First Time Home Buyer

 Programs in Oklahoma

Complete First Time Home Buyer Programs Available in Oklahoma.

The state agency created by the legislature in Oklahoma to offer first time home buyer programs is the Oklahoma Housing Finance Agency. Here is a summary of the current first time home buyer programs that are offered:

1st Gold

Owning a home is a goal for most families. More often families face the obstacle of lack of funds for down payment and closing costs. 1st Gold is available statewide and offers down payment and closing cost assistance. The state has Targeted Areas and Non-Targeted Areas designated by the U.S. Department of Treasury in Washington, D.C. using census statistics. Mortgage loans made in Non-Targeted Areas require the borrower be a first-time home buyer. A first-time home buyer cannot have any home ownership interest in his primary residence for the last three years. Mortgage loans made in Targeted Areas do not have first-time home buyer requirements.

OHFA 4 Teachers

Low interest mortgage loan program for Oklahoma teachers.

OHFA Shield

Oklahoma fire fighter and police officer home loan program.

Market Best

Market Best is the lowest rate OHFA offers statewide. The state has Targeted Areas and Non-Targeted Areas designated by the U.S. Department of Treasury in Washington, D.C. using census statistics. Mortgage loans made in Non-Targeted Areas require the borrower be a first-time home buyer. A first-time home buyer cannot have any home ownership interest in his primary residence for the last three years. Mortgage loans made in Targeted Areas do not have first-time home buyer requirements.

Future Foundation

Future Foundation is the same rate as Market Best which is the lowest rate OHFA offers statewide. This type of loan will help you build a home.

For complete details on these first time home buyer programs available to Oklahoma residents, visit the Oklahoma Housing Finance Agency website.

It is highly recommend that you also visit the First Time Home Buyer Grants page for free assistance with the down payment. This will make it possible for many people to qualify for a first time home buyer loan who wouldn't have qualified without the grant assistance.

Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, but simply want to apply for a mortgage, we recommend  ING DIRECT Orange Mortgage They have great rates, an easy online application, and welcome first time home buyers. Additionally they have not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

Other First Time Home Buyer Programs & Resources