First-Time Home Buyer Programs in Oklahoma

Oklahoma Housing Finance Agency (OHFA) Programs:

OHFA Homebuyer Down Payment Assistance:

Eligibility: First-time homebuyers (no homeownership in past three years), veterans, or buyers in targeted areas.
Offerings: 30-year fixed-rate FHA, VA, USDA, or conventional loan at competitive rates; can be paired with down payment assistance.
Requirements:

• Income must not exceed county-specific limits (e.g., $99,440 for a 1-2 person household in Oklahoma County as of 2025).
• Minimum credit score of 640 (varies by loan type).
• Debt-to-income ratio typically capped at 45% (up to 50% with strong compensating factors).
• Homebuyer education course required (online accepted).
• Purchase price limit of $349,525 (non-targeted areas) or $427,198 (targeted areas).

OHFA 4% Grant for Down Payment:

Benefits: Provides a 4% grant (not a loan) based on the first mortgage amount (e.g., $8,000 on a $200,000 loan); usable toward down payment or closing costs.
Eligibility: Must pair with an OHFA mortgage; same income and purchase price limits as above; grant is not repayable.

OHFA Gold Program:

Description: Tailored for teachers, first responders, and military; includes a fixed-rate loan with 3.5% assistance as a non-repayable grant for down payment/closing costs.
Requirements: Must meet OHFA income/purchase price limits; employment or service verification required; 640+ credit score.

Local Programs:

Oklahoma City

OKC Homebuyer Assistance Program: Offers up to $14,999 as a deferred 0% loan, repayable upon sale or refinance; income must be ≤80% AMI (e.g., $59,300 for a family of four).

Tulsa

Tulsa Down Payment Assistance: Provides up to $10,000 as a forgivable loan (forgiven after 10 years); income capped at 80% AMI; available for homes in designated revitalization areas.

Norman

Norman First-Time Homebuyer Program: Offers up to $12,000 as a deferred 0% interest loan (due on sale/refinance); income must be below 80% AMI.

Additional Information:

• Mortgage Credit Certificate (MCC): Federal tax credit of up to 40% of mortgage interest (max $2,000/year); fee applies; can be combined with OHFA loans.
• FHA Loans: 3.5% minimum down payment; scores as low as 580 accepted (10% down if under 580).
• USDA Loans: No down payment required for homes in eligible rural areas; income limits apply.
• VA Loans: No down payment for eligible veterans or active-duty military; flexible underwriting.