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Oklahoma Conventional Loans

What are Conventional Loans and Conforming Loans?
By definition, a Conventional Loan is any mortgage that is not guaranteed or insured by the federal government. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac. Conventional loans may be either "conforming" and "non-conforming". Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Nonconforming loans don't meet Fannie Mae or Freddie Mac guidelines, but they are also considered conventional.


What factors determine if I am eligible for a Conventional Conforming Loan in Oklahoma?
To be eligible for a Conforming Loan in Oklahoma, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. At least a 620 FICO credit score is generally required to obtain a conventional conforming loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

What is the maximum amount that I can borrow?
The maximum amount for a Conventional Loan in Oklahoma is determined by:

Maximum Loan Amount: The maximum loan amount allowed for a Conventional Conforming Loan varies from county to county. The highest maximum Conventional Conforming right now is $729,750. The lowest maximum Conventional Mortgage amount available in any county is $417,000. To see what the limit is in the county in which you're interested, visit the following site https://www.efanniemae.com/sf/refmaterials/loanlimits/. This site lists U.S. territories as well as states.

Maximum financing: In Oklahoma, the maximum Conventional Mortgage amount will be 80% - 95% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs?
Conventional Home Mortgage Loans require the home buyer to invest at least 5% - 20% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $5,000 - $20,000.

What property types are allowed for Conventional Conforming Mortgages?
Conventional Mortgage Guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional Loans can be used to finance primary residences, second homes and investment property.

Learn more about Conventional Mortgages.

View Home Loan Comparison.

What types of refinance programs do Conventional Loans offer in Oklahoma?
There are two main types of Conventional Refinance loans available in Oklahoma.

Conventional Rate/Term Refinance
Conventional Rate/Term Refinancing Loans are for borrowers who currently have conventional fixed rate homeowner loans or ARM mortgages and wish to refinance into a Conventional Mortgage. This program helps borrowers who wish to have a stable, Conventional insured fixed rate mortgage.

Cash-Out Refinance
An Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.


What factors determine if I am eligible for a Conventional Refinance Loan?
To meet Conventional refinance loan requirements in Oklahoma, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

More information about Conventional Refinance

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Oklahoma Conventional Mortgage Limits by County
Updated 05/05/2009
County Name MSA Name        
Single
   Duplex      Triplex     Fourplex
ADAIR, OK NON-METRO $417,000 $533,850 $645,300 $801,950
ALFALFA, OK NON-METRO $417,000 $533,850 $645,300 $801,950
ATOKA, OK NON-METRO $417,000 $533,850 $645,300 $801,950
BEAVER, OK NON-METRO $417,000 $533,850 $645,300 $801,950
BECKHAM, OK ELK CITY, OK (MICRO) $417,000 $533,850 $645,300 $801,950
BLAINE, OK NON-METRO $417,000 $533,850 $645,300 $801,950
BRYAN, OK DURANT, OK (MICRO) $417,000 $533,850 $645,300 $801,950
CADDO, OK NON-METRO $417,000 $533,850 $645,300 $801,950
CANADIAN, OK OKLAHOMA CITY, OK (MSA) $417,000 $533,850 $645,300 $801,950
CARTER, OK ARDMORE, OK (MICRO) $417,000 $533,850 $645,300 $801,950
CHEROKEE, OK TAHLEQUAH, OK (MICRO) $417,000 $533,850 $645,300 $801,950
CHOCTAW, OK NON-METRO $417,000 $533,850 $645,300 $801,950
CIMARRON, OK NON-METRO $417,000 $533,850 $645,300 $801,950
CLEVELAND, OK OKLAHOMA CITY, OK (MSA) $417,000 $533,850 $645,300 $801,950
COAL, OK NON-METRO $417,000 $533,850 $645,300 $801,950
COMANCHE, OK LAWTON, OK (MSA) $417,000 $533,850 $645,300 $801,950
COTTON, OK NON-METRO $417,000 $533,850 $645,300 $801,950
CRAIG, OK NON-METRO $417,000 $533,850 $645,300 $801,950
CREEK, OK TULSA, OK (MSA) $417,000 $533,850 $645,300 $801,950
CUSTER, OK NON-METRO $417,000 $533,850 $645,300 $801,950
DELAWARE, OK NON-METRO $417,000 $533,850 $645,300 $801,950
DEWEY, OK NON-METRO $417,000 $533,850 $645,300 $801,950
ELLIS, OK NON-METRO $417,000 $533,850 $645,300 $801,950
GARFIELD, OK ENID, OK (MICRO) $417,000 $533,850 $645,300 $801,950
GARVIN, OK NON-METRO $417,000 $533,850 $645,300 $801,950
GRADY, OK OKLAHOMA CITY, OK (MSA) $417,000 $533,850 $645,300 $801,950
GRANT, OK NON-METRO $417,000 $533,850 $645,300 $801,950
GREER, OK NON-METRO $417,000 $533,850 $645,300 $801,950
HARMON, OK NON-METRO $417,000 $533,850 $645,300 $801,950
HARPER, OK NON-METRO $417,000 $533,850 $645,300 $801,950
HASKELL, OK NON-METRO $417,000 $533,850 $645,300 $801,950
HUGHES, OK NON-METRO $417,000 $533,850 $645,300 $801,950
JACKSON, OK ALTUS, OK (MICRO) $417,000 $533,850 $645,300 $801,950
JEFFERSON, OK NON-METRO $417,000 $533,850 $645,300 $801,950
JOHNSTON, OK NON-METRO $417,000 $533,850 $645,300 $801,950
KAY, OK PONCA CITY, OK (MICRO) $417,000 $533,850 $645,300 $801,950
KINGFISHER, OK NON-METRO $417,000 $533,850 $645,300 $801,950
KIOWA, OK NON-METRO $417,000 $533,850 $645,300 $801,950
LATIMER, OK NON-METRO $417,000 $533,850 $645,300 $801,950
LE FLORE, OK FORT SMITH, AR-OK (MSA) $417,000 $533,850 $645,300 $801,950
LINCOLN, OK OKLAHOMA CITY, OK (MSA) $417,000 $533,850 $645,300 $801,950
LOGAN, OK OKLAHOMA CITY, OK (MSA) $417,000 $533,850 $645,300 $801,950
LOVE, OK ARDMORE, OK (MICRO) $417,000 $533,850 $645,300 $801,950
MCCLAIN, OK OKLAHOMA CITY, OK (MSA) $417,000 $533,850 $645,300 $801,950
MCCURTAIN, OK NON-METRO $417,000 $533,850 $645,300 $801,950
MCINTOSH, OK NON-METRO $417,000 $533,850 $645,300 $801,950
MAJOR, OK NON-METRO $417,000 $533,850 $645,300 $801,950
MARSHALL, OK NON-METRO $417,000 $533,850 $645,300 $801,950
MAYES, OK NON-METRO $417,000 $533,850 $645,300 $801,950
MURRAY, OK NON-METRO $417,000 $533,850 $645,300 $801,950
MUSKOGEE, OK MUSKOGEE, OK (MICRO) $417,000 $533,850 $645,300 $801,950
NOBLE, OK NON-METRO $417,000 $533,850 $645,300 $801,950
NOWATA, OK NON-METRO $417,000 $533,850 $645,300 $801,950
OKFUSKEE, OK NON-METRO $417,000 $533,850 $645,300 $801,950
OKLAHOMA, OK OKLAHOMA CITY, OK (MSA) $417,000 $533,850 $645,300 $801,950
OKMULGEE, OK TULSA, OK (MSA) $417,000 $533,850 $645,300 $801,950
OSAGE, OK TULSA, OK (MSA) $417,000 $533,850 $645,300 $801,950
OTTAWA, OK MIAMI, OK (MICRO) $417,000 $533,850 $645,300 $801,950
PAWNEE, OK TULSA, OK (MSA) $417,000 $533,850 $645,300 $801,950
PAYNE, OK STILLWATER, OK (MICRO) $417,000 $533,850 $645,300 $801,950
PITTSBURG, OK MCALESTER, OK (MICRO) $417,000 $533,850 $645,300 $801,950
PONTOTOC, OK ADA, OK (MICRO) $417,000 $533,850 $645,300 $801,950
POTTAWATOMIE, OK SHAWNEE, OK (MICRO) $417,000 $533,850 $645,300 $801,950
PUSHMATAHA, OK NON-METRO $417,000 $533,850 $645,300 $801,950
ROGER MILLS, OK NON-METRO $417,000 $533,850 $645,300 $801,950
ROGERS, OK TULSA, OK (MSA) $417,000 $533,850 $645,300 $801,950
SEMINOLE, OK NON-METRO $417,000 $533,850 $645,300 $801,950
SEQUOYAH, OK FORT SMITH, AR-OK (MSA) $417,000 $533,850 $645,300 $801,950
STEPHENS, OK DUNCAN, OK (MICRO) $417,000 $533,850 $645,300 $801,950
TEXAS, OK GUYMON, OK (MICRO) $417,000 $533,850 $645,300 $801,950
TILLMAN, OK NON-METRO $417,000 $533,850 $645,300 $801,950
TULSA, OK TULSA, OK (MSA) $417,000 $533,850 $645,300 $801,950
WAGONER, OK TULSA, OK (MSA) $417,000 $533,850 $645,300 $801,950
WASHINGTON, OK BARTLESVILLE, OK (MICRO) $417,000 $533,850 $645,300 $801,950
WASHITA, OK NON-METRO $417,000 $533,850 $645,300 $801,950
WOODS, OK NON-METRO $417,000 $533,850 $645,300 $801,950
WOODWARD, OK WOODWARD, OK (MICRO) $417,000 $533,850 $645,300 $801,950


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 Why choose a Conventional Loan?

  • Oklahoma Conventional Mortgages are likely the best home loan for borrowers with excellent credit and a substantial down payment.
  • There are no prepayment penalties for a Conventional Conforming Mortgage.
  • A Conforming Loan can be used in Oklahoma for the purchase of a Primary Residence, Second Home or Investment Property.
  • A Conventional Mortgage is available all areas of Oklahoma, provided a market exists for the property and the home meets minimum property standards.
  • A Conforming Loan may be used to purchase or refinance a new or existing one to four family home in urban and rural areas of Oklahoma, including manufactured homes on permanent foundations.
  • A Conventional house loan can be offered at terms of 10, 15, 20, 25, 30 and 40 years. The terms of 15 and 30 years often carry the lowest interest rates.



. What types of Conventional Mortgages are available in Oklahoma?

Fixed Rate Mortgage
Most Conventional Mortgages are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same for the entire loan period. With a fixed rate Conventional Mortgage, you always know exactly how much your monthly payment will be. Contact us for today's free Conventional mortgage rates.

Adjustable Rate Mortgage
With a conventional adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. Conventional Loans mainly use the Constant Maturity Treasury Index (CMT) or the London Interbank Offered Rate Index (LIBOR) to calculate the changes in interest rates. Conventional ARMS are offered with initial fixed rate periods of 3 years, 5 years, 7 years and 10 years.

 Conventional Refinance Programs

Conventional Rate/Term Refinance
Conventional Rate/Term Refinance Mortgage Loans are for for borrowers who currently have a conventional fixed rate or ARM mortgage. This program helps those who are refinancing a loan and wish to refinance into a stable, Conventional Mortgage.

Cash-Out Refinance
Conventional Cash Out Refinance loans are perfect refinancing home equity loans for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.




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