Oklahoma Down Payment Assistance
Oklahoma is one of the states with the lowest average mortgage debt and lowest median house prices in the country! This means that those looking for a good deal on real estate may be able to find options here. Potential home owners can also find savings thanks to programs that offer down payment or closing cost assistance.
If you're thinking about purchasing a home in Oklahoma, you may have options to help with the down payment or closing costs. Read below to learn more about any program and see if it can help with your home purchase!
REI Down Payment Assistance Program
Eligible applicants can receive down payment and closing cost assistance through the REI Down Payment Assistance Program. Assistance is offered as a grant, and can be as low as 3.5% of the loan amount or as high as 5% of the loan amount. In addition to the down payment and closing costs, this amount can also be used to help with any pre-paid items or other eligible fees.
Only applicants who fall within specified annual household income limits will qualify. The minimum allowed credit score is 640, and the applicant’s debt-to-income (or DTI) ratio must be 45%.
This grant can only be put towards primary residences.
Fannie Mae HFA Preferred borrowers must be first-time homebuyers, but other borrowers do not have a first-time homebuyer requirement.