What type of home loans does OKCU offer?
OKCU has conventional, FHA, VA, no down payment, jumbo and construction loans available. You can also choose between fixed and adjustable rates.
| Type |
Credit History |
Max Loan to Value |
Mortgage Insurance |
| FHA |
Min 620 credit score. Accepts borrowers 2 years out of bankruptcy and 3 years out of foreclosure |
96.5% |
Must pay 1.75% of loan as insurance premium upfront, but can finance into loan. Annual mortgage premium approximately 0.85% of loan amount, divided equally in to 12 monthly payments. |
| VA |
Min 600 credit score. |
100% |
Must pay VA funding fee of up to 2.4% of loan amount, which can be financed into the loan up to 3.3%. |
| Conventional |
Min 620 credit score. |
95% |
Monthly premiums apply until loan amount drops below 80% of home's value. |
| No Down Payment |
Min 680 credit score. |
100% |
Monthly premiums apply until loan amount drops below 80% of home's value. |
| Construction |
Min 700 credit score. |
90% |
N/A |
| Jumbo |
Min 720 credit score. |
80% |
Mortgage insurance is not required. |
Not sure where to begin?
Keep in mind that it may take 30 - 90 days (or more) to locate the right home, secure financing and complete the home-buying process. Here is a quick look at the process of purchasing a home.
Step 1: Get pre-qualified online or over the phone.
Step 2: Return requested documents, including paystubs, bank statements and more.
Step 3: We'll work on processing your loan.
Step 4: Get ready for closing.
Learn More
Do
- Keep documents and statements readily available.
- Provide all pages of requested documents.
- Inform us of changes to your income, assets or purchase contract.
- Tell us if you or any co-borrower will be unable to attend the closing. A power of attorney may be required.
Don’t
- Don’t be afraid to ask questions. This may be the largest purchase you ever make and you should feel comfortable with the process.
- Don’t make any unnecessary money transfers between your accounts. This may require additional documentation and may result in closing delays.
- Don’t let your good credit rating slip. This can happen when you miss bill payments, open new credit accounts or charge major purchases on current lines of credit.
Still have questions? Contact us
When you finance your home through OKCU you enjoy