Total Mortgage in Oklahoma

OHFA Gold Program

The OHFA GOLD program is focused on first-time home buyers in Oklahoma only, meaning those who have not procured a home within the last three years are eligible. Nonetheless, repeat buyers may qualify in select areas. This particular first-time home buyer program in Oklahoma offers both conventional loans and government-backed options. Maximum purchase prices of $349,525 (non-targeted regions) or $427,198 (targeted regions) apply based on location, along with income limits that fluctuate between counties. Additionally, your middle credit score across the three major bureaus must be at least 640.

OHFA Dream Program

The OHFA Dream Program is available for first-time home buyers and repeat purchasers alike. The notable variance is an elevated income threshold of $150,000 or less, irrespective of county. The maximum purchase price is $356,362.

If you can independently cover your down payment and closing costs, consider the Dream Zero DPA program, which offers OHFA's most favorable Oklahoma mortgage rates.

Teachers, law enforcement, firefighters, and Oklahoma State employees are qualified for a lower interest rate (usually 0.125% lower) within any of the programs.

REI Home100

REI Oklahoma offers numerous options to assist home buyers financially. Eligible applicants can enjoy down payment assistance in Oklahoma up to 5 percent of the purchase price. This is a first-time home buyer Oklahoma no-down payment program that can be given as a non-repayable grant, a forgivable seven-year secondary mortgage, or a ten-year second loan carrying an affordable 5 percent interest rate.

While such programs commonly focus on first-time home buyers in Oklahoma, they are not mandatory. Certain criteria must be satisfied regarding borrowers' credit scores, debt-to-income ratios, and income levels relative to the Oklahoma first-time home buyer programs.

Specifically, a minimum 640 credit rating is necessary alongside a debt-to-income percentage below 45 percent or up to 50 percent for scores of 680 or higher. Income must also fall beneath thresholds set by REI Oklahoma, depending on the loan.

Stillwater Homebuyers Assistance Program

First-time buyers, as well as those with lower or average earnings searching for homes in Stillwater, may qualify for the down payment and closing cost aid up to $5,000. First-timers purchasing a property at a cost of at most $250,000 are eligible. The assistance is excused after living on the premises for seven years.

VA and FHA Loans in Oklahoma

With only a 3.5% deposit and a credit rating of 580 or above, you may be eligible for FHA loans in Oklahoma. 10% down is needed if your credit score is between 500 and 579. Current or former military personnel, along with eligible spouses, often turn to VA loans requiring no minimum payment. While credit isn't a factor, individual lenders set borrower standards.

USDA Loans

Those purchasing homes in designated rural areas have an additional affordable option—USDA loans require no down payment. The United States Department of Agriculture backs these mortgages to help meet the needs of qualifying communities.