Mortgage in Oklahoma
Oklahoma is one of the most affordable states in which to live. For example, the median price in Oklahoma City is approximately $213,000 . Other more rural places are even more affordable! With relatively low interest rates, more people than ever are considering moving to the Sooner State. If you're thinking of a move, see how much you can expect to pay with our Oklahoma mortgage calculator.
Oklahoma Mortgage Calculator: Which Type of Mortgage Will You Get?
There are three main types of mortgages within Oklahoma.
- Oklahoma conventional mortgage: Given that housing costs are relatively inexpensive in Oklahoma, many people can get a traditional conforming mortgage. The term "conforming" means that it meets the funding criteria of Freddie Mac and Fannie Mae. These loans require a minimum of 3% down and a credit score of at least 620. However, most borrowers will find it easier to get one of these mortgages if they have more than the minimum requirements.
- Oklahoma FHA mortgage: The other popular loan type is one backed by the Federal Housing Administration. This loan requires as little as 3.5% down with a credit score of at least 580. If you have a credit score of 500-579, you can still get a loan if you have 10% down.
- Oklahoma VA mortgage: Veterans and active military members can get a VA-backed loan with 0% down and no private mortgage insurance. You will need a credit score of 660 to qualify, though.
The above programs are available to anyone. However, first-time homebuyers have some additional incentives from the state to help make home more affordable!
First-Time Homebuyers in Oklahoma
The Oklahoma Housing Finance Agency offers two programs for first-time homebuyers in the state.
The state of Oklahoma offers 3.5% of the loan amount for eligible buyers. This product comes with a 30-year fixed-rate mortgage.
Eligibility Criteria: Income and purchase price restrictions apply. Borrowers must have a minimum credit score of 640. Finally, the house must become the borrower's primary residence within 60 days or less of closing.
OHFA also offers a 30-year fixed-term mortgage that has a 0.25% rate reduction from the daily posted rates for eligible buyers from five employment categories:
· Law Enforcement
· Emergency Medical Services
· Oklahoma State Employees
Eligibility Criteria: Income and purchase price restrictions apply. The minimum credit score is 640, and borrowers cannot have a debt-to-income ratio that exceeds 45%
Oklahoma Mortgage Calculator: The Sooner State Awaits!
Oklahoma is a fantastic place to live, work, and raise a family, thanks mainly to a relatively inexpensive housing market. For what you would pay on the coasts, you can get a large home in Oklahoma. Oklahoma also has the benefit of being relatively centrally located, so if you want to take a vacation to Florida, New York, or California, you can get there with a relatively short flight.
If you're thinking about moving to Oklahoma, use our Oklahoma mortgage calculator to ensure that the home of your dreams will fit in your budget!