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2022 FHA Loan Limits in Oklahoma
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Loans backed by the Federal Housing Administration (FHA) make it easier to buy a home for borrowers with less-than-ideal credit scores or who have a lower down payment.
Depending on where you live, you’ll find limits on what you can borrow with an FHA loan. In Oklahoma, the FHA loan limit for a single-family home is currently $420,680 statewide.
Oklahoma FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| ADAIR | $420,680 | $538,650 | $651,050 | $809,150 | $40,000 |
| ALFALFA | $420,680 | $538,650 | $651,050 | $809,150 | $34,000 |
| ATOKA | $420,680 | $538,650 | $651,050 | $809,150 | $74,000 |
| BEAVER | $420,680 | $538,650 | $651,050 | $809,150 | $60,000 |
| BECKHAM | $420,680 | $538,650 | $651,050 | $809,150 | $127,000 |
| BLAINE | $420,680 | $538,650 | $651,050 | $809,150 | $70,000 |
| BRYAN | $420,680 | $538,650 | $651,050 | $809,150 | $135,000 |
| CADDO | $420,680 | $538,650 | $651,050 | $809,150 | $54,000 |
| CANADIAN | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| CARTER | $420,680 | $538,650 | $651,050 | $809,150 | $125,000 |
| CHEROKEE | $420,680 | $538,650 | $651,050 | $809,150 | $109,000 |
| CHOCTAW | $420,680 | $538,650 | $651,050 | $809,150 | $42,000 |
| CIMARRON | $420,680 | $538,650 | $651,050 | $809,150 | $35,000 |
| CLEVELAND | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| COAL | $420,680 | $538,650 | $651,050 | $809,150 | $40,000 |
| COMANCHE | $420,680 | $538,650 | $651,050 | $809,150 | $120,000 |
| COTTON | $420,680 | $538,650 | $651,050 | $809,150 | $120,000 |
| CRAIG | $420,680 | $538,650 | $651,050 | $809,150 | $71,000 |
| CREEK | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| CUSTER | $420,680 | $538,650 | $651,050 | $809,150 | $128,000 |
| DELAWARE | $420,680 | $538,650 | $651,050 | $809,150 | $145,000 |
| DEWEY | $420,680 | $538,650 | $651,050 | $809,150 | $50,000 |
| ELLIS | $420,680 | $538,650 | $651,050 | $809,150 | $109,000 |
| GARFIELD | $420,680 | $538,650 | $651,050 | $809,150 | $123,000 |
| GARVIN | $420,680 | $538,650 | $651,050 | $809,150 | $74,000 |
| GRADY | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| GRANT | $420,680 | $538,650 | $651,050 | $809,150 | $43,000 |
| GREER | $420,680 | $538,650 | $651,050 | $809,150 | $54,000 |
| HARMON | $420,680 | $538,650 | $651,050 | $809,150 | $50,000 |
| HARPER | $420,680 | $538,650 | $651,050 | $809,150 | $55,000 |
| HASKELL | $420,680 | $538,650 | $651,050 | $809,150 | $73,000 |
| HUGHES | $420,680 | $538,650 | $651,050 | $809,150 | $65,000 |
| JACKSON | $420,680 | $538,650 | $651,050 | $809,150 | $133,000 |
| JEFFERSON | $420,680 | $538,650 | $651,050 | $809,150 | $31,000 |
| JOHNSTON | $420,680 | $538,650 | $651,050 | $809,150 | $63,000 |
| KAY | $420,680 | $538,650 | $651,050 | $809,150 | $84,000 |
| KINGFISHER | $420,680 | $538,650 | $651,050 | $809,150 | $145,000 |
| KIOWA | $420,680 | $538,650 | $651,050 | $809,150 | $44,000 |
| LATIMER | $420,680 | $538,650 | $651,050 | $809,150 | $39,000 |
| LE FLORE | $420,680 | $538,650 | $651,050 | $809,150 | $72,000 |
| LINCOLN | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| LOGAN | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| LOVE | $420,680 | $538,650 | $651,050 | $809,150 | $125,000 |
| MAJOR | $420,680 | $538,650 | $651,050 | $809,150 | $70,000 |
| MARSHALL | $420,680 | $538,650 | $651,050 | $809,150 | $65,000 |
| MAYES | $420,680 | $538,650 | $651,050 | $809,150 | $126,000 |
| MCCLAIN | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| MCCURTAIN | $420,680 | $538,650 | $651,050 | $809,150 | $121,000 |
| MCINTOSH | $420,680 | $538,650 | $651,050 | $809,150 | $57,000 |
| MURRAY | $420,680 | $538,650 | $651,050 | $809,150 | $68,000 |
| MUSKOGEE | $420,680 | $538,650 | $651,050 | $809,150 | $110,000 |
| NOBLE | $420,680 | $538,650 | $651,050 | $809,150 | $76,000 |
| NOWATA | $420,680 | $538,650 | $651,050 | $809,150 | $64,000 |
| OKFUSKEE | $420,680 | $538,650 | $651,050 | $809,150 | $50,000 |
| OKLAHOMA | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| OKMULGEE | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| OSAGE | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| OTTAWA | $420,680 | $538,650 | $651,050 | $809,150 | $66,000 |
| PAWNEE | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| PAYNE | $420,680 | $538,650 | $651,050 | $809,150 | $164,000 |
| PITTSBURG | $420,680 | $538,650 | $651,050 | $809,150 | $80,000 |
| PONTOTOC | $420,680 | $538,650 | $651,050 | $809,150 | $117,000 |
| POTTAWATOMIE | $420,680 | $538,650 | $651,050 | $809,150 | $107,000 |
| PUSHMATAHA | $420,680 | $538,650 | $651,050 | $809,150 | $40,000 |
| ROGER MILLS | $420,680 | $538,650 | $651,050 | $809,150 | $68,000 |
| ROGERS | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| SEMINOLE | $420,680 | $538,650 | $651,050 | $809,150 | $50,000 |
| SEQUOYAH | $420,680 | $538,650 | $651,050 | $809,150 | $145,000 |
| STEPHENS | $420,680 | $538,650 | $651,050 | $809,150 | $88,000 |
| TEXAS | $420,680 | $538,650 | $651,050 | $809,150 | $130,000 |
| TILLMAN | $420,680 | $538,650 | $651,050 | $809,150 | $45,000 |
| TULSA | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| WAGONER | $420,680 | $538,650 | $651,050 | $809,150 | $195,000 |
| WASHINGTON | $420,680 | $538,650 | $651,050 | $809,150 | $128,000 |
| WASHITA | $420,680 | $538,650 | $651,050 | $809,150 | $65,000 |
| WOODS | $420,680 | $538,650 | $651,050 | $809,150 | $77,000 |
| WOODWARD | $420,680 | $538,650 | $651,050 | $809,150 | $109,000 |
How are FHA loan limits determined?
The U.S. Department of Housing and Urban Development (HUD) sets FHA loan limits annually for every county and metropolitan area in the U.S. The limits are based on that year’s conforming loan limit for a conventional mortgage and they represent the maximum amount the FHA is willing to insure on a loan from an FHA-approved lender.
The lowest loan limit is the FHA “floor” and it’s 65% of the conforming loan limit. This year, the limit is $420,680, which is also the current limit throughout Oklahoma. If you want to use an FHA loan to buy a home in the state, your home will need to cost less than that amount.
In high-cost areas, the FHA sets a “ceiling” on how much it’s willing to insure that’s 150% of the conforming loan limit there. Loan limits often change annually. In 2021, the average national home sale price rose 18%, so FHA loan limits subsequently went up too.
How to qualify for an FHA loan in Oklahoma
Oklahoma FHA loans come with lower requirements than conventional loans. If you need financial assistance covering down payment costs — especially if you’re a first-time buyer — the Oklahoma Housing Finance Agency may be able to help. You’ll need a credit score of 640 or higher to qualify for this state-sponsored assistance, even though a lower credit score may still qualify you for an FHA loan.
Here is what you’ll need for an FHA loan:
- A credit score of 500 or better. You can technically qualify for an FHA loan with a credit score between 500 and 579, but you’ll be required to put at least 10% down. To qualify for an attractive 3.5% down payment, your credit score will need to be 580 or higher.
- A debt-to-income (DTI) ratio of 43% or less. While there are exceptions, you generally won’t qualify for an FHA loan unless your DTI ratio is 43% or under.
- Mortgage expenses no more than 31% of income. All mortgage-related expenses — like your insurance premiums, homeowners association fees, real estate taxes and any secondary financing — generally shouldn’t exceed 31% of your monthly income. The exception: If you’re purchasing an energy-efficient home, the max will jump up to 33%.
- Mortgage insurance. While FHA mortgage insurance requirements vary, most borrowers will need to pay two types of insurance. The first is the upfront mortgage insurance premium (UFMIP). This is 1.75% of the loan amount and it’s usually rolled into the mortgage. The annual mortgage insurance premium (MIP) costs 0.45% to 1.05% of your loan amount and is typically paid monthly.
- An FHA loan appraisal. For an FHA loan, your home will need to meet the guidelines that are part of an FHA loan appraisal. The appraisal will both inspect your home and determine its value. Costs vary, but expect to pay between $300 and $500.
- Occupancy. The home must be your primary residence for at least 12 months after your purchase it with an FHA loan.
Buying a multifamily property with an FHA loan
You can use an FHA loan to buy multifamily properties of two to four units as long as you live in one of the units for at least 12 months. If you’re planning on doing this, you may also be able to use the anticipated rental income to help you qualify for the loan. The current maximum for an FHA loan in Oklahoma for a four-unit property is $809,150.
FHA lenders in Oklahoma
Here are five highly rated mortgage lenders licensed to do business in Oklahoma:
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| Lower | 10/10 | 580 |
| Rocket Mortgage | 9.5/10 | 580 |
| Guild Mortgage | 9/10 | 540 |
| BMO Harris Bank | 8.5/10 | 580 |
| PennyMac | 9/10 | 620 |