The Best Mortgage Lenders in Francis, OK
Compare verified mortgage lenders serving Francis, Oklahoma. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Francis
Featured Mortgage Lenders
Oklahoma Central Credit Union
Oklahoma Central Credit Union
Oklahoma Central Credit Union is one of Oklahoma's most established and highly-rated financial institutions serving communities throughout the state, including rural areas like Francis. With over eight decades of experience, they offer personalized mortgage services with competitive rates and exceptional member service. Their strong local presence and understanding of Oklahoma's unique housing markets make them a top choice for Francis residents seeking reliable mortgage financing with a community-focused approach.
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Supreme Lending
Supreme Lending
Supreme Lending's Durant branch serves southeastern Oklahoma communities including Francis, offering comprehensive mortgage solutions with outstanding customer satisfaction ratings. Their experienced loan officers specialize in rural and small-town lending, providing personalized service and competitive rates. With strong expertise in USDA loans particularly suited for Francis area properties, they have built a reputation for smooth closings and excellent communication throughout the loan process.
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Gateway Mortgage Group
Gateway First Bank
Gateway First Bank (formerly Gateway Mortgage Group) has a strong presence throughout Oklahoma with local branches serving rural communities like Francis. Their Ardmore location provides convenient access for southeastern Oklahoma residents, offering a full range of mortgage products with competitive pricing. Known for their expertise in both conventional and government-backed loans, they provide exceptional service with local decision-making authority, making them a reliable choice for Francis area homebuyers seeking personalized mortgage solutions.
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Frequently Asked Questions
Common questions about mortgage lending in Francis, OK
What are the typical down payment requirements for buying a home in Francis, OK?
In Francis, a conventional loan often requires a 5-10% down payment, but many local lenders work with USDA Rural Development loans, which offer 0% down payment options for eligible properties and borrowers in this rural area. FHA loans with 3.5% down are also common, especially for first-time buyers. The lower median home price in Francis compared to urban areas can make saving for a down payment more achievable.
Are there any special mortgage programs for first-time homebuyers in Francis?
Yes, the Oklahoma Housing Finance Agency (OHFA) offers several programs, including down payment assistance and competitive interest rates, which are accessible to buyers in Francis. Additionally, because Francis is in a rural area as defined by the USDA, many buyers may qualify for the USDA Single Family Housing Guaranteed Loan Program, which requires no down payment and has flexible credit guidelines.
How do property taxes in Pontotoc County affect my monthly mortgage payment in Francis?
Pontotoc County has relatively low property tax rates, which is a significant benefit for homeowners in Francis. Your lender will estimate these taxes and include them in your monthly escrow payment. It's advisable to get a precise quote from the Pontotoc County Assessor's office, as accurate tax figures are crucial for calculating your true monthly mortgage obligation.
What should I know about getting a mortgage for a home with land or acreage in Francis?
Financing a property with significant acreage in Francis requires a lender experienced in rural properties. While a standard conforming loan may work for smaller lots, larger tracts (often over 10 acres) might need a specialized "non-conforming" or portfolio loan. Be prepared to provide a detailed property survey and potentially a higher down payment, as appraisals for these unique properties can be more complex.
How does the local Francis economy and employment base impact mortgage approval?
Lenders will look for stable, verifiable income, which for many in Francis may come from agriculture, education (East Central University in Ada), healthcare, or commuting to Ada or Sulphur. Self-employment income, common in farming or ranching, requires thorough documentation (typically two years of tax returns). A strong employment history with a local employer or in a stable industry is key to smooth mortgage approval.
Why Choose a Mortgage Lender in Francis?
Local Market Knowledge
Lenders who understand Francis's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Oklahoma.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Francis and get competitive rates on your home loan.