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3 Top Oklahoma jumbo loan lenders
If you’re ready to look over the best jumbo loan lenders in Oklahoma, here are some options to consider.
1. Flagstar Bank
Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.
We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:
- Loan amounts up to $3 million on primary residences
- Loan amounts up to $2.5 million on second homes
- Purchase and rate/term refinance options available on primary residences and second homes
- No prepayment penalties
- First-time homebuyers permitted
- No mortgage insurance options available
- Cash-out options available on primary residence
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
2. SoFi
SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.
We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:
- Loan amounts up to $3 million
- Down payments start at 10% and increase as the loan amount increases.
- No PMI, regardless of your down payment amount.
- 15-year or 30-year fixed rate products available
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
3. Huntington Bank
Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.
We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:
- Loan amounts up to $2.5 million
- Purchase and refinance available
- Refinancing allows you to take up to $750,000 of equity out of your home.
- Second homes are eligible
- Multi-unit properties are eligible
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Do I need a Oklahoma jumbo loan?
Do you have money for a big down payment? Or, are all the properties you are looking at under the limits of conventional loans? In those cases, you might not need a Oklahoma jumbo loan. Who needs a jumbo loan? Anyone looking to finance a home above conforming limits in the easiest way possible.
Financing more expensive properties with conventional loans makes for some pretty complicated finances: You either need to take out several mortgages or put down a large down payment to cover the cost with conforming loans. With a jumbo loan, you can take care of the whole purchase in one loan and without a large down payment, in many cases.
Not all traditional home loans will work for high cost properties on the NMLS. Other loan options are out there, including jumbo loans that help make these purchases possible for valuable real estate. Assuming you can cover the monthly payments and closing costs, and are fine with the selected interest rates, this can help you get a great single family home that you wouldn’t be able to finance due to conforming loan limits.
Fannie Mae and Freddie Mac supported mortgages may not meet your needs. Use a mortgage calculator to determine if the mortgage rates align well with what’s in your budget for a monthly payment. If you already looked into an FHA loan and realized it won’t work due to the home value or down payment requirements expected of homeowners, you’re not out of luck for an Oklahoma mortgage.
The pros and cons associated with Oklahoma jumbo loans
If you are considering a Oklahoma jumbo loan, take a moment to think about the pros and cons. The biggest pro, as mentioned above, is that these loans give you a way to finance a large purchase under a single mortgage.
There are cons, but they may well be something you can handle. For one, you will need good to great credit. Next, you need to keep in mind that Oklahoma jumbo loans can come with high interest rates, as well. If those things seem like factors you can easily navigate, then a jumbo loan may be just the answer you need to finance a new home in Oklahoma.
Need a jumbo loan in a different state?
If you want to find the best jumbo loans in other states, click on your state below.