The Exchange Bank has a team with over 80 years combined mortgage lending experience to better assist you. "Home ownership, now more than ever, is the cornerstone of the American dream. Our owners are driven to provide every means possible to help make that happen," said Dwight Hamann (Stillwater President). Come visit our mortgage lenders in Perry and Stillwater to see why we can help you obtain your dream of home ownership!
Types of Loans Offered
These loans are the most common type of mortgage. They typically require a down payment of as little as five percent or private mortgage insurance. Conventional loans provide a fixed rate or an adjustable for 10-30 years.
Federal Housing Administration. FHA loans are government insured and ideal for first time home buyers. They require a minimum down payment of 3.5% and offer other generous terms.
Veterans Administration loans are government insured and are available to qualified veterans and active members of the United States Military. These loans require no down payment and their many attractive features include 100% financing and lower rates than conventional loans.
If you live in a rural county you may qualify for one of these government guaranteed loans. Rural Development loans offer 102% financing, flexible credit documentation and other favorable features.
Amortizing mortgage for up to 90% of the appraised value.
Equity Line of Credit
Create a second mortgage on your home for up to 90% of the appraised value.
Construction line of credit secured by a mortgage on your proposed home for up to 85% of the appraised value.
Section 184 Native American Loans
Section 184 was initiated to help the Native American Indians obtain financing to buy a home. Native American mortgage borrowers that qualify for the section can purchase a house with a low down payment, less interest, no monthly mortgage insurance and flexible underwriting requirements. Borrowers can make use of this mortgage for a variety of purposes such as; Buying an existing or a new house. The program is for all of the tribes and communities. However, to get the advantage of this mortgage, one has to be an American Indian of a federally recognized tribe or one of the five state tribes. In addition, one must also provide a tribal enrollment card or tribal letter.
FHA Title 1 Home Improvement Loans
The Federal Housing Administration makes it easier for consumers to obtain affordable loans to improve properties. The loan terms cannot exceed 20 years and are limited to a maximum of $25,000.00. The program is limited to owner-occupied properties only. Loan proceeds shall be used only to finance property improvements that substantially protect or improve the basic livability or utility of the property.
Let's Get Started
In order to begin evaluating and processing a loan for you, we will need the following informationů
- Signed Loan Application
- Two years of W2's AND income tax returns
- Two months of bank statements
- Pay Stubs
- Two forms of personal identification
For more information please contact any of our Mortgage Loan Specialists....
EXCHANGE BANK HOME LOANS
4301 W. 6th
Stillwater, OK 74074
Monday thru Friday
8:00am to 5:00pm
EXCHANGE BANK HOME LOANS
Perry, OK 73077
Monday- Wednesday & Friday