![]() ![]() You’ll need a credit score of 640 or higher. Down payment assistance of 3.5 percent of the mortgage amount is available.īorrowers must meet household income requirements based on the county and family size, and the maximum debt-to-income ratio can’t exceed 45 percent. For 2020, the purchase price limit is $294,600 and the home must be a primary residence. OHFA SHIELD – This program assists homebuyers who are working in jobs that serve the public welfare of Oklahoma citizens. OHFA 4TEACHERS – You must have a current teaching certificate from the Oklahoma State Department of Education and a contract with any accredited public school or private school in the state to qualify. There are also special mortgage interest rates and terms available for first-time buyers in occupations that serve the public good, including teachers, first responders and Oklahoma state employees. You must have a credit score of 640 or higher and be able to meet household income requirements. The maximum purchase price varies, but can be as high as $453,100, depending on where the home is located and the type of loan. The down payment assistance is available only to first-time homebuyers in certain areas and all other buyers in other targeted locations. Through OHFA, homebuyers can obtain the down payment assistance and a 30-year, fixed-rate mortgage, which can be a: The Homebuyer Down Payment Assistance program helps first-time homebuyers in Oklahoma by offering 3.5 percent of the loan amount toward the down payment and closing costs. Here are some of the options for affordable mortgages and down payment assistance. The Oklahoma Housing Finance Agency (OHFA) has a variety of programs to assist those who want to purchase a home in the state. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons - and maximizing your savings potential.įirst-time homebuyer programs in Oklahoma Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below.Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.Here is how to compare mortgage offers on Bankrate in 3 easy steps: Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Comparison-shopping for a mortgage isn’t just smart - it’s crucial to get the most competitive rate and mortgage terms. ![]()
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