BASIC LOAN INFORMATION Conventional Loans
Have a maximum loan limit of $726,200 (some counties can be higher loan limit) The minimum down payment is 3% of the purchase price (first time buyer) 20% down is recommended to avoid Mortgage Insurance Mortgage Insurance varies and depends on the amount of the down payment & score Seller concessions cannot exceed 3%, or 6% of purchase price with 10% down Non-Occupant Co-Borrower is allowed
FHA Loans
Have a maximum loan amount of $472,030 The minimum down payment is 3.5% of the purchase price Seller concessions cannot exceed 6% of the purchase price Requires upfront 1.75% and monthly .55% Mortgage Insurance Primary Borrower must live in home as primary residence
Jumbo Loans
Any loan amount over $726,200 up to $3M Down payment is 20% of purchase price, depending on credit scores and assets Buyer must have assets showing 12 months of reserves covering principal, interest Taxes and insurance for the home being purchased and any other properties owned Mortgage Insurance varies and depends on the amount of the down payment Interest Only Loans available
VA Loans
Maximum Loan amount depends on income, debt ratio, and other factors Borrower must be a Veteran, Active Military, Spouse or Surviving Spouse There is no down payment requirement Seller concessions cover all allowed costs & prepaid items VA Funding Fee is based on loan amount and Veteran’s eligibility and varies No monthly mortgage insurance (Min. Credit Score is 620)
USDA Rural Development Loans
Maximum loan amount and qualification is based on borrower’s household income Property must be in an RD zone No down payment required Seller concessions cover all allowed costs & prepaid items (not to exceed 6%) Guarantee Fees are 1% Upfront & .35% monthly Has monthly mortgage insurance (Min. Credit Score 620) Loan Limits: None, but Income Limits do appy
NON-QM Loans
Self Employed Bank Statement Loans Asset Loan Investor Cash Flow Loan 25% Down Foreign National Loan No income Verification 80% LTV Loans Primary Residence
(918) 894-8448 | kmcvey@ccoklahoma.com | kharimcvey.com | @KharíMcVeyRealtor
Selling Oklahoma!