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Oklahoma First-Time Homebuyer Programs

As a first-time homebuyer, it can be overwhelming to navigate the path to owning your new home. You probably qualify for some kind of assistance — if you know where to look. If you’re an Oklahoma resident, your state offers a range of assistance for prospective homebuyers.

In January 2019, we reviewed first-time homebuyer programs in the state of Oklahoma. This included reviewing the Oklahoma Housing Finance Agency website and other sources.  This guide will help you find what assistance is available in your area and what qualifications you must meet to receive it.

In this guide, we will cover:

Oklahoma first-time homebuyer programs

The Oklahoma Housing Finance Agency offers several programs targeting first-time buyers, including low-interest loans and down payment assistance. It also features special programs for teachers, law enforcement personnel and firefighters in the state.

Eligibility for Oklahoma assistance

All state programs require purchasers to be residents of Oklahoma and maintain a credit score of at least 640. The programs also require the buyers use the home as a primary residence.  Read on to find out more information on each program.

OHFA Gold

Features

  • Down payment assistance of up to 3.5%
  • No prepayment penalty

Eligibility

  • Home must be the buyer’s primary residence
  • Home purchase price must be $276,100 or less
  • Must be a first-time homebuyer
  • Must maintain a minimum credit score of 640
  • First mortgage not to exceed 45% debt-to-income ratio; manual underwrite not to exceed 36% debt-to-income with two months principal, interest, taxes and insurance (PITI) after closing
  • Income limits apply

How it works

The Oklahoma Housing Finance Agency provides loans to first-time homebuyers that include a down payment assistance grant of up to 3.5% of the purchase price. You can start this process by finding a lender that is approved to work with OHFA. The down payment assistance is a grant, with no repayment or lien required, and will be funded at closing. Click here for more information on this loan.

OHFA 4Teachers

Features

  • Down payment assistance of up to 3.5%
  • No prepayment penalty
  • Low interest rates

Eligibility

  • Must hold a current Oklahoma State Department of Education Teaching Certificate
  • Must currently be under contract with any Oklahoma accredited public school or private/parochial school
  • Credit score of at least 640
  • Debt-to-income ratio: 45%
  • Must be a primary residence
  • Must be a first-time homebuyer
  • Income and purchase price limits apply

How it works

OHFA 4Teachers provides a low-interest loan, with potential for down payment assistance, for current Oklahoma teachers anywhere in the state. You can start this process by finding a lender that is approved to work with OHFA. The down payment assistance is a grant, with no repayment or lien required, and will be funded at closing. Click here for more information on getting started with this loan.

OHFA Shield

Features

  • Down-payment assistance of up to 3.5%
  • Low interest rates
  • No prepayment penalty

Eligibility

  • Must be currently employed as a firefighter or law enforcement officer in the state of Oklahoma
  • Credit score of at least 640
  • Debt-to-income ratio: 45%
  • Must be for a primary residence
  • Must be a first-time homebuyer
  • Income and purchase price limits apply

How it works

OHFA Shield provides a low-interest loan, with potential for down payment assistance, for current Oklahoma firefighters or law enforcement officers anywhere in the state. You can start this process by finding a lender that is approved to work with OHFA. The down payment assistance is a grant, with no repayment or lien required, and will be funded at closing. Click here for more information on getting started with this loan.

National first-time homebuyer programs

Many first-time homebuyers in Oklahoma can benefit from national programs, including FHA, USDA and VA loans. For more information on national first-time homebuyer programs, click here.

 

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