Oklahoma Mortgage Overview
Oklahoma is an affordable and beautiful
place to live. Its median home price is around $136,000, which is below the
national average. With a population of almost 4 million people, there are
plenty of areas to live and surround yourself with people you're proud to call
a part of your community.
If you're looking to buy a home in OK, here
are your loan options:
Oklahoma conventional loans
If you have good
credit, at least a 660 credit score, you may qualify for a conventional loan. First-time
homebuyers need just 3 percent down and subsequent buyers need 5 percent down. You'll
also need a 36 percent debt ratio, or close to it. Borrowers pay mortgage
insurance for only until they owe less than 80 percent of the home's value.
Oklahoma FHA loans
If you have less than
perfect credit, you may qualify for an FHA loan. It requires a 580 credit score
and 3.5 percent down. Your down payment can be gift funds or down payment
assistance. If you have a lower credit score, you may qualify with a 10 percent
down payment. 3.5 percent of the down payment must be your own funds.
Oklahoma VA loans
If you served our country,
you may secure 100 financing from a VA loan from an Oklahoma VA lender. Veterans
need a 620 credit score and proof they can afford the new mortgage plus
existing debts. VA loans have disposable income requirements based on your
family size and county. They don't charge mortgage insurance for the loan, but you
may pay an upfront funding fee.
Oklahoma USDA loans
There are plenty of rural
areas to live in OK. If your household income is less than 115 percent of the
median income for your area, the USDA loan may be an option. You'll need a 640+
credit score and less than a 41 percent debt ratio. USDA loans don't require a
down payment.
First-Time Homebuyer
Programs in Oklahoma
OHFA Down Payment Assistance
You may secure up
to 3.5 percent of the sales price for a down payment and/or closing costs. You
must have a 30-year fixed rate mortgage and buy in one of the 77 counties in
OK.
Special programs for people in specific
professions
The OHFA provides low-cost mortgage options for first-time
homebuyers in any of the following professions:
Teachers
You must work for any Oklahoma
Accredited Public School and/or Private/Parochial School to qualify.
Firefighter
You must work as a firefighter in
any OK county or as a volunteer firefighter.
Law enforcement
Police officers, sheriffs,
patrol officers, and volunteer law enforcement are all eligible for low cost
mortgage programs.
Emergency medical services
You must work in OK
as an EMS provider.
State employees
Any employee of an Oklahoma
state agency may qualify
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