Jumbo Loans

FAQ About Oklahoma Jumbo Loans

• What is a Jumbo Loan?

  A Jumbo Loan lets you borrow over $766,550, which is the limit for funding criteria set by the Federal Housing Finance Agency (FHFA). A jumbo mortgage is known as a non-conforming loan because it exceeds the FHFA conforming loan limit. 

  Non-conforming loans are still considered to be conventional loans because they're not backed by the federal government, like an FHA loan or VA loan. However, non-conforming loans can't be sold to Fannie Mae and Freddie Mac, which are the largest mortgage buyers in the U.S. 

  Instead, WEOKIE will continue to service your loan through your entire loan term! To qualify for our Jumbo Loan program, you usually need to meet stricter criteria than for conforming loans:

  • You may need higher credit scores than usual.
  • You may need a lower debt-to-income ratio than usual.
  • You may need to have higher cash reserves to show you will always be able to meet the higher monthly payment amount.
  • Jumbo loan limits may be based on your unique financial picture. 

  We want to ensure that our members have the best opportunity to make informed decisions, and the mortgage lending experts with WEOKIE are always available to guide you through the process.

• Why are WEOKIE Jumbo Loans offered as adjustable-rate mortgages (ARMs)?

  A Jumbo Loan means you are borrowing more so you want to save as much interest as possible. An ARM loan offers several advantages over a fixed-rate loan: 

  • An ARM offers the lowest starting rates available compared to a fixed-rate home loan for a similar amount and term. 
  • You get a fixed rate for the first period of your loan so you can easily plan for the payment requirements.
  • There are caps on how much your rate can change the first time it adjusts, each time after that, and in total over the life of your loan.
  • If market rates come down in the future, your rate and the monthly payment may drop at the next adjustment, potentially saving you the expense of a costly mortgage refinance. 
  • An ARM is also a great choice if you plan to move or sell soon.

• What Jumbo Loan options are available?

  WEOKIE offers a range of Jumbo ARM terms and we can work with you to find the best solution for your financial picture:

  • 5/5 30-Year: Your rate is fixed for 5 years and then adjusts every 5 years over a 30-year term.
  • 10/10 20-Year: Your rate is fixed for 10 years and then adjusts every 10 years over a 20-year term.
  • 15/15 30-Year: Your rate is fixed for 15 years and then adjusts every 15 years over a 30-year term.

  Note that 5/5 ARMS generally offer lower rates than 15/15 ARMs.

• What is a rate lock?

  From the time your loan is pre-approved until the time you close on your home, rates can go up. With our exclusive Power Buyer program, you can lock in the rate you're offered at pre-approval. 

  Lock N’ Shop keeps you safe from rate hikes while you look for your perfect home.

  • Available for Fixed-Rate Mortgages and Adjustable-Rate Mortgages, including Jumbo Loans 
  • Rate locks for 90 days.
  • If rates dip, you have the option of a one-time float down during the 90-day lock.