Helpful Loan Programs For 1st Time Buyers In OK
Looking to purchase your 1st residence in Oklahoma but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in Oklahoma are provided by the Oklahoma Housing Finance Agency (OHFA). Not only do they provide below-market rates on your home loan, they also provide other very gainful programs for 1st time home buyers.
Here are some details on OHFA’s loan program:
OHFA Advantage Products for Oklahoma Homebuyers
All loans are 30-year fixed rate mortgages, and all homebuyers must have a minimum credit score of 640 or above, with the exception of Conventional 95.01% LTV or greater, the credit score is 680.
Contact one of our approved lenders today to get the homeownership process started!
*First-time homebuyer is defined as someone who has not owned a home in the last three years. The requirement is waived in targeted areas. Your lender can indicate where targeted areas are located.
OHFA Shield is a product specifically for police officers and firefighters.
OHFA 4Teachers is a product specifically for teachers.
OHFA MCC (Mortgage Credit Certificate) is a product that allows borrowers to reduce the amount of federal taxes they owe by claiming 40% of their mortgage interest as a tax credit on their tax return. The maximum tax credit claimed can be up to $2,000 per year for the life of the loan.
For complete details on this loan, including contact information and instructions on how to apply, please visit this OHFA loan information page.
More Oklahoma First Time Buyer Resources
In addition to the above first time homebuyer loans from OHFA, there are even more resources available as well. Be sure to visit Oklahoma down payment assistance, as well as our page that shares details about grants available in OK to purchase your first home.