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Mortgage rates in Oklahoma
Mortgages in Oklahoma
Working with nonprofit organizations, developers and municipalities in all 77 counties across the state, the Oklahoma Housing Finance Agency (OHFA) helps prospective homebuyers find quality housing with affordable monthly payments.
Working with one of OHFA’s participating mortgage lenders, you’ll apply for an OHFA home loan that will give you access to the agency’s down payment assistance programs.
OHFA’s loans are compatible with 30-year fixed-rate FHA, VA, USDA and conventional mortgages. And the down payment assistance grants offered through OHFA are available in all 77 of Oklahoma’s counties.
More: Get a free credit score and credit monitoring from Credit Sesame.
With the Dream home loan program, you can opt for a lower interest rate or qualify for a gift worth 3.5% of your mortgage that you can use for your down payment and closing costs. There’s also no first-time homebuyer requirement with this program.
If you get a government-run mortgage like an FHA, USDA or VA loan, your maximum household income can be no more than $150,000 and the maximum purchase price is $331,760.
With a Freddie Mac conventional loan, your maximum purchase price is $453,100. Your income limit depends on your region.
More: Use these savings accounts to build up your down payment.
The Gold home loan program also offers a grant of up to 3.5% in down payment assistance. While it is intended just for first-time buyers, OHFA does make an exception for residents of targeted areas of the state.
Your income limit will vary depending on the size of your family, the type of mortgage you use and where you want to buy. Here are the rates for a Freddie Mac HFA Advantage loan.
Teachers, first responders and state employees can also qualify for a 0.25% reduction on their interest rate, so long as they’re first-time buyers using an FHA, VA or USDA loan.
To qualify, OHFA will ask you to show your professional credentials:
- OHFA 4 Teachers: You must have a current Oklahoma State Department of Education Teaching Certificate and be under contract with any Oklahoma-accredited public, private or parochial school.
- OHFA Shield: You’ll have to be currently employed by (or volunteering with) a first responder agency. For law enforcement applicants, you’ll have to be CLEET certified.
- Oklahoma State Employees: You’ll simply have to demonstrate that you’re a current Oklahoma state employee.
Whichever loan type you use, the maximum purchase price under the Gold program is $294,600.
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