Mortgage Financing Options​
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Types of Mortgages

• Conventional
  • Conventional loans are mortgages originated by private lenders (banks, credit unions, mortgage companies) rather than directly guaranteed or insured by government agencies like the FHA, VA, or USDA.
  • They are the most widely used home loans, offering significant benefits for buyers with solid credit and steady finances, along with a few trade-offs
  • Cancellable Private Mortgage Insurance (PMI): If you put down less than 20%, you will pay monthly PMI. However, unlike FHA loans (where mortgage insurance premiums typically last the life of the loan), conventional PMI drops off automatically once you reach 20–22% equity in the home.
  • More Flexible Property Condition Standards: Conventional appraisals focus on market value rather than the stringent health, safety, and repair mandates seen in FHA/VA inspections (such as peeling paint, handrail requirements, or minor cosmetic deficiencies). This makes conventional offers far more appealing to sellers in competitive markets.
  • Go Conventional if: Credit score is 680 or higher, 5% to 20% down payment is available, or the buyer wants monthly payments to drop once 20% equity is established without needing to refinance.
• FHA
  • FHA loans are government-backed mortgages insured by the Federal Housing Administration, designed to make homeownership accessible for buyers with lower credit scores or smaller down payments.
  • They allow down payments as low as 3.5% and have more forgiving underwriting criteria, though they require both an upfront and an annual mortgage insurance premium (MIP) that typically stays for the life of the loan.
  • Go FHA if: Credit score sits between 580 and 660, debt-to-income (DTI) ratio is higher (up to 45%–50%), or the buyer needs to use standard down payment assistance programs.
• VA
  • VA loans are mortgages backed by the U.S. Department of Veterans Affairs, offered exclusively to active-duty service members, eligible veterans, and qualifying surviving spouses.
  • They offer significant financial advantages, including 0% down payment requirements, no monthly private mortgage insurance (PMI), and competitive interest rates, offset only by a one-time VA funding fee (which can be rolled into the loan or waived for service-connected disabilities).
  • Go VA if: You have qualifying military service and want to purchase a primary residence with zero money down, avoid monthly mortgage insurance, and secure competitive interest rates.

Types of Lenders

• Local
  • Bank of Oklahoma – Enid
    Contact: Kevin Boulware, Community Mortgage Banker (NMLS #1917826)
    Office: (580) 548-8501 | Mobile: (580) 478-5638
    Address: 2308 N. Van Buren St., Enid, OK 73703
    Email: [email protected]
  • Gateway Mortgage – Enid
    Contact: Mandy Bergdall, Mortgage Sales Manager (NMLS #1165480)
    Office: (580) 297-8223 |              Cell: (580) 478-5409                Address:                                       1006 W Cherry Ave, Enid, OK 73703Email: [email protected]
  • ​Great Plains Bank – Enid
    Contact: Kristi Miller, Mortgage Loan Specialist (NMLS #507276)
    Office: (580) 234-5313 | Mobile: (580) 541-4829
    Address: 2305 W. Owen K. Garriott Rd., Enid, OK 73703
    Email: [email protected]
    
    
• Semi-local
  • These Lenders do not have a physical office but they do a lot of loans in Enid and understand the Enid Market.
• National Non Local-Lenders
  • Problem with National Mortgage LendersWorking with large national mortgage lenders—especially big-box retail banks and online "call-center" originators—often introduces friction that can jeopardize transactions, frustrate buyers, and weaken purchase offers.
    1. Lack of Local Market & Property Nuance
  • Remote Appraisals: National lenders frequently assign appraisals through nationwide Appraisal Management Companies (AMCs) that utilize appraisers unfamiliar with hyper-local micro-markets, boundary quirks, outbuildings, or neighborhood valuation boundaries.
  • Local Customs & Doc Gaps: They often struggle with state- or county-specific contracts, regional disclosure rules, transfer taxes, or local title company customs, triggering late revisions.
    Rural & Unique Properties: National algorithms and underwriters struggle with atypical properties (wells, septic systems, acreage, manufactured homes, or outbuildings) that local lenders finance regularly.
  • 2. Assembly-Line Processing & Communication Silos
  • Disjointed File Handoffs: Applications move through multiple disconnected departments across different states—intake, processor, junior underwriter, senior underwriter, and closing department.
  • Disappearing Contacts: A borrower may have a great initial conversation with a loan officer, only to be redirected to a general 1-800 support queue or an unresponsive processing desk once in contract.
  • Time Zone Friction: Underwriting or closing desks located two or three time zones away frequently miss local title wire cutoffs or end-of-day closing deadlines.
  • 3. Rigidity and "Overlays"
  • Check-the-Box Underwriting: Big lenders rely heavily on automated underwriting algorithms. If a borrower has non-traditional income (1099, commission, seasonal, or self-employment), the file often stalls because processors lack the discretion to evaluate compensating factors.
  • Lender Overlays: National institutions often add strict internal guidelines (overlays) on top of standard Fannie Mae, Freddie Mac, FHA, or VA minimums, denying loans that smaller correspondent lenders or brokers could easily close.
  • 4. Closing Delays & Lost Contracts
  • Missed Closing Dates: Last-minute "conditions" from underwriting desks 24–48 hours before the scheduled closing are common, causing missed contract deadlines.
  • Offer Disadvantage in Competitive Markets: Listing agents frequently advise sellers to reject offers backed by notorious call-center lenders or big banks, knowing their track record for delayed closings and poor weekend communication.

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