Buying your first home is an exciting milestone, but it can also be a daunting process, especially when it comes to securing the right mortgage. If you’re a first-time homebuyer in Oklahoma City, you’ll want to work with a lender that understands your unique needs and can guide you through the process smoothly. In this article, we’ll explore some of the top mortgage lenders in Oklahoma City that cater specifically to first-time homebuyers.
New American Funding: A Variety of Loan Options for First-Time Buyers
New American Funding, with its wide range of loan types and specialization in serving minority borrowers, stands out as an excellent choice for first-time homebuyers in Oklahoma City. This lender offers conventional, FHA, VA, USDA, and jumbo loans, as well as adjustable-rate mortgages (ARMs) and refinancing options.
One of the key advantages of working with New American Funding is their commitment to providing low- and no-down-payment loans, which can be particularly beneficial for first-time buyers who may not have substantial savings for a large down payment. Additionally, the lender’s expertise in serving minority communities can be invaluable for those who may face unique challenges in the homebuying process.
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NBKC Bank: Streamlined Online Application and VA Loan Expertise
For first-time homebuyers in Oklahoma City who value a seamless online experience, NBKC Bank could be an excellent choice. This online bank and mortgage lender offer a simple online application process, making it easier for first-time buyers to navigate the often-complex mortgage process from the comfort of their homes.
NBKC Bank is also one of the few lenders that funds VA and FHA loans in all 50 states, making it an attractive option for first-time buyers who are eligible for these types of loans. Additionally, the lender does not charge any lender fees on VA loans, which can help reduce the overall costs associated with homeownership.
Rocket Mortgage: Top-Notch Customer Service and Digital Experience
Rocket Mortgage, formerly known as Quicken Loans, is the largest mortgage lender in the nation and is well-known for its fully digital experience in buying or refinancing a home. For first-time homebuyers in Oklahoma City who prefer a technologically advanced and user-friendly process, Rocket Mortgage could be an excellent choice.
One of the standout features of Rocket Mortgage is its excellent reputation for customer service. The company’s digital platform allows borrowers to track the status of their loan application at all times, and their team is readily available to answer any questions or concerns that may arise during the process.
Farmers Bank of Kansas City: Local Expertise and Online Convenience
While Farmers Bank of Kansas City may not be as well-known as some of the larger national lenders, it can be an excellent choice for first-time homebuyers in Oklahoma City who value local expertise and a personalized touch. As a branch of Farmers Bank & Trust, this lender has a strong presence in the region and offers a range of lending products, including home and business loans.
One of the key advantages of working with Farmers Bank of Kansas City is its online application process, which allows borrowers to view their loan status 24/7 and communicate with the lender via text, phone call, or email. This level of accessibility and transparency can be particularly valuable for first-time homebuyers who may have numerous questions and concerns throughout the process.
Veterans United Home Loans: Specialized VA Loan Expertise
For first-time homebuyers in Oklahoma City who are active-duty military personnel, veterans, or eligible surviving spouses, Veterans United Home Loans could be an excellent choice. This lender specializes in Department of Veterans Affairs (VA) loans and has generated the largest number of VA purchase loans per year in the nation since 2016.
Working with a lender that specializes in VA loans can be particularly beneficial for first-time buyers, as the process and requirements can differ from conventional mortgages. Veterans United Home Loans has extensive experience in navigating the VA loan process, ensuring a smooth and efficient experience for its borrowers.
Guaranteed Rate: Digital Closing and Diverse Loan Options
Guaranteed Rate is another lender that offers a wide range of mortgage options, including conventional, FHA, VA, jumbo, and ARM loans. One of the standout features of this lender is its digital closing process, which allows homebuyers to complete the closing process remotely, without the need for an in-person meeting.
For first-time homebuyers in Oklahoma City who value convenience and flexibility, Guaranteed Rate’s digital closing process can be a significant advantage. Additionally, the lender’s diverse range of loan products ensures that first-time buyers can find an option that suits their specific needs and financial situation.
PNC Bank: Comprehensive Online Tools and Assistance
PNC Bank is a full-service mortgage lender that offers a wide range of mortgage products, including conventional, FHA, VA, jumbo, ARM, refinancing, HELOC, and USDA loans. While PNC Bank may not have physical branches in all 50 states, its online presence and tools can be particularly valuable for first-time homebuyers in Oklahoma City.
One of the standout features of PNC Bank’s online platform is its comprehensive suite of tools designed to help homebuyers understand the full cost of homeownership. These tools can be invaluable for first-time buyers who may be navigating the complexities of homeownership for the first time.
Discover: No-Fee Home Equity Loans for Smaller Loan Amounts
While Discover is primarily known for its credit card and banking services, it also offers mortgage refinance and home equity loans to qualified borrowers. For first-time homebuyers in Oklahoma City who may not require a large loan amount or who are interested in home equity loans, Discover could be an attractive option.
One of the key advantages of working with Discover is that the lender charges no application, appraisal, or origination fees on its home equity and mortgage refinance loans. This can help reduce the overall costs associated with homeownership, which can be particularly beneficial for first-time buyers who may be working with a tighter budget.
PenFed Credit Union: Credit Union Advantage and Broker-Paid Closing Credits
Pentagon Federal Credit Union, also known as PenFed, is a credit union that offers a range of mortgage products, including conventional, adjustable-rate, jumbo, and VA loans, as well as refinancing options and home equity lines of credit (HELOCs). While membership is required, anyone can easily join by opening a savings account and depositing $5.
For first-time homebuyers in Oklahoma City who are interested in exploring credit union options, PenFed could be an attractive choice. One of the standout features of this lender is the availability of broker-paid closing credits of up to $1,500, which can help offset some of the upfront costs associated with homeownership.
U.S. Bank Mortgage: Nationwide Reach and Variety of Loan Types
U.S. Bank is a nationwide lender that offers a wide range of mortgage products, including conventional, FHA, VA, jumbo, ARM, refinancing, home equity, HELOC, and USDA loans. For first-time homebuyers in Oklahoma City who value the stability and reputation of a large, established lender, U.S. Bank Mortgage could be an excellent choice.
One of the key advantages of working with U.S. Bank Mortgage is the lender’s assistance with closing costs for its customers. This can be particularly beneficial for first-time buyers who may be struggling with the upfront costs associated with homeownership.
Conclusion
Navigating the mortgage process as a first-time homebuyer in Oklahoma City can be challenging, but working with the right lender can make all the difference. By considering factors such as loan product variety, online capabilities, customer service, and expertise in serving first-time buyers, you can increase your chances of finding a mortgage that meets your unique needs.
Whether you opt for a national lender like New American Funding, Rocket Mortgage, or U.S. Bank Mortgage, or a local institution like Farmers Bank of Kansas City or NBKC Bank, it’s essential to do your research and compare multiple options. Don’t hesitate to ask questions and seek guidance from lenders throughout the process to ensure a smooth and stress-free homebuying experience.
Remember, securing the right mortgage is a crucial step toward achieving the dream of homeownership, and with the right lender by your side, that dream can become a reality in Oklahoma City.
FAQs
What is the minimum credit score required for a mortgage in Oklahoma City?
The minimum credit score requirement can vary depending on the lender and the type of loan you’re applying for. However, most lenders in Oklahoma City typically require a minimum credit score of 620 for conventional loans and FHA loans. VA loans may have slightly lower credit score requirements, while jumbo loans may require higher scores.
Are there any first-time homebuyer programs available in Oklahoma City?
Yes, there are several first-time homebuyer programs available in Oklahoma City and the surrounding areas. One popular program is the Oklahoma Housing Finance Agency’s (OHFA) Down Payment Assistance program, which provides 3.5% down payment assistance toward the home purchase for eligible borrowers. Additionally, OHFA offers a discounted mortgage interest rate for teachers, first responders, and state employees.
How much should I save for a down payment as a first-time homebuyer in Oklahoma City?
The amount you’ll need to save for a down payment can vary depending on the type of loan you’re applying for and the lender’s requirements. Generally speaking, conventional loans may require a down payment of at least 3% to 5% of the home’s purchase price, while FHA loans may require as little as 3.5% down. VA loans and USDA loans may not require a down payment at all for eligible borrowers.
Should I get pre-approved for a mortgage before house hunting in Oklahoma City?
It’s generally recommended that first-time homebuyers in Oklahoma City get pre-approved for a mortgage before beginning their home search. Pre-approval involves submitting your financial information and documentation to a lender, who will then evaluate your creditworthiness and determine the maximum loan amount you qualify for.
Getting pre-approved has several advantages. First, it gives you a clear understanding of your budget and the price range you should be looking in, which can help streamline the home search process. Additionally, pre-approval shows sellers that you’re a serious and qualified buyer, which can give you an edge in a competitive market.
What documents do I need to provide for a mortgage application as a first-time homebuyer?
Most lenders in Oklahoma City will require a variety of documents from first-time homebuyers when applying for a mortgage. These may include:
- Proof of income (W-2 forms, pay stubs, tax returns)
- Proof of assets (bank statements, investment accounts)
- Proof of employment (employment verification letter)
- Credit report and credit scores
- Identification (driver’s license, passport)
- Rent payment history
- Gift letters (if using gift funds for down payment)
It’s a good idea to gather these documents in advance to ensure a smooth application process.
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