There are a number of alternative lender programs designed to help borrowers purchase a new home in Oklahoma. Each loan program example has different criteria for eligibility.
FNMA/FHLMC
Conventional loan programs, commonly referred to as conforming loans usually offer the lowest interest rates and require automated underwriting by the mortgage lender.
FHA loans
With an FHA mortgage loan, you can put as little as 3% down in Oklahoma, but there are limitations on who qualifies and the maximum loan amount which can be borrowed.
VA loans
If you are a U.S. military veteran you may not have to make a down payment. For a fee, the federal government will guarantee your mortgage as long as it falls within the loan limits.
FMHA loans
Buying a rural property in Oklahoma? Get on a waiting list for a FMHA mortgage loan and the government might subsidize your home purchase.
Jumbo and Non-Conforming
These mortgage programs cater to the larger loan amounts with lower interest rates and give optional loan terms to help fit the most demanding Oklahoma lifestyles.
80-10-10/75-15-10: PiggyBack loans
You give a 10% mortgage down payment, get a first loan for 80% of the home purchase price and another second loan for the remaining 10% at a little higher interest rate.
100% - 0% Investment required
With zero down down payment programs you have the opportunity to begin home ownership with out relative assistance or having to save for that hefty down payment.
No Income No Asset Loans
Great mortgage loans for Oklahoma self-employed borrowers that don't want to produce tax returns and other stringent loan documents when buying a new home.
2nd Homes and Multi-Family Property
Typically properties -- vacation home on Grand Lake, rent house in Oklahoma City, -- no greater than 1-4 multi-family and common for the area in which the loan is being made.
Other Options
Other ways in helping a borrower obtain financing can also include and are not limited to.
Family gift or Down Payment Assistance
Seller and Broker Financing
Find a Private Loan Investor
Co-Borrower Non-Occupant status
1st and/or 2nd lien position.
Oklahoma Mortgage Lenders with loan programs to satisfy your alternative mortgage needs. Get traditional values and professional servicefree of charge and with no obligation. Never settle for just one quote on your home mortgage.
