Mortgage Information
Loan Programs

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 TypeDescriptionLoan Limit (Tulsa County)Credit Score**Required Down PaymentMonthly PMISeller Paid Closing Costs of Buyer’s (% of Sales Price of Home)
ConventionalPrimary 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.
$766,550620 Minimum3%-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 requiredUp 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 onlyNo set limit. Typically
$766,550 depending on entitlement
620 Minimum0%NoUp 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 programNo Loan Limit620 Minimum0%YesUp to & including 6%, regardless of down payment amount
FHAPrimary residence only$498,257620 Minimum3.5%YesUp 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 utilize an Automated Underwriting System for loan requirements of approval.

All seller paid percents are based off the lesser appraised value or sales price. Seller can never pay down payment. • VA 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.

SpiritBank has teamed up with TIB

Whether you are embarking on the journey of buying your first home or considering refinancing, we are excited to offer a collaborative venture with a leading provider of mortgage loans. Through this partnership, SpiritBank extends its commitment to customer satisfaction by combining over a century of community banking expertise with a diverse range of competitive products and personalized home financing options.

Speak to our mortgage lender, Destiny Daniels, by calling (918) 549-9019. NMLS#2353174.


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.