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Oklahoma First-Time Home Buyer Programs of 2019

March 26, 2019
Finding the Right Mortgage, Mortgages
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A home may be the most expensive thing you ever purchase. The pressure of such a big decision is enough to make anyone sweat, but it can be especially intense when you’re a first-time home buyer.

Before you stock up on extra-strength deodorant, know this: First-time home buyers in Oklahoma can get help through special loans and assistance programs. Options are available at the state and national level to make homeownership more affordable, which will allow you to buy sooner.

Keep reading to learn more about first-time home buyer programs available from the Oklahoma Housing Finance Agency, or OHFA, as well as national programs you may want to take advantage of.

National first-time home buyer programs

Available from many mortgage lenders, these national loan programs have flexible credit score requirements and offer low down payment options that may be especially useful to first-time home buyers.

Conventional mortgage

National program

Best for

Low down payments

Limited mortgage insurance premiums

What you need to know

A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac allow down payments as low as 3% for first-time buyers or lower-income home buyers. Unlike FHA loans,

 

FHA loans

National program

Best for

Low credit score

Low down payment

What you need to know

Mortgages insured by the Federal Housing Administration, or FHA, offer relaxed qualification requirements, especially when it comes to down payment and credit score. You can qualify for an FHA home loan with a credit score as low as 500, but you’ll need a 10% down payment. If your score is 580 or

 

VA loans

National program

Best for

Military

Low down payment

What you need to know

The U.S. Department of Veterans Affairs helps service members, veterans and surviving spouses buy homes. VA loans are especially generous, providing competitive interest rates, often requiring no down payment or mortgage insurance. Although there is no official minimum credit score, most

 

USDA loans

National program

Best for

Low down payment

Rural

What you need to know

The USDA home loan program encourages rural and suburban homeownership by offering zero-down-payment mortgages to lower-income buyers. Borrowers with nontraditional credit data, like rent or utility payments, can still apply, but those with a score of 640 or above will experience faster loan

Oklahoma first-time home buyer programs

OHFA highlights and eligibility

Highlights

  • Provides some down payment and closing cost assistance.
  • Offers discounted mortgage rates and fees.

Eligibility requirements

  • Must have a credit score of at least 640.
  • Must meet income and purchase price limits.
  • Must reside in Oklahoma.
  • Must occupy the home as a primary residence.

OHFA works with a network of participating lenders to provide affordable mortgage options and financial assistance. Additional help is also available for first-time home buyers who work as educators or first responders in Oklahoma.

OHFA 4Teachers

State program

Learn more

at OHFA

Best for

Educators

Down payment assistance

Low mortgage rates

What you need to know

First-time home buyers who are currently working for an accredited school in Oklahoma and hold an active state teaching certificate may be able to take advantage of this loan program. Teachers who qualify can receive a quarter-point reduction of their mortgage interest rate, as well as 3.5% of the

 

OHFA Shield

State program

Learn more

at OHFA

Best for

First responders

Down payment assistance

Low mortgage rates

What you need to know

This loan program is designed to benefit first-time home buyers who currently work as firefighters, law enforcement officers or emergency medical service providers in Oklahoma. Eligible applicants may receive a quarter-point reduction of their mortgage interest rate, as well as 3.5% of the total

 

Dream grant

State program

Learn more

at OHFA

Best for

Down payment assistance

Closing cost assistance

What you need to know

Eligible applicants can receive 3.5% of the total loan amount to put toward a down payment and an additional $2,500 for closing costs. Borrowers must be approved for a Freddie Mac HFA Home Possible mortgage by an OHFA participating lender to use the DREAM grant.

 

Gold grant

State program

Learn more

at OHFA

Best for

Down payment assistance

Closing cost assistance

What you need to know

Eligible first-time home buyers can receive 3.5% of their total loan amount for down payment assistance and up to $2,500 for closing costs through this program. Borrowers must work with a participating OHFA lender and be approved for a Freddie Mac HFA Home Possible mortgage to receive a GOLD grant.

Your next step

Does it sound like one of these first-time home buyer programs could help you become an Oklahoma homeowner? Your next step is to talk with a participating lender to find out whether you meet eligibility requirements and to complete a loan application.

It might also be a good idea to check your credit score and figure out how much house you can afford. While it’s not required for these programs, consider taking an Oklahoma first-time home buyer education class so you can move forward with confidence.

» MORE: See the best lenders for first-time home buyers

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