In the current market — where interest rates are considered high and insurance rates seem to be climbing — if you want to sell your house you need it to stand out. 

One of the best ways to do that is having your home deep cleaned right before listing.

“Buyers right now are making some big judgement calls,” said Becky Seda, with Seda Real Estate Group in Oklahoma City. 

Seda says buyers really notice when a house isn’t clean. 

“If they walk into a house and it looks a little bit dusty or dirty they start to think that you are not taking care of the things behind the scenes, which is likely not true,” she said. “Getting a deep, deep clean is helping so much with getting homes sold.”

The truth is, there is a big difference between cleaning for day-to-day and cleaning to sell your house. 

A deep clean should include: 

Day-to-day those things don’t matter as much as they do when your home is for sale. 

“We have houses that have been on the market, even recently, for two or three months and then we go in and do a deep cleaning — something the seller said, ‘No,’ to in the beginning. All of the sudden the feedback is, “This house is beautiful,’ ‘It looks brand new,'” said Shannon Stiger, a listing agent with Seda Real Estate Group.

Deep cleaning is especially important if you live in a neighborhood where new homes are still being built. 

“In that case, a buyer is comparing your house to new construction. If your house isn’t spotless they will walk into the new home and choose that,” Seda said.

While the list may seem overwhelming, your real estate agent can generally help you find trusted vendors to take care of these various tasks. Remember, you never get a second chance to make a first impression.

Along with cleaning, another thing to take care of when listing your home in this market is deferred maintenance. 

If you have any maintenance issues that you have put off, taking care of those things before listing can put your house in a better position to sell. 

This may include things like:

“Because interest rates are high and people are feeling a little tighter on budgets, if they see a home that needs repairs then they may keep looking,” Seda said. 

If you have questions about these topics we would love to help. Our team is always ready and willing to talk real estate. Give us a call at 405-400-9973. 

Why, at SREG, we have different agents for sellers and buyers

It’s not uncommon for a real estate agent to represent both a seller and a buyer in a home transaction. In fact, we’ve even heard of agents that will “discount” their services if they represent the buyer and seller. 

“In Oklahoma, it is perfectly legal for one agent to represent the buyer and the seller,” said Becky Seda, lead agent at Seda Real Estate Group. “People do it all the time.”

However, at Seda Real Estate Group, we choose NOT to represent both sides of a contract.

Here’s why.

Relationship

First, our listing agents often work with clients for months before their house is officially listed. They know their motivations for selling and their goals.

“I believe they have hired me to get them as much money as possible on their property,” Seda said. 

Whereas, a buyer is typically expecting their agent to help them save as much money as possible.

“For me, I feel like there’s a conflict of interest between those two,” Seda said. “I make no judgments about how others do business, but for me I choose to keep them separate.” 

That’s why at Seda Real Estate Group we have a team of agents. With listing agents and buyers’ agents working to ensure their clients get the best deal. The team approach ensures that whether an agent is working with a buyer or a seller they are fully focused on their client. 

Trust and Loyalty

Which brings us to the next reason. By working with just one side, clients can trust their agent’s advice.

“I like to make sure my client never wonders what my motivation is,” Seda said. “My motivation is always to be their advocate and fiduciary through the process.”

Another reason, representing both sides could bring about questions of loyalty. 

“Our loyalties lie with our clients — whether buying or selling,” Seda said. “I don’t want there to ever be a question in their mind as to who I am focused on working for. I am always focused on my client.”

Sellers and buyers should always expect their agents to respect and honor their confidentiality. By not having one agent representing both sides, we can continuously work to help our clients reach the goals they have shared with their agent.

“We’re not going to disclose a seller’s motivation to sell or a buyer’s motivation to buy, and I would never want to be accused of that,” Seda said. “But once an agent has that knowledge, we wouldn’t want that to come out in our negotiation style one way or another.” 

Our Team Approach

When an unrepresented buyer calls from one of our yard signs or they find an online listing, the buyers’ agents in our office can work directly with them, ensuring they have an agent dedicated to helping them. 

Again, in Oklahoma, it is completely legal for an agent to represent both sides of a contract. 

If you would like to learn more about the Seda Real Estate team or have questions about buying or selling a home, reach out. Our team is here for you. Give us a call at 405-400-9973.

Selling a home involves many moving parts, and the real estate agent who lists your home plays a crucial role throughout the process. From helping you prep your home for sale to getting you to the closing table, a good listing agent will help you navigate the process, steering you through any bumps along the way.

Here’s a closer look at what you, as a seller, should expect from your agent during the process.

Preparing to Sell

For many people the desire to sell is there, but the long list of repairs or upgrades feels overwhelming. At Seda Real Estate Group, we offer our clients a unique program called Make Ready. Our team is here to help you through the process of prepping your home for sale. We work with contractors to help you get bids and navigate the various upgrades and/or repairs — in some cases, carrying the cost to closing, so you pay nothing up front. Be sure to ask our team about this option to see if it might work for you.

Initial Pricing Strategy

One of the most critical responsibilities of your listing agent is determining the right price for your home. This involves analyzing data and market trends, studying current inventory, and understanding what motivates buyers. Pricing a home correctly is both an art and a science.

Your agent will review recently sold homes to understand what appraisers will consider, and assess active listings to gauge your competition. The goal is to price your home in a way that maximizes your return without deterring potential buyers.

Pricing is a critical part of the process. If priced too high, your home might linger on the market, giving the impression that something is wrong with it. Conversely, pricing too low could mean leaving money on the table. Striking the right balance is essential.

Marketing Your Home

Once your home is on the market, your agent’s focus shifts to marketing. It’s crucial for them to ensure that your home receives maximum exposure.

Effective marketing can include a mix things, such as:

Your agent should be skilled in leveraging these strategies to attract as many potential buyers as possible.

Handling Showings and Feedback

When showings begin, your agent should actively follow up with prospective buyers and their agents. By reaching out, your agent can not only encourage showings, but gather feedback.

Feedback from showings and open houses can be invaluable. This feedback can provide insights into how your home is perceived by the market, helping to refine your marketing strategy and adjust your pricing or presentation as needed.

Negotiating Offers

When offers come in, your agent’s role is to negotiate on your behalf. This includes presenting you with a clear breakdown of any offers or counteroffers, explaining terms, and strategizing to meet your main objectives—whether that’s achieving the highest price, a smooth sale, or a quick closing.

At Seda Real Estate Group, we believe that it is important to have an agent who is solely focused on representing your interests, as a seller. Our listing agents do not double-deal as buyer’s agents, a fact that is somewhat uncommon in the market.

“I do not ever negotiate both sides of a contract,” she said. “It’s really important to me that I am 100-percent making sure that you (the seller) don’t leave a single dollar on the table.”

While many agents are willing to represent both sides — some even offer incentive to do so — our team believes strongly that it is our responsibility to ensure YOU are getting the best deal possible. Representing both sides would add a conflict of interest that might take away from our ability to fairly represent YOU, as the seller.

“I never want to be in a position where I’m negotiating against you,” said Becky Seda, lead agent for Seda Real Estate Group. “If someone calls off a sign, we have buyers agents on our team that will represent them. I will always only represent my seller. Period.”

Managing the Contract Process

Once you’re under contract, your agent will coordinate with various parties such as the buyer’s agent, the title company, and the buyer’s lender. They’ll ensure that inspections are scheduled and help you prepare for them, addressing any issues that arise.

Repair negotiations are another critical area where your agent should provide support. They’ll help you understand repair requests and obtain bids, ensuring you’re not agreeing to costly repairs without understanding the true expense. With a long list of trusted contractors on hand, your agent can also help schedule repairs, if needed.

Appraisals and Closing

Your agent will often work with appraisers to ensure that your home’s value is accurately represented. While the agent cannot directly influence appraisals, they can provide data and analytics that help ensure the appraiser doesn’t miss any information that could impact the appraised value.

Your agent will also review closing documents before you sign to ensure everything is in order. They will also help to arrange and navigate any special needs you might have regarding the closing process — signing early, due to a move, or handling other complicating factors.

Long-Term Support

Even after your home is sold, your agent should keep your contract on file for the required five years (and often longer). If you have questions in the future about the sale, you can reach out for assistance.

In summary, a good real estate agent is not just a facilitator but an active partner in the home-selling process. They should provide comprehensive support from pricing and marketing to negotiating and closing, ensuring that you achieve the best possible outcome for your sale.

If you’re considering selling your home, finding an experienced agent who excels in these areas can make all the difference. Our team at Seda Real Estate Group would love to help you.

If you would like to discuss the sale of your home, even if it may be a few months down the road, our team can help. Give us a call at 405-400-9973.

With recent news of the Federal Reserve dropping interest rates, many people expected to see mortgage rates decrease, as well. However, that hasn’t been the case.

“It can be hard to understand, especially considering that in some cases people saw those rates increase,” said Becky Seda, lead agent with Seda Real Estate Group, in Oklahoma City.

It’s really a complex issue, but we’ll try to help break it down.

At first glance, it makes sense to assume that when the Federal Reserve lowers interest rates, mortgage rates would follow suit. So why hasn’t that been the case?

“Mortgage rates follow the treasury,” Seda said. “Car loans and smaller loans were affected more so than mortgages.”

Things like the unemployment rates, current economic conditions (including inflation) and the ten year treasury yield are what typically have the greatest impact on mortgage rates.

Stephen Bellew, with GFS Home Loans, says mortgage rates are traded on the free market, which means investor sentiment plays a role in their pricing. Investors had expected the Fed would cut rates in September, and had made investment decisions reflecting that ahead of time.

“With stronger inflation and jobs data, we are seeing mortgage rates move up as investors are seeking other avenues for their money,” said Bellew.

Seda agrees, adding, “It’s generally less likely for mortgage rates to drop while the economy is doing as well as it is and while the job rates are as high as they are.”

In fact, Seda says if you are waiting on mortgage rates to drop you might reconsider. There are benefits to buying a home now.

“Even if rates drop it will still become more expensive to buy a house,” Seda said. “Whether the rates are high or the prices are increasing — which is likely to happen if rates drop —  either way you’re still paying more.”

Currently, in Oklahoma, the market is slowly shifting to a buyer’s market. Seda said if you are someone who wants to limit your out of pocket expenses, now may be a good time to start shopping.

“Some sellers are still thinking of 2021 when the market went crazy and homes were getting multiple offers. That’s just not where we are anymore,” Seda said.

“Because houses are sitting on the market longer, sellers are ready to accept an offer. And, as a buyer that means you can really negotiate things because houses are taking longer to sell.

It’s a trade off, of sorts. You get more negotiating power, with a higher mortgage rate. Whereas if you wait for rates to drop more shoppers will likely enter the market. If that happens, you may lose your negotiating power and end up paying a higher sales price.

“This is simple economics 101, supply and demand,” Bellew said, “If you want to buy when rates are low, competition increases and the price goes up. Higher rates do equal a better market for buyers to negotiate as it lessens the pool of qualified buyers.”

Ultimately, both Seda and Bellew believe mortgage rates will come down some, but maybe not as much as some buyers are hoping, at least in the foreseeable future.

“I do think they will go down a little bit, but I don’t think it’s going to make a substantial difference for people. The people it will impact are those who need to refinance their house,” she said.

For those navigating the Oklahoma real estate market, Seda Real Estate Group is here to provide guidance and support as you work toward your real estate goals. Whether you’re looking to buy, sell, or invest, we’re dedicated to helping you make the most informed decisions possible.

Want to talk real estate? Or are you looking to buy or sell a home? We’d love to chat. Give us a call at 405-400-9973.

You found the “perfect” home, only to later learn that the appraisal came back short of the contract price. The shock can leave you scrambling for answers and fear over what happens next.

Before you panic, here’s what you need to know to navigate the situation and, hopefully, keep your deal on track.. 

Understanding the appraisal process

When you purchase a home with a home loan, the bank or lending establishment is going to bring the bulk of the money to closing. Because of that they typically require that the home’s value be assessed. They do this to ensure that it is a good investment for them, before they fully agree to fund the loan.

A low appraisal does not necessarily mean that the home was overpriced.

“Sometimes a seller has their property listed at a price where there simply are not a lot of comparable sales for the appraiser to use in approving the value of that home,” said Becky Seda, lead agent for Seda Real Estate Group, in Oklahoma City. 

What’s next? 

A low appraisal does not have to be a dealbreaker. Here are a few steps to help you navigate the process.

  1. The first thing to do if the appraisal comes back low is to have your buyer’s agent provide comps to the appraiser to show why the home’s value could be higher. 
  2. If that doesn’t work, get the listing agent involved. They can provide details and documentation about why the home was priced a certain way.
  3. If that doesn’t work, you can order another appraisal. There will be a cost associated with this option. Typically, in Oklahoma, appraisals start at about $650 and go up in cost from there. 
  4. Another option is to “bridge the gap.” 


Bridging the gap, in this case, means filling in what the bank will not cover. This can be quite confusing, but let’s try to explain it some.

When you buy a home with a loan there will be a minimum down payment required. The amount is based on the type of loan. For example, with a conventional loan, the bank might require a 5% down payment, meaning they’ll lend 95% of the sale price. However, if the property appraises for less than the sale price, the bank will only lend 95% of the appraised value. This means the buyer must either cover the difference to make up the gap, negotiate with the seller to reduce the price, or meet somewhere in the middle.

*If this is something you are facing, we strongly suggest you talk with your agent and the lender to fully understand what the change in your down payment would be. 

Negotiations

The next option is to go to the seller and renegotiate the sale price. That happens quite often.

“If you really believe the home was overpriced and the price of the appraisal is the true value of the home, then you can tell the seller, ‘I’m not going to pay more than the appraised value,’” said Seda.

Ultimately, if you and the seller cannot see eye to eye, under normal terms of the Oklahoma contract, you and the seller can part ways. In this case, you would get your earnest money back. However, you would still be out the cost of the appraisal(s) and inspections. But, you are not forced to purchase the home and the seller is not forced to sell you the home for less than the contract price you had initially agreed upon.

If you have questions about this process our team would be happy to help. Give us a call at 405-400-9973 or email us at contact@sedarealestate.com.

One of the most common questions people have when buying a home is, “How do I know if the neighborhood is safe?”

“The tricky part is that safety is subjective,” said Becky Seda, lead agent of the Seda Real Estate Group, in Oklahoma City. “What I think is safe, you may not think is safe.”

Seda has three tips for buyers who are wanting to know more about the safety of the neighborhoods where they are shopping for homes. 

1. Check crime statistics

Most local police departments have online crime data records regarding crime statistics for the area. In many cases, you can see what type of crime has happened and how recently. Checking this information can give you an insight into the neighborhood and help you in your decision making.

Other sites like NextDoor and SpotCrime track records, as well. The FBI even has a Crime Data Tracker where you can research an area’s crime history. 

2. Check school ratings

Next, look at the ratings for schools in the area.

Generally speaking, the better the school ratings, the higher the taxes are in that area. Highly rated schools may also mean that homes in the area don’t stay on the market long because people are working to move to that district. That could result in more competition.

3. Check out the neighborhood

Our final tip, drive through the neighborhood at various times of the day.

What are you seeing in the morning, mid-day and/or evening? Are there people or families out walking their dogs? Do you see children playing or people working in the yards? Does it feel like a place you would be comfortable?

Ultimately, your real estate agent cannot make the choice for you or decide whether you would feel safe in a particular neighborhood. 

“It’s a liability issue for us, as agents,” Seda said. “If we were to say, ‘Yes, this is the safest neighborhood,’ and then you make this huge purchase of a home, and a year later your car or your home get broken into then you might be upset with us.

“So for liability reasons we always ask you to do your research and dig into the data before you make that purchase.”

If you are looking to buy or sell a home, let our team at Seda Real Estate Group help you. We have the experience and knowledge you need on your side to help you navigate the real estate market.

It’s a common misconception that real estate agents don’t really do much when it comes to helping people buy a home. The reality is that perception could not be farther from the truth.

“No matter your job, there’s always the public perception of what you do for a living and then there’s the reality of what you do for a living,” said Becky Seda, lead agent for Seda Real Estate Group, in Oklahoma City.

When buying a home, a buyer’s agent is your key to getting the best deal.

So what should a real estate buyer’s agent do for you? Here’s a guide on what you should expect from your real estate agent when you are shopping for a home. 

More Than Just Searching Online For Homes

“The public tends to think that we open doors and find houses and that is absolutely a part of our job, but I don’t believe that that is the deep value of what you should be expecting from your buyer’s agent,” said Seda.

With so many websites available for searching for homes, many buyers are now able to search for homes online, narrowing down their likes and dislikes.

While a buyer’s agent will also be searching for homes, you should expect their search to be deeper than what you may be able to do on your own.

“Let’s say, for instance, you are really wanting to get into a certain neighborhood. We have a ton of resources to make that happen,” said Seda. “Now, we’re not miracle workers, but because of the huge network that we have we are able to find out about properties that may not even be on the market yet.”

Your buyer’s agent should also be willing to door knock or otherwise make contact in neighborhoods to find out if there are homeowners who might be interested in selling.

“You should be expecting your agent to be doing more than just having a basic home search set up for you. They should be willing to really dive in and door knock, put out feelers, and really do in-depth searching for homes,” Seda said.

Pointing Out Red Flags

You should also expect your buyer’s agent to be on the lookout for red flags. Whether it’s cracks in walls or helping you stay focused on the list of ‘must haves’ you really want in a home, a buyer’s agent is there to help you look beyond the initial tour of a home.

“A lot of people think it is our job to make you fall in love with a house and that’s not really it,” said Seda. “We want to point out the things that maybe you don’t see on the first go round, so a crack or something that’s not in alignment with what you’ve told us.”

Run In Depth Research

A real estate agent should be running in-depth research for you on the home you decide you want to purchase. When you decide you want to make an offer on a home, your buyer’s agent should be looking at the data on the home and the market to ensure you are getting a good deal.

Buyer’s are generally emotionally involved in the process, which can make it difficult to see potential issues. Your agent is there to take a step back and look at the data and analytics.

“We can run the data and know that a house down the street sold for $30k less than this two months ago,” Seda said. “I don’t want you to get in a situation where we’re going to have appraisal issues and then you’ve spent all this money on appraisals and inspections, and then it doesn’t appraise and the sellers are not willing to negotiate. We need to be aware of that up front.”

Your agent will do their best to help you avoid spending money unnecessarily on a property.

Inspection Reviews and Negotiating Repairs

Inspecting a property before you buy it is a necessary part of purchasing a home. Your buyer’s agent should encourage you to have your “new” home inspected. They will also help ensure you are following the contract and adhering to necessary deadlines regarding the inspection and making requests for potential repairs following the inspection. Failure to meet those deadlines could result in financial or legal consequences, and your agent will work to help you avoid those issues.

When you purchase a property it becomes yours, all its defects included. An inspection can help you prepare for any potential issues. Once the inspection is complete, your agent can help you to understand the inspection report and can even help you to navigate what issues may be most important to address before closing on the property.

From there, your agent should help you to negotiate repairs with the seller.

“We are never going to tell you what to do or what not to do, but we’re going to weigh in with all of our experience to help you know what could cause bigger problems down the road,” Seda said.

“We are your advocates. We do not want you to spend too much money on your house. We do not want you to miss anything on your inspection and ultimately, when you get to the closing table we want you to be so excited to get the keys and not have any trepidation or concerns.”

If you choose not to inspect the home you are buying, the agent will likely have you sign a form saying they told you to inspect it, but you chose not to do so. For liability reasons, this form is necessary should you choose to decline an inspection.

Paperwork

And lastly, your buyer’s agent should ensure that your paperwork is all done correctly so when you get to the closing table you are confident in your decisions and ready to move into your home.

“As agents, it’s our job to be there to offer clarity and past experience that can help a buyer to make the best decision. This is a huge investment and we want them to feel confident in it,” said Seda.

If you are ready to start your home buying experience, we have buyers agents ready to sit down with you. Give us a call at 405-400-9973 or email us at contact@sedarealestategroup.com.

At Seda Real Estate Group we are constantly following the market so we can better serve you. Knowing what’s happening in Oklahoma City and the surrounding areas is an important part of what we do.

Here’s the latest on the Oklahoma City market from Seda Real Estate Group’s Lead Agent Becky Seda.

In the first week of September, we saw almost 700 houses come on the market. We also saw almost 700 houses drop their prices, here in Oklahoma City.

What does that mean for buyers and sellers?

It means that homes are not selling as quickly right now as they were in the previous market.

For sellers, it means that adjustments are having to be made to get the home to sell. Buyers are being very picky, right now, and aren’t afraid to ask for adjustments to be made.

For buyers, it means sellers are willing to negotiate. Houses are taking longer to sell and sellers get a little anxious to move on. That adds up to more room to negotiate. So, if you see a house that has been on the market for a bit, it’s likely worth making an offer on it.

If you have questions or want to talk about the market we are always happy to talk real estate. And, if you are looking to buy or sell a home our team would love to help. Give us a call at 405-400-9973. 

There’s a nationwide change in real estate that you need to know about, especially if you may be in the market for a new home! It’s not a scam. The changes are actually the result of a court settlement earlier this year involving NAR (National Association of REALTORS).

What’s Changing?

Starting August 17, 2024, realtors will no longer be able to show you any home unless you have signed a Buyer-Broker Agreement beforehand. This is a direct result of a lawsuit (specifically Burnett v. National Association of Realtors) involving NAR.

The Basics

A series of antitrust lawsuits filed against NAR regarding seller commissions is what led to the settlement. NAR was accused of engaging in practices that unfairly inflated commissions for real estate agents.Under the agreement, NAR is making changes to how agents and buyers interact. The goal is to increase transparency in commission disclosures, and ensure a more competitive and fair commission structure within the real estate market. At Seda Real Estate Group, we have always believed in transparency and look forward to continuing to make it a priority for our clients.

Since the settlement was announced in March, there’s been a lot of misinformation circulating. It’s important to those of us at Seda Real Estate Group to make sure you know the facts and how they will impact you, moving forward.

Why Is This Important?

Most people are not familiar with the term buyer-broker agreement and so it may be surprising or even concerning to a consumer to be presented with this. 

Previously, you could tour homes with an agent and not worry about signing paperwork until you got closer to finding your dream home. However, now, you must sign this agreement before seeing any property.

“Just the fact that you are going to need to sign a piece of paper to go inside of someone’s home is a HUGE change,” said Becky Seda, lead agent for Seda Real Estate Group.

This isn’t something we, as realtors, wanted, but it’s a requirement we must follow. With that being said, at Seda Real Estate Group we have always advocated for transparency. It is our hope that this change will help buyers to feel more informed and more confident throughout the process.

What Is A Buyer-Broker Agreement?

A buyer-broker agreement is a contract between you and your realtor stating you’ll work together for a designated period of time. It outlines the roles, duties, responsibilities, and commissions for the realtor.

“It basically says I am your agent, you are my buyer, we’re working together,” Seda said. “It outlines how much I get paid and how I get paid. Lots of transparency.”

Generally, you can sign a buyer-broker agreement for a single day or for a longer period, depending on your needs. You should also have the ability to end the agreement, should you decide the arrangement is not working for you. 

At Seda Real Estate Group, our team will be working to ensure buyers understand the agreement  — what it is and how to cancel it —BEFORE it is signed. It is still our belief that transparency throughout the process is essential.

No matter who your buyer’s agent is, it’s important to make sure you read and understand the paperwork. The buyer-broker agreement should outline what you can expect from the agent and how it can be canceled. 

Beware of any agreement that does not include details on how it can be canceled. You should never feel that you are “stuck” with an agent.

Why You Shouldn’t Be Upset With Your Realtor

Please remember, we’re being forced to follow this rule. We know it’s different and it may make some people uncomfortable, especially at first. However, we have to follow the rules set by NAR. And, ultimately, when used for its intended purpose, it will benefit you as a consumer. Transparency is a good thing!

If, after August 17, 2024, a realtor isn’t asking you to sign this agreement, be cautious – if they aren’t following this rule, they might be breaking other rules that could affect you legally.

We Are Here to Help!

We’re committed to guiding you through these changes and ensuring you understand every step. If you have questions or need help with buying or selling a home, reach out anytime. We are your Oklahoma City realtors, but we can also assist with referrals nationwide.

Give Seda Real Estate Group a call if you have questions about how this impacts your next real estate transaction. 405.400.9973.

There’s a huge misconception in the world of real estate that buyers need to pay 20-percent down when buying a home. In fact, it’s often one of the things that holds people back from starting the home buying process. However, it’s simply not true. 

You do not need to pay a 20-percent down payment to buy a home in Oklahoma, in 2024. 

What do you need? Well, that depends on the type of loan you are getting. Ultimately, a lender or mortgage company will help you figure that out. But there are many options out there. 

0% Loans

There are a few programs that offer ZERO PERCENT home loans to qualifying candidates. One of those is a VA, or Veterans Affairs, loan. A VA loan is a mortgage loan guaranteed by the United State Department of Veterans Affairs. These loans are typically available to servicemembers, veterans and their surviving spouses.

USDA loans, also known as the USDA Rural Development Guaranteed Housing Loan Program, often offer zero-percent homes loans. These loans may require that you live in certain locations and that you meet certain eligibility requirements. Your lender would help you figure out if you might qualify for this type of loan.

Help For Home Buyers

If you don’t qualify for a VA or USDA loan, there are many other options. 

If you are a schoolteacher, a firefighter, a nurse, or in various other groups, you may qualify for special grants available to first time home buyers. Those grants can help with your down payment of other expenses that come with buying a home. It’s important to talk with a lender about what options may be available. 

Taking the first step toward home ownership can change the trajectory of your family. 

“When you own a home, you are building that wealth for yourself, but also for your family members,” said Becky Seda, lead agent at Seda Real Estate Group.

“If you are the first person in your family to own a home that will change the future for your children and your grandchildren just based on being able to invest in yourself instead of helping someone else build their investment portfolio.”

The Most Common Loans

In Oklahoma, the most common loans for first time home buyers require a down payment of 3.5-percent. 

So, the basic answer to the question of how much do I need for a down payment, in Oklahoma, is a minimum of 3.5-percent.

It’s important to note that putting more than 3.5-percent down can help you in a number of ways. If you can put 20-percent or more into your down payment then you will avoid having to pay PMI, or private mortgage insurance, on your home. PMI is a special type of insurance that a lender requires on conventional loans with a down payment below 20-percent. It is a protection for them — not you— should something happen, and you were to stop making your loan payments. 

However, don’t let PMI be what keeps you from buying a home. At Seda Real Estate, very few of our buyers, especially first-time home buyers, have that much set aside to put into a down payment on a home.

“My advice to you is to find out what down payment you can afford and figure out what loan type will be most beneficial to you and get your foot in the door to home ownership,” said Seda. 

For many buyers, the way to build up to a higher down payment is to simply purchase that first home, making a lower down payment. As they live in the home the equity they have grows. Then, when they are ready, they can sell that home and use that equity to make a larger down payment on their next home. 

“Planning for your future and building that personal wealth that will go towards future down payments starts with buying that first house,” said Seda.

If you have questions about the home buying process our team would love to talk to you. Give us a call at 405-400-9973 or email us at contact@sedarealestategroup.com.

If you want to start the process of finding out what loan type you qualify for we can connect you with a local loan officer who will walk you through that process.