Developing Dowtown Tulsa

Tulsa Young Professionals (TyPros) hosted Jim Norton of Downtown Tulsa Unlimited with their Developing Tulsa series to promote the future of downtown Tulsa's development. Norton presented the importance of Tulsa's downtown describing its "sense of place" because it creates the unique thumbprint only Tulsa has to offer. Unlike other

Norton continued with the value of the investment we have in downtown Tulsa with the streets and expressways which link the city and the tax base it provides to fund for city and school functions.

The important factor for Tulsa to draw business is to bring residents back to the area. The Mayo Residences, First Street Lofts, Tribune Lofts and many other residential developments are attracting those resident back to downtown.

Safety and parking are the other issues Norton addressed explaining that the Tulsa Police Department will tell anyone that downtown Tulsa is the safest residential area in town but the perception, which is reality to the general public, is that downtown is not safe. To improve this perception, a police bike patrol and foot patrol are soon to be implemented to change the perception of the safety of downtown.

The master plan of downtown's 900 acres remains complicated for the simple fact that downtown is owned by many different property owners unlike a new development which is under the control of one person or entity. The City's plan must concentrate on the five areas which it does control. Those projects include streets, sidewalks, parking, green space,

The future of downtown may include potential retail developments by one of two different developers are brewing for the East side of downtown and some conjecture that Wal-Mart may consider a location for downtown. Other future changes proposed are removing one-way street restrictions and a comprehensive directional system (called way-finding system) to make the area more friendly for visitors.

Norton's final encouragement was for involvement in influencing legislators and city officials to coordinate and implement downtown development projects

What is an FHA loan

An FHA loan is a mortgage that is insured by the Federal Housing Administration, a division of the Department of Housing and Urban Renewal. The FHA will insure a lender against loss (in the event of borrower default), therefore encouraging lenders to make more loans to home buyers who might not otherwise qualify for home financing.

FHA loans are available with lower down-payment requirements, and in many cases the loan-to-debt ratio, which determines how much you can afford in mortgage payments, is more lenient than a conventional loan would allow. In our Tulsa and Oklahoma market, the FHA maximum loan amount is $200,160. Any loan above that amount would need to be a conventional or VA loan product. Borrowers who use FHA loans are required to pay a mortgage insurance premium at the loan closing (which can be financed into the loan), plus a monthly amount that is included in the loan payment. The monthly mortgage insurance premium for FHA loans is approximately ½ as much as the monthly private mortgage premium for conventional loans. There are many bond programs for first-time buyers that provide assistance towards down-payment and closing costs that can be done in combination with FHA insured mortgages. Many first home purchases in the Tulsa market are funded in this manner.

What Is a “Jumbo Mortgage?”

In Oklahoma, jumbo mortgages are any loans that exceed $417,000, as that is where the conforming conventional loan products end. Our country is considered the

wealthiest in the world because we have a strong middle class. The basic foundation of wealth for the middle class is homeownership. For those who are less well off or ranked near the bottom of the middle class, homeownership is a wealth building tool for accumulating wealth and moving up in the world.

For more information about this topic or other mortgage related questions, please contact mortgage expert Jeff Sargent of Pinnacle Mortgage Corp/a division of ONB bank @ 918.481.6833.

Darryl Baskin to represent Tulsa at International Luxury Real Estate Conference

Key Biscayne will host the spring conference for Who's Who in Luxury Real Estate. Darryl Baskin will represent Tulsa at the event which attracts the world's Top real estate brokers for luxury homes. Baskin has been a member of the international organization for four years and says "Representing Tulsa is a real pleasure. Comparing our home values to those of the rest of the world is eye-opening. We have some of the best values in the world and it is always an exciting opportunity to boast about our city in an environment of such prestige.'

Baskin says his affiliation with McGraw Realtors is "an appropriate fit" commenting that McGraw markets over 1 Billion dollars of real estate each year - more than any other company in the state, and McGraw Realtors is able to bring the right tools to the table to meet the demands of luxury home sellers. Baskin has represented the firm since 1990.

McGraw Unveils "McGraw Home Theater"

John Woolman, President of McGraw Realtors, the region's largest independent real estate firm, unveiled the company's newest advancement to their property website displaying properties for sale in Tulsa Oklahoma and surrounding communities. The new home tours show moving photos without cumbersome plug-ins and time-consuming downloads for the customer to hassle with. The new McGraw Home Theater will be available for public viewing on April 13th at www.mcgrawok.com

McGraw.com is recognized by web designers as an innovator for application of new ideas and technologies to the real estate market. McGraw, Realtors has over 550 sales associates and has served the Tulsa community for over 60 years. "Our particular emphasis is on attracting quality agents whose established reputations are an asset to our company and the people we serve," says Darryl Baskin, 17 year representative of the company. "You can't replace an upstanding reputation and long-term business relationships when you are handling the substantial investments of people's homes."

Broken Arrow Realtors gather for City Vision

Approximately 100 of the Tulsa area's top selling real estate agents met at Islamorada Restaurant inside the newly opened Bass Pro Shop, to learn more about Broken Arrow, Oklahoma's exceptional quality of life features. Mayor of the City of Broken Arrow, Richard Carter, opened the meeting with announcements of the new Broken Arrow Economic Corporation economic development plan recently presented by Angelou Economics.

Neil Dailey, commercial representative for The Baskin real Estate Specialists said "Keith Isbell, Chief Communications Officer of the Broken Arrow Public School District released substantially impressive data for the school system. This puts Broken Arrow schools into a category of national ranking and something the region should be aware of. This is what large corporations look for when they relocate their businesses or choose a location for expansion."

Broken Arrow is quickly earning a national reputation as a city with a plan for the future. As residents we can expect to enjoy the benefits of the City's vision over the coming years.

Sponsors of the event included Jim Beaver of The Arrow Group, John Linhardt of RCB Bank, City of Broken Arrow, Broken arrow Public School District, Chamber of Commerce, and Tulips on Broadway.

Congressman John Sullivan Speaks to McGraw Realtors

Congressman John Sullivan spoke to the weekly gathering of McGraw Realtors to share the latest news of the political climate in Washington D.C.. Congressman Sullivan explained the importance of the lobbying by Realtors to protect home sellers and maintain the effectiveness of the MLS systems across the country. Keeping the mortgage tax deduction is another critical function of the Realtor lobby.

The Congressman explained the impact of illegal aliens have on hospitals and other services provided to U.S. Citizens. Without taking necessary action, the illegal alien population will create irreversible damage to our economy and country which filters through to the housing market.

Energy independence has become a crucial subject. ANWAR needs to be opened for exploration to preserve our independence, according to Congressman Sullivan, and necessary precautions can protect the environmental interests of our country. Renewable energy sources are also a tremendous future for our country. Sullivan advocates Tulsa becoming the Center for Alternative Energies.

Continuing, Sullivan expressed the importance of health care reform in order to maintain our standard of care. Life span increases and costs of care will create new dynamics to our health care system and must receive our attention before an emergency gets out of hand.

“McGraw Realtors boasts a long history of political involvement understanding the importance of positive influence on our country's leadership to maintain the effectiveness of our government for the good of the people we serve,” says Darryl Baskin, one of the Company’s leading agents. McGraw Realtors has over 550 sales associates and markets over 1 Billion dollars of real estate annually. McGraw Realtors is the region’s largest independent real estate firm.

The Sub Prime Market is Sliding Downhill

What are sub-prime mortgages? Sub-prime loans are riskier loans in that they are made to borrowers unable to qualify under traditional, more stringent criteria due to a limited or blemished credit history. Sub-prime borrowers are generally defined as individuals with limited income or having FICO credit scores below 620 on a scale that ranges from 300 to 850. Sub-prime loans have a much higher rate of default than prime loans and are priced based on the risk assumed by the lender.

Many buyers and sellers in the Tulsa housing market should be asking that question, and all should be wondering how it could affect sales in this area. Typically, sub-prime customers are those who do not qualify for prime market rates because of a blemished or limited credit history. Sub-prime customers are therefore charged a higher interest rate to compensate for the increased probability of future default. There are deals on the table right now in our area that may not close because of the problems seen recently in the sub-prime market. We have buyers that were "approved" last month for a purchase money mortgage, but many of the lenders that had approved the mortgages have suddenly closed their doors and are in the process of going bankrupt. This has left both sellers and buyers all across the nation who are unable to close on the sale or purchase of their home. The Tulsa area economy has been stable since the mid 80s, when businesses were forced to diversify and bring new jobs to our area. There may be some buyers unable to purchase a home for a while due to credit issues and the quickly changing landscape of the mortgage industry. It is my opinion that we live in a region that will not feel the impact of these changes as severely as east and west coast cities and towns, where people were given loans that have accelerating interest rates and increasing payments that eventually will lead them to foreclosure. Should this happen in our area, it could negatively impact values.

According to the 2001 Expanded Guidance for Sub-prime Lending Programs, a sub-prime loan refers to "... the credit characteristics of individual borrowers. Sub-prime borrowers typically have weakened credit histories that include payment delinquencies and possibly more severe problems such as charge-offs, judgments, and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Sub-prime loans are loans to borrowers displaying one or more of these characteristics at the time of origination or purchase. Such loans have a higher risk of default than loans to prime borrowers." One of the reasons for lending to sub-prime borrowers is that, besides their profit potential, banks are obligated by law to offer lending services to clients of all income and credit levels. The Community Reinvestment Act, passed by Congress in 1977 requires that insured financial institutions such as commercial banks offer equal access to lending to all those in an institution's geographic assessment area. Before passage of the CRA, many lenders excluded low-income neighborhoods from their lending products. Many lenders not affiliated with banks have also been tightening their standards. The trend picked up after government-sponsored mortgage financier Freddie Mac said on February 27 that it would no longer buy high-risk mortgages. Ben Bernanke, the chief at the Federal Reserve is also urging Congress to boost regulation of Freddie Mac and its government sponsored counterpart, Fannie Mae.

For more information about this topic or other mortgage related questions, please contact mortgage expert Jeff Sargent of Pinnacle Mortgage Corp/a division of ONB bank @ 918.481.6833.

The government can't regulate independent lenders, but lenders will continue to tighten standards anyway over the next year to cauterize their losses, Plesser says. "In general lenders are being much more careful."

Broken Arrow Realtors Gather for City Update

Approximately 100 of the Tulsa area's top selling real estate agents met to learn more about Broken Arrow, Oklahoma's exceptional quality of life features. Mayor of the City of Broken Arrow, Richard Carter, opened the meeting with announcements of the new Broken Arrow Economic Corporation economic development plan recently presented by Angelou Economics.

Neil Dailey is the commercial representative for The Baskin real Estate Specialists and said "Keith Isbell, Chief Communications Officer of the Broken Arrow Public School District released substantially impressive data for the school system. This puts Broken Arrow schools into a category of national ranking and something the region should be aware of. This is what large corporations look for when they relocate their businesses or choose a location for expansion."

Broken Arrow is quickly earning a national reputation as a city with a plan for the future. As residents we can expect to enjoy the benefits of the City's vision over the coming years.

Sponsors of the event included Jim Beaver of The Arrow Group, John Linhardt of RCB Bank, City of Broken Arrow, Broken arrow Public School District, Chamber of Commerce, and Tulips on Broadway.