Down Payment Path

Down Payment Assistance Programs in Oklahoma

Oklahoma provides a variety of programs to assist homebuyers with down payments and closing costs, making homeownership more accessible across the Sooner State. These programs cater to both first-time and repeat buyers, ensuring broader eligibility.

OHFA Gold Down Payment Assistance Program

The OHFA Gold Program, offered by the Oklahoma Housing Finance Agency (OHFA), provides financial support to help cover upfront homebuying costs.

  • Offers up to 3.5% of the total loan amount for down payment and closing costs.
  • Funds are provided as a gift and do not require repayment.
  • Pairs with FHA, VA, USDA, and conventional loans through OHFA-approved lenders.
  • Open to buyers meeting income and credit requirements.

OHFA Shield Program

The OHFA Shield Program offers additional assistance tailored for law enforcement officers, firefighters, emergency medical personnel, and teachers.

  • Provides up to 3.5% of the loan amount for down payments and closing costs.
  • Funds are forgivable and do not require repayment.
  • Designed to support community service professionals purchasing a primary residence.

USDA Rural Development Loans

For buyers in rural Oklahoma, the USDA Rural Development Loan offers financing with no down payment required.

  • Available to low- and moderate-income buyers in USDA-eligible rural areas.
  • Features competitive interest rates and flexible credit requirements.
  • Can be combined with OHFA programs to cover closing costs.

Mortgage Credit Certificate (MCC)

The Mortgage Credit Certificate (MCC) program provides significant tax savings for homebuyers, reducing the long-term cost of homeownership.

  • Allows buyers to claim a federal tax credit for a portion of their annual mortgage interest.
  • Can be paired with OHFA mortgage products and down payment assistance programs.
  • Income and purchase price limits apply but are set to accommodate many buyers.

Local Assistance Programs

Several cities and counties in Oklahoma offer additional support for homebuyers through grants or low-interest loans for down payments and closing costs.

  • Programs in areas like Oklahoma City, Tulsa, and Norman often target buyers in revitalization neighborhoods or provide benefits for public service workers.
  • Eligibility criteria and funding amounts vary by location and program specifics.
  • Many local initiatives can be combined with statewide programs for greater financial assistance.

Oklahoma’s down payment assistance programs are designed to reduce financial barriers, making homeownership more attainable for a wide range of buyers. Whether you’re purchasing your first home or upgrading, these resources can help you achieve your dream of owning a home in the Sooner State.