FHA Loans: What You Need to Know in 2022
How Does LendingTree Get Paid?

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

2022 FHA Loan Limits in Oklahoma

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

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 nameOne unitTwo unitsThree unitsFour unitsMedian 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 
Lower10/10580
Rocket Mortgage9.5/10580
Guild Mortgage9/10540
BMO Harris Bank 8.5/10580
PennyMac9/10620

 

Compare FHA Loans for Free

Recommended Reading