— New Muskogee resident Kevin Fowler says he’s had an easy time moving in from West Virginia.

“The Realtors I had a chance to deal with were knowledgeable and supportive, and the loan process with the banks in Muskogee has been a lot easier than the West Virginia banks in selling a house,” said Fowler, 55. “We were ready to close the house within two weeks.”

Fowler, the new chief executive officer at Muskogee Regional Medical Center, is no stranger to finding and financing a home.

“I’ve had several homes,” he said.

Other home buyers might not face such smooth sailing now that lenders are taking a closer look at prospective customers. Yet, area lenders say people still manage to qualify.

“If you have good credit and maintain good credit, if you have job stability and a good job, it is easy,” said Kathy Flusche, president of Leader Mortgage of Muskogee.

However, it would not be as easy if a customer has had credit issues before, she said.

Flusche said buyers need a higher credit score than in the past to qualify for a loan.

Brenda Morgan, vice president and mortgage loan officer at First National Bank, said the current minimum credit score is around 620, “while it had been 580.”

“Mostly, the investors are setting the limits,” she said.

Morgan said the credit score is the first thing lenders such as First National Bank look for.

“If it is close, we look for opportunities to pull the score up,” she said.

She said she also looks for the customer’s employment status and debt-to-income ratio.

One good sign, Morgan said, is “rates have been really low.”

“A 30-year mortgage is running under 5 percent,” she said.

However, lenders are requiring a higher down payment in most cases, she said.

“Money is out there for people with good credit,” said Nick Fuller, owner/broker at Fuller Realty. “If they feel it is borderline, you may see people let go.”

Sherri Jones, broker/owner of Prospectors Real Estate, said lenders are willing to work with clients.

One key to a smoother home purchase is to get pre-qualified, he said.

“It’s just so they know where they can go with payments,” Fuller said. “It gets them comfortable with their own debts and makes it a smoother transition. It makes it easier to make a deal when you have a pre-qualified letter from a lender.”

Prospective buyers still can get pre-qualified or pre-approved for a loan within a day, lenders say.

“You can apply online, and the first day we can get an answer on your credit,” Morgan said. “Bring in a pay stub from work to get pre-approved and we could get a letter that same day.”

However, it could take longer to close a deal, and part of the delay is securing the loan, Jones said.

“Financing companies have tightened their belts,” she said. “It used take an easy four weeks. With Leader, it takes four weeks, the rest are asking six to eight weeks.”

Mortgage lenders such as Leader fall under different licensing than banks.

“A mortgage lender has to go through testing,” Flusche said. “We took the test and it was one of the toughest tests we took. But we feel we are up on all the regulations and laws.”

She said the Real Estate Settlement Procedures Act spells out what lenders must disclose to borrowers.

“The charges they state have to be in line with the charges at settlement,” she said. “The new law is supposed to help home buyers know what they’re getting into in comparing costs, but it made it more complicated for everyone. We try not to let it interfere with our closing time.”

In most cases, buyers no longer can get 100 percent financing, though Morgan said there are exceptions such as through the Rural Development program and Veterans Administration.

Also, Native Americans can take advantage of the Indian Home Loan Guarantee Program, through the Department of Housing and Urban Development.

“If you have an Indian card, you could have lesser down payment,” Flusche said. “One out of five customers have an Indian card. It’s a wonderful program.”

Reach Cathy Spaulding at 684-2928 or cspaulding@muskogeephoenix.com.