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Mortgage Loan Types

 

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Types of Home Loans:

  • Primary residence
  • Second home
  • Investment property
  • Vacation home
  • Construction
  • Land
  • Adjustable Rate Mortgage (ARM)
  • Government

Mortgage Term Options:

  • 7-year
  • 10-year
  • 15-year
  • 20-year
  • 30-year

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Government Loans

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FHA Loans

Backed by the Federal Housing Administration, FHA loans are mortgage loans that have lower down payment and credit requirements, making them accessible to more people. Depending on where you live, you can get an FHA loan with as little as 3.5% down. The downside of an FHA loan is that you’re required to pay an upfront mortgage insurance premium equal to 1.75% of your total loan value, followed by monthly mortgage insurance payments. Depending on the size of your down payment, you may be paying monthly mortgage insurance for the life of your loan.

Is this the loan for me?

  • You meet a relaxed credit score and DTI qualifications.
  • You can afford to put at least 3.5% down.
  • You may need gift funds from a relative for loan costs.

VA Loans

The U.S. Department of Veterans Affairs backs VA loans. VA loans are only for veterans, current military personnel and qualifying surviving spouses. The approval process will require you to have a valid certificate of eligibility (COE) as proof that you qualify for the loan. Like USDA loans, VA loans don’t require any down payment when buying a home. However, both types of loans still require the homebuyer to pay closing costs.

Is this the loan for me?

  • You are a veteran or active-duty military.
  • You want a loan that is easier to qualify for than other loans.
  • You want the option to put no money down.

 

USDA Loans

USDA loans are government-backed loans that can help you buy a home in a suburban or rural area. USDA loans don’t require a down payment with a qualifying credit score. The home you want to buy must also be in an eligible rural area; you can check your potential home’s eligibility on the USDA website.

Is this the loan for me?

  • You do not want a down payment.
  • You want a competitive interest rate.
  • You need relaxed credit requirements.

*Qualifications for First Time Home Buyer program include; Loan balance must be between $90,000 - $300,000 to qualify for the $1,000 discount; have not owned a home in previous three years; minimum credit score of 680; must occupy home purchased; Membership conditions may apply.

Based on a $100,000 purchase price with $5,000 down (5% minimum down payment required), monthly payments on a 30-year mortgage based on an interest rate of 6.500% with APR of 7.018%. The monthly payment for principal, interest and mortgage insurance would be $648. Escrow accounts will increase the monthly payment. Rate listed is for a first-lien mortgage. The rate may vary depending on each individual’s credit history and underwriting factors. Not all applicants will qualify. Programs, rates, terms or conditions are subject to change without notice. Other restrictions may apply.

For a conventional refinance loan with a loan amount of $80,000, 80% loan to value with a 15-year fixed rate of 6.375%, the APR is 6.845%. The monthly payment for principal and interest would be $691.40. Escrow accounts will increase the monthly payment. Rate listed is for a first-lien mortgage. The rate may vary depending on each individual’s credit history and underwriting factors. Not all applicants will qualify. Programs, rates, terms or conditions are subject to change without notice. Other restrictions may apply.

APR is defined as Annual Percentage Rate. Rate subject to credit approval. Rates subject to change.

1FHA loans require PMI upfront and monthly.

2VA loans require a funding fee, have certain property restrictions, and generally have less equity to start.

3USDA loans have certain income limits, property restrictions, occupancy requirements, and generally require a longer underwriting timeline.

 

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