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Home Mortgage Loans

Home Mortgage Loans


First National Bank offers a variety of options to fit your needs, whether you are purchasing your first home, building, or refinancing your home for improvements.  Our lending team is ready to assist you!  Contact us for additional details on available products.


To submit your application you can mail to:   

First National Bank & Trust Co.
Attention: Loan Department
P.O. Box 948
McAlester, OK 74502-0948

Or you can submit in-person to one of the following locations:
                                                                                 
            • 235 E. Choctaw, McAlester, OK     
            • 741 HWY 2 North, Wilburton, OK     
            • 824 S. Broadway, Poteau, OK
            • 1025 Pennsylvania  Ave., Hartshorne, OK

First National Bank offers a wide variety of mortgage loan programs. Our In-house home loan products are designed to have competitive features that offer flexible terms to accommodate those looking to keep their mortgage loan in the bank.  These programs are also designed to help those who may not always qualify for conventional or government backed home loans.          

In-House Conventional Home Loans Include:

  • Purchase
  • Refinances
  • Construction Loans
  • Up to 30 year Amortized Term

  • Offers up to 100% financing*
  • Flexible underwriting guidelines
  • No mortgage insurance
  • Flexible terms and repayment options


*100% financing is a participation loan with Farm Service Agency

First National Bank offers home loans to residents and attending physicians in our area.    

  • Offers up to 105% loan to value*
  • Flexible underwriting guidelines
  • No mortgage insurance
  • Up to 30 year amortization

* Any financing over 100% must be used for taxes, insurance and other closing costs.

A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs). Conventional loans can be conforming or non-conforming. A conforming conventional loan meets the funding criteria set forth by Fannie Mae and Freddie Mac.

  • 5% Minimum Down Payment
  • Competitive Rates and Terms
  • 10,15, 20, and 30 Year Fixed Rates Available
  • Seller Credit Allowed up to 6% of Sales Price (Based on Loan-to-Value)
  • Gift Funds Allowed for Down Payment, Closing Costs, and Prepaids

A U.S. Department of Agriculture (USDA) home loan is a mortgage either made or guaranteed by the U.S. Department of Agriculture agency to help households with low to moderate incomes purchase safe and affordable homes in rural areas. 

  • 100% Financing
  • 30 Year Fixed Rates Available
  • Maximum Seller Credit up to 6% of the Sale Price
  • Gift Funds Available for Closing Costs and Prepaids
  • County Household Income Requirements Apply

For more info about USDA loans see the USDA - Rural Development Website

A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the federal government and issued by a bank or other lender that is approved by the Federal Housing Administration.  FHA loans requires a lower down-payment than conventional loans.  Often times, applicants may have lower credit scores and/or higher monthly debt obligations.  The FHA loan is designed to help low to moderate-income families attain homeownership.  This is the most popular loan product for many first-time homebuyers.

  • 3.5% Minimum Down Payment Requirement
  • Maximum Seller Credit up to 6% of Sale Price
  • 15 & 30 Year Fixed Rates Available
  • Gift Funds Allowed for Down Payment, Closing Costs, and Prepaids

For more info about FHA Loans call a loan officer 918-426-0211 or go to The FHA Resource Center.

The VA loan is a mortgage loan is available through the U.S. Department of Veterans Affairs (VA) for veterans, service members, and in some cases surviving spouses.  These loans provide the qualified borrower up to 100% financing on the value of the home.  Eligible borrowers can use the VA loan to purchase a home or refinance a home.   

  • No Down Payment Requirement
  • Seller may pay ALL Closing Costs and Prepaids
  • 10, 15, 20, and 30 Year Fixed Rates Available
  • Borrower must meet Veteran Eligibility Guidelines - Contact a lender on how to obtain Veteran's Certificate of Eligibility

  • The Section 184 Indian Home Loan Guarantee Program is a home mortgage product specifically designed for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. Congress established this program in 1992 to facilitate homeownership and increase access to capital in Native American Communities. With Section 184 financing borrowers can purchase a home with a low down-payment.   

    • 2.25% Minimum Down Payment
    • Minimum Loan Amount of $50,000
    • Federally Recognized Tribal Members
    • 30 Year Fixed Rates Available
    • Gift Funds Allowed for Down Payment, Closing Costs, and Prepaids



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