Oklahoma First-Time Home Buyer Programs

The decision to make a purchase as big as a house is enough to make anyone sweat, but it can be especially intense when you’re a first-time home buyer.

Before you stock up on extra-strength deodorant, know this: First-time home buyers in Oklahoma can get help through special loans and assistance programs. Options are available at the state and national level to make homeownership more affordable, which will allow you to buy sooner.

Keep reading to learn more about first-time home buyer programs available from the Oklahoma Housing Finance Agency, or OHFA, as well as national programs you may want to take advantage of.

National first-time home buyer programs

Available from many mortgage lenders, these national loan programs have flexible credit score requirements and offer low down payment options that may be especially useful to first-time home buyers.

Oklahoma first-time home buyer programs

OHFA works with a network of participating lenders to provide affordable mortgage options and financial assistance. Additional help is also available for first-time home buyers who work as educators or first responders in Oklahoma.

OHFA highlights and eligibility

Highlights

• Provides some down payment and closing cost assistance.

• Offers discounted mortgage rates and fees to borrowers who work in certain professions.

Eligibility requirements

• Must have a credit score of at least 640.

• Must meet income and purchase price limits.

• Must reside in Oklahoma and plan to occupy the home as a primary residence.

» MORE: The best homeowners insurance in Oklahoma

OHFA 4Teachers

Best for:

Educators, down payment assistance, low mortgage rates

What you need to know:

First-time home buyers who work for an accredited school in Oklahoma and hold an active state teaching certificate may be able to take advantage of this loan program. Teachers who qualify can receive a reduction of their mortgage interest rate, as well as 3.5% of the total loan amount in down payment assistance.

OHFA Shield

Best for:

First responders, down payment assistance, low mortgage rates

What you need to know:

This loan program is designed to benefit first-time home buyers who currently work as firefighters, law enforcement officers or emergency medical service providers in Oklahoma. Eligible applicants may receive a reduction of their mortgage interest rate, as well as 3.5% of the total loan amount in down payment assistance.

DREAM Grant

Best for:

Down payment assistance, closing cost assistance

What you need to know:

Eligible applicants can receive 3.5% of the total loan amount to put toward a down payment and an additional $2,500 for closing costs. Borrowers must be approved for a mortgage by an OHFA participating lender to use the DREAM grant, which does not have to be repaid. Income and purchase price limits apply.

GOLD Grant

Best for:

Down payment assistance, closing cost assistance

What you need to know:

Eligible first-time home buyers can receive 3.5% of their total loan amount for down payment assistance and up to $2,500 for closing costs through this program. Borrowers must be approved for a mortgage by a participating OHFA lender to receive a GOLD grant, which does not have to be repaid. The first-time home buyer requirement may be waived for applicants in certain counties. Income and purchase price limits apply.

Your next step

Does it sound like one of these first-time home buyer programs could help you become an Oklahoma homeowner? Your next step is to talk with a participating lender to find out whether you meet eligibility requirements and to complete a loan application.

It might also be a good idea to check your credit score and figure out how much house you can afford. While it’s not required for these programs, consider taking an Oklahoma first-time home buyer education class so you can move forward with confidence.