The Sooner State offers something quite rare in today’s real estate market: relatively affordable housing. With a median price tag of $230,700 at the beginning of 2024, first-time homebuyers can catch a break in Oklahoma. However, “affordable” means something different to everyone. If trying to find the cash to buy a home feels like searching through a dust storm, the Oklahoma Housing Finance Agency (OHFA) offers programs to make buying a home much easier.

Oklahoma first-time homebuyer programs

OHFA Gold Program

The OHFA GOLD loan program offers financing to first-time homebuyers only, meaning buyers who haven’t owned a home in the past three years. However, repeat buyers in some target areas are still eligible. The GOLD program includes both conventional loans and government-backed mortgages. Maximum purchase price limits of $349,525 (non-targeted areas) and $427,198 (targeted areas) apply, along with income limits, which vary by county. Additionally, you’ll need a middle credit score – which is the score across all three major bureaus – of 640.

OHFA Dream Program

The OHFA Dream Program is available for first-time and repeat buyers, and the key difference is a higher income limit: You’ll need to have a household income of $150,000 or less, regardless of county. The maximum purchase price is $356,362.

Additionally, if you can cover your own down payment and closing costs, you can look into the Dream Zero DPA program, which has OHFA’s lowest available mortgage rate.

Professionals in the following fields are eligible for a reduced interest rate (typically 0.125 percent lower) in any of the programs:

  • Teachers
  • Law enforcement
  • Firefighters
  • Oklahoma State employees

Oklahoma down payment assistance

In addition to 30-year fixed-rate mortgages, OHFA provides up to 3.5 percent in down payment and closing cost assistance that pairs with any of the organization’s loan programs. The assistance comes in the form of a zero-interest loan that must be repaid when the mortgage is paid off or you refinance the mortgage.

REI Home100

REI Oklahoma offers down payment assistance up to 5 percent of the purchase price.

If you’re eligible, you’ll receive the down payment funds in one of three ways: a gift that does not need to be repaid, a forgivable seven-year second mortgage or a second 10-year mortgage with a 5 percent interest rate.

You don’t have to be a first-time homebuyer to qualify. However, there are requirements dictating that borrowers:

  • Have a 640 minimum credit score
  • Have a maximum 45%  debt-to-income ratio (up to 50% with a credit score of 680)
  • Must meet REI Oklahoma income limits, which vary by loan type
  • Must work with an approved mortgage lender

Other Oklahoma homebuyer assistance programs

Stillwater Homebuyers Assistance Program

First-time buyers and low- and moderate-income buyers purchasing properties in the city of Stillwater can qualify for up to $5,000 of down payment and closing cost assistance. For first-time buyers, the maximum purchase price is $250,000. The money is forgiven after living in the home for seven years. To learn more about the program, email

Other Oklahoma first-time homebuyer loans

There are nationally-available loans that can make a big difference in your ability to buy a home in Oklahoma including:

  • FHA loans: With just a 3.5 percent down payment and a credit score of 580, you may be able to qualify for an FHA loan. And if your credit score is even lower (falls between 500 and 579), you may still be able to get a loan, but you will need a down payment of 10 percent.
  • VA loans: Current service members, veterans and eligible spouses can qualify for a VA loan, which does not require a minimum down payment. There’s no minimum credit score, either, but lenders do set their own borrower standards.
  • USDA loans: If you’re buying in a qualifying rural area, loans backed by the United States Department of Agriculture can be a great fit for your homebuying needs. You won’t need to make a down payment on the home. Use this tool to determine if the area you want to buy is classified as “rural.” 

Get started

When you’re ready to begin the home loan process, a participating Oklahoma Housing Finance Agency (OHFA) mortgage lender can help you determine your options. While OHFA doesn’t provide mortgages directly, the agency works with over 80 lending institutions across the state. Terms and rates can vary quite a bit from lender to lender, so remember to compare mortgage rates and offers to find the best fit for you. As you’re reviewing your options, take some extra time to learn more about all of the first-time homebuyer programs that might help you on your pathway to purchase.