Loan Programs : SpiritBank

Choosing a Loan Program

There isn’t a single or simple answer to this question. The right type of mortgage for you depends on many different factors:

Your current financial picture
How you expect your finances to change
How long you intend to keep your house
How comfortable you are with your mortgage payment changing

The best way to find the “right” answer is to discuss your finances, plans and financial prospects, and preferences frankly with a mortgage professional.

Loan Type	Description	Loan Limit (Tulsa County)	Credit Score**	Required Down Payment	Monthly PMI	Seller Paid Closing Costs of Buyer’s (% of Sales Price of Home)
Conventional	Primary residences, second homes, investment homes. Note: For Mortgages secured by Investment Properties, the maximum amount the seller may pay towards the buyer’s closing costs is 2% of the purchase price being paid.	$726,200	620 Minimum In some cases borrowers with N/A or No Credit may be able to be approved***	3%-5% or greater for Primary Residences Second Homes require 10% Down minimum Investment properties require 20% Down minimum	If 20% is not put down, PMI is required	Up to & including 3%, if borrower’s down payment is less than 10% Up to & including 6%, if borrower’s down payment is between 10% or greater Up to & including 9%, if borrower’s down payment 25% or greater
VA*	Primary residence only	No set limit. Typically $726,200 depending on entitlement	620 Minimum	0%	No	Up to & including 6%, regardless of down payment amount. In some cases can go higher.
Rural Development*	Primary residence only - there is a Household Income Limit and Property must be in a USDA Approved area for this program	No Loan Limit	620 Minimum	0%	Yes	Up to & including 6%, regardless of down payment amount
FHA	Primary residence only	$472,030	620 Minimum	3.5%	Yes	Up to & including 6%, regardless of down payment amount

* The interest on the portion of the loan that exceeds the value of the dwelling is not tax deductible. Please consult your tax advisor.

** Meeting a Credit Score minimum is not a guarantee of loan approval. Applicants must satisfactorily meet program requirements as well as Automated Underwriting System conditions before loan may be approved. All loan programs except the Section 184/Native American program utilize an Automated Underwriting System for loan requirements of approval.

***Applicants with no credit or all scores of ‘N/A’ may still be eligible for a conventional loan depending upon the specific circumstances of their credit request. Applicants should speak with their Mortgage Banker to find out more.

All seller paid percents are based off the lesser appraised value or sales price. Seller can never pay down payment. • VA & Native American loans require termite inspections. VA’s must be paid by the seller. • Occasionally, additional inspections may be required at underwriter’s discretion. • Subject to credit approval.• Conventional loan down payments above assume a transaction for a primary residence on traditional 1 Unit Single Family Home. Down payment requirements increase for Condominiums, Second/Vacation homes and properties with more than 1 unit (i.e. Duplexes, etc.). • Gifts may be an acceptable source of funds for down payment except when the property is non-owner occupied.

Applicants must be 18 years or older in order to apply for a loan.

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT UNDER THE USA PATRIOT ACT OF 2001

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a form of identification with your photograph or other identifying documents.