factors. They may pre-approve you for a loan based on an amount they feel you can afford to pay back. Remember that this is the bank’s assessment of what you can afford – not yours. Don’t pick out a house based on what the bank says you can spend on one. Crunch some numbers and come up with a reasonable amount on your own and then start looking.

Hidden Charges

A first time Oklahoma City homebuyer should be quick to note any hidden charges relating to a mortgage. Insurance, commissions, lawyer’s fees etc are additional costs to the mortgage. There are certain costs that you may be able to negotiate and your real estate agent can let you know which ones can be worked with.

Replacement and Repairs

A homebuyer should take into consideration the need to repair and replace certain things in the home that are broken. The buyer and the seller have to agree on who takes care of the bill relating to these items. These can be broken locks, windows, doors or any other outpoints throughout the house. These are all additional costs to the cost of purchasing the home. Any repairs to be undertaken by the seller should be completed before the purchase is finalized.

These tips will help you know what to expect and help you be better prepared when planning your first home purchase. The more you understand about buying a property as a first time Oklahoma City homebuyer the more control you’ll have, and you may end up saving some money in the process.

It’s important to remember that title insurance will vary state by state. If you’re interested in Austin homes for sale you will want to research the Texas market, just as you’ll want to research Oklahoma policy if buying in OKC
When purchasing a home, it is easy to become overwhelmed by all of the paperwork and extra fees that are associated with the purchase process. One piece of paperwork that can be easily overlooked or ignored altogether is title insurance. While it is true that purchasing title insurance is likely to add a few thousand more dollars to the overall purchase price of your home, it is an expense that is well worth paying. In fact, here are 5 reasons why you should be sure to include title insurance with your purchase.
Reason #1: Protection from Forgery
While we would all like to think that we are dealing with honest individuals when purchasing a home, the reality is that it is possible for certain legal documents to be forged. Even if the people you are purchasing the home from are legitimate, there may be forged paperwork somewhere in the history of the home that could come back to hurt you and result in the loss of the home if you don’t have title insurance.
Reason #2: Clerical Mistakes
The information contained on deeds and other legal documentation is subject to error. After all, this information is recorded and maintained by humans and nobody is perfect. Unfortunately, these errors can be quite costly to you if you are not protected by title insurance.
Reason #3: Undisclosed Information
If the seller fails to disclose certain pieces of information to you, such as the fact that someone else has part ownership in the property or that heirs were not disclosed, you might find yourself facing a legal battle for the ownership of property.
Reason #4: Misinterpreted Information
Even if all of the paperwork has been filled out properly, there is always the possibility that certain documentation and other information was misinterpreted. If these documents were to be challenged in the court of law, you might find that you have no rights to the property at all.
Reason #5: Persons Under Duress
If it is later determined that a person was under duress at the time of the transaction, that person may be able to make a claim regarding ownership of the property.
The bottom line is that many problems can occur when purchasing a home. By purchasing title insurance, however, you will not have to worry about giving up the home that you love if problems do develop. Just let the title insurance company handle the problem and continue to enjoy your lovely home!
About the author:
Eric Bramlett is the broker & co-owner of One Source Realty, a boutique company specializing in downtown Austin condos and Steiner Ranch real estate.

Following is the information I found posted at IRS.gov.  As you can see in certain cases Military Buyers may still be able to get the tax credit.

First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees

The Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law: Extends deadlines for purchasing and closing on a home. Authorizes the credit for long-time homeowners buying a replacement principal residence. Raises the income limitations for homeowners claiming the credit. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived  in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009. Several new restrictions apply to homes purchased after Nov. 6, 2009. Purchasers must attach a properly executed settlement statement to their return. No credit is available if the purchase price of the home exceeds $800,000. The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement. A dependent is not eligible for the credit. The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayer’s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed. Additionally, there are new benefits for members of the military and certain other federal employees: Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.

The following was sent to me by Brandon Fischer of VA Benefit Blog .com

Choosing the Right Home Loan Program

The average price of a home in Oklahoma ranges from $150,000 to $200,000 and varies in type from highly urban to rural, and for those seeking to purchase a home in Oklahoma there are a variety of government lending options available. The most popular government lending programs include the FHA, VA, and USDA loan programs and all three offer flexible loan terms and eligibility requirements with each program offering their own unique set of advantages and disadvantages.

The VA Home Loan

The VA home loan has helped over 18 million active duty and veteran service members achieve homeownership. Because the VA home loan program is partially backed by the Department of Veteran Affairs, the VA home loan program is able to offer flexible and competitive loan terms to eligible veterans and active duty service members regardless of credit history. Other benefits of the VA loan program include:

• No down payment required
• Mortgage insurance not required
• flexible debt-to-income ratios

In order to apply for a VA home loan, potential borrowers should meet one of the following initial requirements:

• Have served 181 days on active duty or 3 months during war time
• Or have served 6 years in the National Guard or Reserves
• Or be the spouse of a service member killed in action
• Have a Certificate of Eligibility

The FHA Loan

For first time homebuyers in Oklahoma, the FHA home loan program is available, and additionally contains multiple financing options for borrowers in different phases of the homeownership process. Borrowers can buy their first home, renovate a fixer-upper, or update their current home to meet energy efficient standards with an FHA home loan, and can even purchase manufactured housing or a mobile home. In addition to multiple financing options, FHA loans offer benefits such as:

• 3.5% down payment
• low closing costs
• down payments can be made in the form of a gift

To be eligible for an FHA loan, potential borrowers should meet most of the following:

• two years of consistent employment and steady or increasing income
• a minimum credit score of 620
• a clean credit history after filing for foreclosure or bankruptcy

The USDA Loan

For homebuyers more interested in the rural real estate areas of Oklahoma, the USDA loan home loan  is generally the most beneficial. The USDA’s Department of Rural Development offers two types of home loans to potential borrowers:  a Guaranteed Housing Loan and the Direct Housing loan for lower income households, and both are designed to optimize rural living. USDA home loan benefits include:

• Zero down payment required
• No loan limit
• No mortgage insurance required

In order to be considered eligible for a USDA home loan, potential borrowers should meet the following requirements:

• have a consistent income
• be a U.S citizen
• have an income that is within the median household income for the area

The VA, FHA, and USDA home loan programs do have flexible eligibility requirements, however most approved lenders will usually require a credit score of at least 620 to secure financing. Those with an imperfect credit history who are interested in a home loan are still encouraged to apply as each program has approved even those with a history of bankruptcy and foreclosure in the past.