Oklahoma Mortgage overview

Oklahoma is one of the most affordable markets for homebuyers, with a median home value of $190,568 as of December 2022, according to Zillow. Homes for sale in some of the top cities — including Oklahoma City, Edmund and Tulsa — have median list prices roughly between $229,000 and $400,000, realtor.com reports.

If you are looking to purchase a home, it is important to shop around and compare rates from multiple lenders. As of Sunday, December 3, 2023, current interest rates in Oklahoma are 7.57% for a 30-year fixed mortgage and 6.78% for a 15-year fixed mortgage.

First-time homebuyer programs in Oklahoma

The Oklahoma Housing Finance Agency (OHFA) has a variety of programs to assist those who want to purchase a home in the state. Here are some of the options for affordable mortgages and down payment assistance.

OHFA Homebuyer Down Payment Assistance

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. Through OHFA, homebuyers can obtain the down payment assistance and a 30-year, fixed-rate mortgage, which can be a:

• Conventional loan
• FHA loan
• USDA loan
• VA loan

The down payment assistance is available only to first-time homebuyers in certain areas and all other buyers in other targeted locations.

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. You must have a credit score of 640 or higher and be able to meet household income requirements.

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.

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.

OHFA SHIELD – This program assists homebuyers who are working in jobs that serve the public welfare of Oklahoma citizens. For 2020, the purchase price limit is $294,600 and the home must be a primary residence. Down payment assistance of 3.5 percent of the mortgage amount is available.

Borrowers must meet household income requirements based on the county and family size, and the maximum debt-to-income ratio can’t exceed 45 percent. You’ll need a credit score of 640 or higher.

Here are the eligibility requirements for each category of first responder:

Firefighters – If you’re currently a firefighter for an Oklahoma municipality, or if you’re a volunteer firefighter with a volunteer fire department, you may be eligible for favorable OHFA SHIELD interest rates and terms on a home mortgage.

Law enforcement – If you’re a police officer, patrol officer, sheriff or otherwise currently working in law enforcement for an Oklahoma municipality, or you are a volunteer or reserve law enforcement officer, you may be eligible for the special OHFA SHIELD mortgage rates for first responders. You must be CLEET-certified.

Emergency medical services – Paramedics and EMTs currently employed by an Oklahoma EMS provider may be eligible for an OHFA SHIELD mortgage.

State employees – You can also qualify for an OFHA SHIELD mortgage if you are currently employed by an Oklahoma State Agency.

Oklahoma mortgage refinancing

The Oklahoma Housing Finance Agency doesn’t currently offer a mortgage refinancing program, but with interest rates at record lows, Oklahoma borrowers may be interested in refinancing their mortgage into a new one with a lower rate. Use Bankrate’s mortgage refinance calculator to see how much you can save by lowering your rate.

In addition, homeowners who are having difficulty paying their mortgage can seek counseling from a variety of HUD housing counseling agencies and consumer counseling agencies in the state.

Oklahoma mortgage resources

• Oklahoma first-time homebuyer resources
• Oklahoma loan limits by county