There is one thing OU and OSU fans can agree on regardless of which side of the Bedlam rivalry they’re on: Oklahoma is a great place to live. The problem is, in order to buy a home you need to decide on a financing package, and choosing the right home loan can be a little overwhelming, especially for first-time homebuyers.
Many Oklahoma residents choose an FHA Loan, because buyers are typically able to finance their homes with a smaller down payment than conventional loans. See more ways why an Oklahoma FHA loan may be right for you.
Oklahoma is a great place to buy a home due to its relatively low cost of living when compared to the rest of the country. To buy their home, many residents are turning to Oklahoma FHA loans as their preferred mortgage option. The total value of FHA loans in Oklahoma was $145 million as of April 2019!
FHA maximum loan limits typically depend on which county you live in, and are adjusted annually. Oklahoma is unique, and the baseline limit of $472,030 applies statewide.
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.