MORTGAGE SOLUTIONS

 

 

At Citizens Bank of Edmond, we offer a wide-ranging list of products for whatever your home loan needs may be. From Conventional to VA to Interest Reduction Refinances, we're here to help.

Make your dream home a reality!

Conventional Loan

 

  • No Mortgage Insurance Premium (MIP):

    • Conventional loans do not require upfront or ongoing mortgage insurance premiums (MIP). With a down payment of 20% or more, private mortgage insurance (PMI) can be avoided as well. 

  • Flexible Property Types:

    • Conventional loans can be used for various property types, including primary residences, second homes, and investment properties. 

  • Credit Score Flexibility:

    • While conventional loans generally require a higher credit score, they offer more flexibility in terms of credit history and credit profiles. Borrowers with excellent credit can access competitive interest rates.

  • Higher Loan Limits:

    • Conventional loans often have higher loan limits compared to government-backed loans like FHA. This can be advantageous when purchasing a more expensive home.

  • Investment Opportunities:

    • Real estate investors often prefer conventional loans for purchasing rental properties. The absence of strict occupancy requirements allows for more investment opportunities.

  • Refinancing Options:

    • Conventional loans offer more refinancing options, including cash-out refinancing.

Federal Housing Administration (FHA) Loan

 

  • Lower Down Payment:

    • FHA loans typically require a lower down payment compared to conventional loans. Borrowers can put down as little as 3.5% of the home’s purchase price. This makes homeownership more accessible, especially for first-time buyers who may not have substantial savings.

  • Flexible Credit Requirements:

    • FHA loans are more forgiving when it comes to credit scores. Borrowers with lower credit scores can still qualify. 

    • Additionally, FHA loans are more lenient regarding DTI (Debt-to-Income) ratios. Borrowers can have a higher percentage of their income going toward debt payments and still qualify.

  • Assumable Loans:

    • FHA loans are assumable, which means that a buyer may take over the existing FHA loan. This feature can be attractive to potential buyers and may make the home more marketable.

  • Non-Occupant Co-Borrowers:

    • FHA loans allow non-occupant co-borrowers (such as parents) to help qualify for the loan. This can be useful for young buyers who need assistance from family members.

  • Streamlined Refinancing:

    • FHA loans allow for streamlined refinancing, making it easier to refinance without extensive paperwork or credit checks. This can be helpful if interest rates drop.

Veterans Affairs (VA) Loan

 

  • Eligibility:

    • This mortgage program is specifically designed for eligible veterans, active-duty service members, and surviving spouses.

  • No Down Payment Requirement:

    • VA loans offer 100% financing, meaning borrowers can purchase a home without making a down payment. This benefit is especially valuable for veterans who may not have substantial savings.

  • No Private Mortgage Insurance (PMI):

    • VA loans do not require PMI. This can significantly reduce monthly payments.

  • Flexible Credit Requirements:

    • VA loans are more lenient regarding credit scores. While a good credit history is essential, veterans with less-than-perfect credit can still qualify.

  • Assumable Loans:

    • VA loans are assumable, allowing a buyer to take over the existing VA loan when the home is sold. This feature can make the property more attractive to potential buyers.

  • Streamlined Refinancing (IRRRL):

    • The VA offers the Interest Rate Reduction Refinance Loan (IRRRL), which allows veterans to refinance an existing VA loan to a lower interest rate without extensive paperwork or a new appraisal.

United States Department of Agriculture (USDA) Loan

 

  • No Down Payment Requirement:

    • One of the most significant advantages of USDA loans is that they allow for 100% financing. Borrowers can purchase a home without making a down payment. 

  • Flexible Credit Requirements:

    • While USDA loans consider credit history, they are more lenient regarding credit scores. Borrowers with lower credit scores may still qualify. 

  • Rural and Suburban Eligibility:

    • USDA loans are specifically designed for properties in eligible rural and suburban areas. The program aims to promote homeownership in less densely populated regions.

  • Income Limits:

    • USDA loans have income limits based on the area’s median income. Borrowers must meet these limits to qualify. The program is particularly beneficial for moderate-income households.