Borrower
1). Call 405-949-9500 or 800-949-9988 to request an application packet. This packet will contain a copy of the Policies and Regulations of the Church Building Loan Program, two applications for a Church Building Loan, a current interest rate sheet, and a checklist to guide you through the process.
2). Complete the application as thoroughly as possible. If you have any questions as you fill out the application, please feel free to contact us. When you have completed the application and are ready to begin the loan process, mail the application in the return envelope provided in the application packet.
Foundation Representative
1). Upon receipt we will begin processing the application. When it has been determined that the loan request meets the qualification guidelines, we will contact you to arrange a meeting to discuss the application, explain the loan process and the Foundation’s obligation in the administration of the Church Building Loan Program, and to answer any questions you might have about the loan process. The main purpose of this meeting is to answer your questions and to help you understand all that’s involved regarding the loan process.
2). This meeting will be scheduled at the church and at a time convenient for you. Typically the meeting will be scheduled in the evening during the week and is usually an hour in length.
Foundation Loan Services Committee
1). After meeting with the church the loan is presented to the Foundation Loan Services Committee for approval. The Foundation Loan Services Committee meets monthly to consider loan requests.
2). When the loan is approved, the church will be contacted and be provided a Commitment Letter outlining the terms and conditions of the loan approval. At this time the interest rate is locked for 60 days.
Borrower
1). After the loan is approved, it is the borrower’s responsibility to order a Title Insurance Policy or a Title Report, depending on the size of the loan. The Foundation Representative will inform you which one is required in the Commitment Letter.
2). When the Title Insurance or Title Report process is completed, a loan closing can be scheduled. The loan closing will be scheduled to take place at the church.
THE PROCESS FROM THE TIME THE FOUNDATION RECEIVES THE APPLICATION TO LOAN CLOSING USUALLY TAKES BETWEEN 2 – 6 WEEKS.
Click Here to see a testimony from an Oklahoma pastor whose church recently completed a loan through the Foundation.