Buying a Home in Oklahoma
Entertaining the idea of buying a home in Oklahoma? This could just be the right time for you to secure your dream home in the Sooner State. Here’s what you need to know:
Identify where you want to live most. Oklahoma has a total population of just over 3.8 million, and of those people, one in three live in one of the state’s most populous cities:
- Oklahoma City (state capital)
- Broken Arrow
Figure out how much home you can afford to buy. Oklahoma ranks 41st in US homes for sale at average price, and 32nd for homes over $1,000,000.
Get preapproved so you can determine your budget before house hunting.
There is good news for first-time home buyers. The Oklahoma Housing Finance Agency (OHFA) can connect first-time homebuyers with down payment assistance and competitive interest rates for borrowers who are in certain jobs, like teachers, first responders and state employees.
OHFA GOLD program provides financing to first-time buyers, Through DRAM loans subsidized by the federal government.
OHFA 4Teachers program provides fixed-rate, low-interest home loans to certified public and private school teachers in Oklahoma. There is also a State Employee Program.
OHFA Shield program provides reduced-rate mortgages to police, firefighters and emergency medical services personnel.
There are general requirements for all of these programs, including:
- 640 or higher minimum credit score
- Maximum 45% to 50% debt-to-income ratio
- Maximum income limits, varying based on loan program
- Maximum purchase price limits, varying based on loan program
Refinancing in Oklahoma
Buyers who need to refinance a home in Oklahoma to take advantage of favorable Oklahoma mortgage rates can do any of the following:
- Refinance to obtain a lower interest rate
- Refinance for a longer term
- Refinance in order to cash-out equity
- Refinance so as to eliminate private mortgage insurance (PMI)
You may be qualified for streamlined refinance assuming you have the right type of loan. Ask your lender for more information.