What are Conventional Loans and Conforming Loans?

By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. Oklahoma conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore Oklahoma conventional loan limits are the same thing as Oklahoma conforming loan limits.

Oklahoma Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in Oklahoma are determined by:

  • Oklahoma Conventional Loan LimitsMaximum LTV Ratio:  The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.
  • Maximum Loan Amount: Conventional loan limits in Oklahoma are set at the floor amount of $424,100 across the entire state. Metro areas in OK with a conforming limit of $424,100 include Oklahoma City, Norman, Tulsa, Ponca City and Lawton.

Search all Conventional Loan Limits in Oklahoma:

County Name
Area
1-Unit
2-Unit
3-Unit
4-Unit
ADAIRNON-METRO$424,100$543,000$656,350$815,650
ALFALFANON-METRO$424,100$543,000$656,350$815,650
ATOKANON-METRO$424,100$543,000$656,350$815,650
BEAVERNON-METRO$424,100$543,000$656,350$815,650
BECKHAMELK CITY, OK$424,100$543,000$656,350$815,650
BLAINENON-METRO$424,100$543,000$656,350$815,650
BRYANDURANT, OK$424,100$543,000$656,350$815,650
CADDONON-METRO$424,100$543,000$656,350$815,650
CANADIANOKLAHOMA CITY, OK$424,100$543,000$656,350$815,650
CARTERARDMORE, OK$424,100$543,000$656,350$815,650
CHEROKEETAHLEQUAH, OK$424,100$543,000$656,350$815,650
CHOCTAWNON-METRO$424,100$543,000$656,350$815,650
CIMARRONNON-METRO$424,100$543,000$656,350$815,650
CLEVELANDOKLAHOMA CITY, OK$424,100$543,000$656,350$815,650
COALNON-METRO$424,100$543,000$656,350$815,650
COMANCHELAWTON, OK$424,100$543,000$656,350$815,650
COTTONLAWTON, OK$424,100$543,000$656,350$815,650
CRAIGNON-METRO$424,100$543,000$656,350$815,650
CREEKTULSA, OK$424,100$543,000$656,350$815,650
CUSTERWEATHERFORD, OK$424,100$543,000$656,350$815,650
DELAWARENON-METRO$424,100$543,000$656,350$815,650
DEWEYNON-METRO$424,100$543,000$656,350$815,650
ELLISNON-METRO$424,100$543,000$656,350$815,650
GARFIELDENID, OK$424,100$543,000$656,350$815,650
GARVINNON-METRO$424,100$543,000$656,350$815,650
GRADYOKLAHOMA CITY, OK$424,100$543,000$656,350$815,650
GRANTNON-METRO$424,100$543,000$656,350$815,650
GREERNON-METRO$424,100$543,000$656,350$815,650
HARMONNON-METRO$424,100$543,000$656,350$815,650
HARPERNON-METRO$424,100$543,000$656,350$815,650
HASKELLNON-METRO$424,100$543,000$656,350$815,650
HUGHESNON-METRO$424,100$543,000$656,350$815,650
JACKSONALTUS, OK$424,100$543,000$656,350$815,650
JEFFERSONNON-METRO$424,100$543,000$656,350$815,650
JOHNSTONNON-METRO$424,100$543,000$656,350$815,650
KAYPONCA CITY, OK$424,100$543,000$656,350$815,650
KINGFISHERNON-METRO$424,100$543,000$656,350$815,650
KIOWANON-METRO$424,100$543,000$656,350$815,650
LATIMERNON-METRO$424,100$543,000$656,350$815,650
LE FLOREFORT SMITH, AR-OK$424,100$543,000$656,350$815,650
LINCOLNOKLAHOMA CITY, OK$424,100$543,000$656,350$815,650
LOGANOKLAHOMA CITY, OK$424,100$543,000$656,350$815,650
LOVENON-METRO$424,100$543,000$656,350$815,650
MAJORNON-METRO$424,100$543,000$656,350$815,650
MARSHALLNON-METRO$424,100$543,000$656,350$815,650
MAYESNON-METRO$424,100$543,000$656,350$815,650
MCCLAINOKLAHOMA CITY, OK$424,100$543,000$656,350$815,650
MCCURTAINNON-METRO$424,100$543,000$656,350$815,650
MCINTOSHNON-METRO$424,100$543,000$656,350$815,650
MURRAYNON-METRO$424,100$543,000$656,350$815,650
MUSKOGEEMUSKOGEE, OK$424,100$543,000$656,350$815,650
NOBLENON-METRO$424,100$543,000$656,350$815,650
NOWATANON-METRO$424,100$543,000$656,350$815,650
OKFUSKEENON-METRO$424,100$543,000$656,350$815,650
OKLAHOMAOKLAHOMA CITY, OK$424,100$543,000$656,350$815,650
OKMULGEETULSA, OK$424,100$543,000$656,350$815,650
OSAGETULSA, OK$424,100$543,000$656,350$815,650
OTTAWAMIAMI, OK$424,100$543,000$656,350$815,650
PAWNEETULSA, OK$424,100$543,000$656,350$815,650
PAYNESTILLWATER, OK$424,100$543,000$656,350$815,650
PITTSBURGMCALESTER, OK$424,100$543,000$656,350$815,650
PONTOTOCADA, OK$424,100$543,000$656,350$815,650
POTTAWATOMIESHAWNEE, OK$424,100$543,000$656,350$815,650
PUSHMATAHANON-METRO$424,100$543,000$656,350$815,650
ROGER MILLSNON-METRO$424,100$543,000$656,350$815,650
ROGERSTULSA, OK$424,100$543,000$656,350$815,650
SEMINOLENON-METRO$424,100$543,000$656,350$815,650
SEQUOYAHFORT SMITH, AR-OK$424,100$543,000$656,350$815,650
STEPHENSDUNCAN, OK$424,100$543,000$656,350$815,650
TEXASGUYMON, OK$424,100$543,000$656,350$815,650
TILLMANNON-METRO$424,100$543,000$656,350$815,650
TULSATULSA, OK$424,100$543,000$656,350$815,650
WAGONERTULSA, OK$424,100$543,000$656,350$815,650
WASHINGTONBARTLESVILLE, OK$424,100$543,000$656,350$815,650
WASHITANON-METRO$424,100$543,000$656,350$815,650
WOODSNON-METRO$424,100$543,000$656,350$815,650
WOODWARDWOODWARD, OK$424,100$543,000$656,350$815,650

Oklahoma conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in Oklahoma?

Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in Oklahoma, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

How much money will I need for the down payment and closing costs?

Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.

Minimum Oklahoma Conventional Loan Down Payment:

Residence UsageFixed-Rate Mortgage (FRM)Adjustable-Rate Mortgage (ARM)
1 Unit Primary3% Down Payment10% Down Payment
2 Units Primary15% Down Payment25% Down Payment
3 Units Primary25% Down Payment35% Down Payment
4 Units Primary25% Down Payment35% Down Payment
1 Unit Second Home10% Down Payment20% Down Payment
1 Unit Investment15% Down Payment25% Down Payment
2 Units Investment25% Down Payment35% Down Payment
3 Units Investment25% Down Payment35% Down Payment
4 Units Investment25% Down Payment35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

Conventional Home Loan RequirementsConventional home loan requirements & guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.

Learn more about conventional mortgages.

What types of mortgage and refinance programs do Conventional Loans offer in Oklahoma?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in Oklahoma:

  • Conventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private mortgage insurance.
  • Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if you have at 20% equity in your home.  If not, Conventional 97% loan programs may also work for you.
  • Cash-Out Refinance: A Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?

To meet conventional refinance mortgage requirements in Oklahoma, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More Oklahoma Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:

 

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