Oklahoma Mortgage Rates
November 30, 2015 06:35 AM Eastern
Oklahoma Mortgage Rates and Unique Homebuyer Assistance Programs
"Oklahoma is OK," and this is truly the case when it comes to purchasing a home in this state. However, if you want to purchase a home in Oklahoma City, Tulsa or any of the other densely populated areas of Oklahoma, you’re going to have to show that you are capable of paying for the home and affording the monthly mortgage payments.
If you have unique circumstances, or are financially unable to purchase a home through conventional means, you can get assistance from the Oklahoma Housing Finance Agency (OFHA). This agency is designed to help buyers understand Oklahoma mortgage interest rates and other home buying processes.
Services offered by the OHFA include:
• help for first time homebuyers
• help for homebuyers in difficult financial situations
• help for renters and landlords
• information on current OK mortgage rates
• information and resources for HUD and Section 8 housing
The mission of the OFHA is to help people find and get into homes across Oklahoma. The OFHA works with mortgage lenders all over the state to provide 30-year fixed-rate home loans with interest rates below current Oklahoma mortgage interest rates.
Homebuyer Programs with Low OK Mortgage Interest Rates
Among the programs available from the OFHA is the 1st Gold Program, which helps make the dream of owning a home in Oklahoma a reality. For those who qualify, the 1st Gold Program will take care of your first mortgage loan closing costs and down payment, which is great for those buyers who do not have significant savings.
By working with the OFHA, you can determine your eligibility for this program. There are Targeted Areas and Non-Targeted Areas of the state, determined by national census statistics. In Non-Targeted Areas, you have to be a first-time homebuyer in order to qualify for these offered benefits. Targeted Areas have no such qualifications.
OFHA Industry Specific Programs with Low Oklahoma Mortgage Rates
The OFHA honors the heroism of police officers and firefighters by offering them low OK mortgage interest rates. The OHFA Shield Program is available for current police and firefighters living in Oklahoma who meet minimum gross income requirements. Living in the home and occupying it as your primary residence is another requirement for this program.
The OFHA 4 Teachers Program is another industry-specific program that offers low Oklahoma mortgage rates. Participants must have a teacher’s certificate, live in Oklahoma and meet income guidelines in order to receive the current OK mortgage rates offered by the program.
These OFHA programs are available to all eligible residents of Oklahoma. By working directly with this agency, aside from getting a low mortgage interest rate, you can get the assistance and special consideration that you need in order to qualify for a loan or obtain help for your down payment and closing costs.