Loan Options
Building a new home, buying a new home, or buying an older
home needing renovations, we have loan options that work for you
Financing Options
We offer various options to help you finance your home. Your Home Lending Expert can review each of the following with you to help determine which mortgage loan is right for you, including term length and fixed or an adjustable rate.
| Loan Type | The Benefits | The Details |
|---|---|---|
Fixed–Rate Mortgage/ Conventional |
With a fixed–rate mortgage, you'll always know what your monthly principal and interest payments will be. You can also lower your monthly payments by spreading them out over a long period of time. |
Your interest rate is guaranteed to remain fixed for the length of the loan. The lower/shorter the term, the more you save in interest payments. |
Adjustable–Rate Mortgage (ARM) |
An adjustable-rate mortgage (ARM) also called a variable-rate or floating rate mortgage, is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. |
Your interest rate is fixed for a period of time, and then converts to an adjustable rate, with periodic adjustments for the remaining term of the loan, based on a benchmark or index plus an additional spread or margin. |
Jumbo Mortgage |
Financing is available up to 85% of your home’s value with no mortgage insurance for a purchase or refinance with no cash back subject to property type, a required minimum credit score and a minimum amount of monthly reserves. Example: Loan amount up to $850,000 for a house that appraises for $1,000,000. |
Jumbo mortgages are available when you need to finance amounts greater than conventional limits, up to $3 million on an eligible primary residence or second/vacation home, up to $1 million on an investment property. |
FHA Mortgage |
FHA mortgages offer down payments as low as 3.5%, which can include the use of gift funds. You do not need to meet low-to-moderate income requirements to qualify. Example: Down payment of $3,500 for a house that appraises for $100,000 |
An FHA Mortgage is a loan insured by the government. It can be used to purchase or refinance 1– to 4–unit properties dwellings up to a defined limit. Monthly mortgage insurance is required, as well as a mortgage insurance premium paid at closing. |
Veterans Affairs (VA) |
VA loans have low or no down payment options available and do not have a mortgage insurance requirement resulting in lower monthly payments compared to other options. |
If you are a veteran or active-duty service member, or a member of the Guard or Reserve, you may be eligible for a VA loan. These can be used to purchase or refinance 1- to 4-unit dwellings. |
Loan Options
| Conforming Conventional | Non-Conforming Conventional (Jumbo) | FHA | VA Standard | |
|---|---|---|---|---|
| Down Payment* | Minimum 3% down | Varies | Minimum 3.5% down | No money down for qualified borrowers for loan amounts below $453,100 |
| Program Fees (UFMIP**, Guarantee Fee, Funding Fee, etc.) |
None | None | 1.75% of loan amount | 0 - 3.30% of loan amount |
| Minimum FICO Credit Score | 620 | Varies | 580 with AUS approve/accept eligible and max debt-to-income ratio of 43% | 580 with AUS approve/accept eligible and max debt-to-income ratio of 43% |
| Second Homes (Y/N) |
Yes | Yes | No | No |
| Investment Property (Y/N) |
Yes Minimum 15% down |
Yes | No | No |
| Multi-Family Home (2-4 UNITS) (Y/N) |
Yes | No | Yes | Yes |
| Income Restrictions | Standard conventional loans do not have income limits; however, income limits on specialty programs may apply. | None | None | None |
| Max Seller Contributions | 3% if LTV** > 90% 6% if LTV 75.01-90% 9% if LTV ≤ 75% 2% for investment properties |
Varies | 6% | 4% |
Jumbo loans will be based on specific investor guidelines. See your Loan Officer for details.
* Multiple bankruptcies within most recent seven years require a five-year waiting period. Fannie Mae and Freddie Mac require an AUS approval. Not a commitment to lend. Borrower must meet qualification criteria. Kirkpatrick Bank is not affiliated with the U.S. Government.
Home Equity Loans
A home equity loan is a great way to finance home improvements, education, vacations, or debt consolidation. Consult with your tax advisor to see how this loan may benefit you.
*Please complete this form, print it off and mail it to:
Attn: Personal Loans, Kirkpatrick Bank, 15 E. 15TH ST. EDMOND, OK 73013.
Or send via fax:
Oklahoma 405-341-9125 Colorado 719-866-6311
Do NOT email.
Flex Equity Line
The Flex Equity Loan allows flexibility to obtain funds as needed, unlike a traditional second mortgage, which provides funds all at once. An available balance is established within the credit line, against which checks may be written to cover a wide range of needs, including college tuition, home improvement, or a new business start-up.
*Please complete this form, print it off and mail it to:
Attn: Personal Loans, Kirkpatrick Bank, 15 E. 15TH ST. EDMOND, OK 73013.
Or send via fax:
Oklahoma 405-341-9125 Colorado 719-866-6311
Do NOT email.
