Oklahoma mortgage and refinance rates for May 2026

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To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45%. With a down payment of less than 20%, you’ll need to pay private mortgage insurance (PMI) as well.

If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a credit score of at least 580, FHA loans allow you to qualify with a down payment of as little as 3.5%.

If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t typically require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25% to 3.3% of the loan amount for purchases.

If you’re buying a rural property in Oklahoma, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). USDA loans don’t require a down payment, but you’ll need to purchase in a designated rural area and meet the area’s income limits.

While most of Oklahoma’s housing stock costs much less than the national average, there are plenty of high-priced properties, too. If you’re hoping to buy a sprawling estate or a megamansion, you may need to look into jumbo loans. These require a larger down payment — typically at least 10% — and excellent credit.