HomePath First-Time Homebuyer Program

FAQ About Our First-Time Homebuyer Assistance Programs

• How does the WEOKIE HomePath program work?

  Our first time home buyer programs offer a 30-year fixed-rate conventional loan, which means it offers steady payments over a generous loan term. Conventional means it's a private loan between you and a mortgage lender like WEOKIE and isn't government-backed like an FHA or VA loan.

  The difference between our HomePath Program and other loan programs is that you receive more financial assistance and guidance to help you on your journey as a first-time homebuyer in Oklahoma.

  We offer a down payment assistance program and assistance with closing costs. Plus, we'll waive private mortgage insurance (PMI), so you can afford to buy a home sooner than later.

  We want to ensure that our members have the best opportunity to make informed decisions, and the Mortgage Lending Experts with WEOKIE are always available to guide you through the process.

• What are the advantages of a fixed-rate mortgage?

  A fixed-rate mortgage means you always know what's coming because your monthly payment toward your principal and your monthly interest payment always stay the same. The only things that may change in your monthly payment are your property taxes or homeowners insurance.

  Unlike an adjustable-rate mortgage (ARM), your rates won't rise and fall with the unpredictable markets, so you can easily budget in the long term. If market rates do fall in the future, you could do a mortgage refinance to secure a lower rate.

• Why should I get pre-approved for a home loan?

  When you get pre-approved, you find out if you're eligible for a home loan and what total loan amount and rate you're likely to get. That means you can work out your monthly budget and look for homes in an affordable price range. Here are more benefits:

  • Compete in today's market with a fully underwritten pre-approval.
  • Show Realtors and Sellers you’re ready to buy.
  • Your homebuying process will be faster, so you and the sellers can get to the closing table more quickly and easily.

• How can I work out my monthly payment?

  You can use our purchase calculators to see how much monthly payment and purchase price you can afford.

• What is the mortgage process?

  Our experts are here to guide you through the mortgage process! Luckily, the HomePath process is much the same as for a regular home loan.

  First, apply online and get pre-approved for your mortgage with a likely starting rate. If pre-approved, we move to the next steps:

  • We'll process your application, verify all your documents, and request proof of income.
  • We need to order an appraisal of the home and a title search to check for any liens, plus check your flood certification if needed.
  • When all this is done, we complete the underwriting process to finalize your loan approval.
  • Then we close on your mortgage!

• What documents are needed for a First-Time Homebuyer in Oklahoma?

  The documents you need may vary depending on your situation, but here's our handy checklist so you can prepare:

  • Your current residence address, or addresses, for the past two years
  • Social Security numbers for all borrowers
  • Your employment history for the past two years – you'll need your employer(s) name, address, and phone number
  • Income information for all borrowers – you'll be asked to include salary, overtime, bonuses, commissions, interest/dividend, retirement income, and any other regular source of income
  • Details about your rental or home ownership history
  • If you own any other real estate, we'll want to know the address, current market value, amount you owe, amount of rental income you receive (if any), and what your monthly payment is
  • Information about your current debts – we'll ask for the name of the creditor, the account number, the current balance owing and the amount of your monthly payment

  We are here to help you find the right option to fit your needs. Give us a call at 405-235-3030 or apply online today.