A conventional mortgage is the most common type of home loan in America. Most conventional mortgages have either fixed or adjustable interest rates. Typical fixed interest rate loans have a term of 15 or 30 years. Shorter-term loans and Adjustable-rate mortgages, or ARMs, are also available. Additionally, conventional mortgages can often be closed more quickly than other loan types because there is less “red tape” to cut through.
Conventional Mortgages must meet the following criteria:
- Loan Limit in Oklahoma $424,100.00
- Minimum 5% down payment.
- 640 Minimum Credit Scores.
- Monthly Mortgage Insurance with less than 20% down payment until you reach 80% Loan to Value
For more information the types of conventional loan solutions we offer as well as current interest rates, please contact us directly.