$850

Rent Purchase this 3Bed 2Bath Home in Stillwater while you can! New paint, Carpet and tile throughout! 3.5% FINANCING! NO MONEY DOWN FIRST TIME HOMEBUYER PROGRAM! This home is part of Pleasant Oaks of Stillwater Home Ownership program is the only one in Oklahoma. These houses were built under the Affordable Housing Tax Credit program in 2006. Our homes are all 3 bed, 2 bath, 2 car garage, refrigerators, washers and dryers, garbage disposal and dishwashers are provided. We have 4 floor plans. Square footages are 1246, 1307, 1310 and 1325 We provide $15,000 in closing cost, purchase price reduction and low interest loans to qualified buyers. Monthly payments as low as $832 per month. Our mortgage program provides for a 3.5% interest rate for the first 5 years to make our homes more affordable with the average payment of $850 per month. Initial Lease term is 6 months. Purchase option will expire if not executed within the 6 month lease process. Great news! The Pristine Mortgage Program (PMP) has been expanded to provide an option for financing that brings the payment amount closer to the rental rate of your home. Residents of Pleasant Oaks of Stillwater have a great opportunity to become a homeowner because you receive a $15,000 credit towards the purchase costs of the home coupled with favorable financing options. The PMP provides monthly payment reductions in the early years of the loan by providing lower interest rates. The reduced rates provides time for the Buyers to increase income, reduce short term expenses, and/or possible decreases in interest rates allowing for refinancing to a lower interest rate if appropriate. There are two loan options available under the expanded Pristine Mortgage Plan with Option A and Option B being the new option with lower monthly interest only payments for the first five years. The options are as follows: Option A. Step Interest Rate Loan The loan is similar to a typical 30 year home loan but with the benefit of the Buyer receiving a 3% interest reduction in Year 1 then a 2% interest rate reduction in Year 2 and a 1% interest rate reduction in Year 3. Then at the beginning of Year 4, the loan payment will be at the full Note interest rate of 6.5%. This loan results in principal and interest being paid with each monthly payment thereby increasing equity and reducing the principal balance of the loan to zero over 30 years. For example Option A with a loan amount of $170,000 the monthly payments of principal and interest would be as follows: Year Int. Rate Reduced Int. Rate *Monthly Payment 1 -3% 3.5% $763 2 -2% 4.5% $859 3 -1% 5.5% $957 4 & Beyond 0% 6.5% $1,058 *Payments do not include escrow payments for real estate tax and home insurance. Option B. Interest Only for 5 years then a Step Interest Rate Loan This loan option requires only interest payments for 5 years at the reduced rate of 3.5%. At year 6 the loan becomes the Step Interest Rate Loan as discussed above. The advantage of this loan is low payments for the first 5 years that provides a monthly payment closer to the rental rate yet gives you the opportunity to benefit from any appreciation of home value. The disadvantage is that monthly payments will not lower the principal of the loan but you can always pay additional funds any month to reduce the principal as your budget allows. An example of Option B with the same loan amount of $170,000 is as follows: Year Int. Rate Reduced Int. Rate * Monthly Payment 1 -3% 3.5% $496 Interest Only 2 -3% 3.5% $496 Interest Only 3 -3% 3.5% $496 Interest Only 4 -3% 3.5% $496 Interest Only 5 -3% 3.5% $496 Interest Only 6 -3% 3.5% $763 Principal & 7 -2% 4.5% $859 Principal & 8 -1% 5.5% $957 Principal & *Payments do not include escrow payments for real estate tax and home insurance. Estimated taxes and insurance are $325 per month