Are There Any First-Time Homebuyer Programs or Grants in Oklahoma?

What programs or financial assistance options are available for first-time homebuyers in Oklahoma?

Yes, Oklahoma offers several first-time homebuyer programs and grants designed to make homeownership more accessible. From down payment assistance to mortgage tax credits, there are multiple ways to reduce upfront costs and long-term expenses.

Why First-Time Homebuyer Programs Matter

Buying your first home is exciting—but it can also feel overwhelming. Between rising home prices, loan requirements, and saving for a down payment, many buyers wonder if they can afford to make the leap.

That’s where first-time homebuyer programs come in. These options are designed to:

• Lower your initial costs (down payment and closing costs)

• Make monthly mortgage payments more manageable

• Improve loan terms for qualified buyers

If you're buying in Norman, Moore, OKC, or nearby communities, there are local and statewide programs worth exploring.

Who Qualifies as a First-Time Homebuyer in Oklahoma?

You don’t necessarily have to be purchasing your very first home to qualify. In Oklahoma, a “first-time homebuyer” typically includes anyone who hasn’t owned a home in the last three years. Other qualifications may include:

• Meeting certain income limits

• Purchasing a primary residence (not an investment property)

• Completing a homebuyer education course

Top First-Time Homebuyer Programs in Oklahoma

Here are some of the most helpful programs available in Oklahoma for first-time buyers:

1. Oklahoma Housing Finance Agency (OHFA) Homebuyer Down Payment Assistance

The OHFA offers a 3.5% down payment and closing cost assistance grant with its 30-year fixed-rate loans. This can be a game-changer for buyers struggling to save a large down payment.

Key features:

• Available statewide

• Conventional, FHA, VA, and USDA loan options

• Competitive interest rates

• May be combined with the Mortgage Credit Certificate (MCC) program

2. Oklahoma Mortgage Credit Certificate (MCC) Program

This federal tax credit helps reduce your tax liability by up to $2,000 each year based on a portion of your mortgage interest.

Key benefits:

• Increases your after-tax income

• Can be used in conjunction with OHFA down payment assistance

• One-time fee included in closing costs

3. USDA Rural Development Loans

If you're buying a home in a designated rural area (many parts of Oklahoma qualify), USDA loans offer 100% financing—no down payment required.

Eligibility requirements:

• Income limits based on location and household size

• Property must be in a USDA-eligible area

• Creditworthiness is still considered

4. VA Home Loans for Veterans and Active-Duty Military

Backed by the U.S. Department of Veterans Affairs, VA loans are available to eligible service members, veterans, and some surviving spouses.

Highlights:

• No down payment required

• No private mortgage insurance (PMI)

• Competitive interest rates

Community Action Agencies: Local Grant Support

Community Action Agency of OKC & Oklahoma/Canadian Counties

This agency offers significant support for qualified homebuyers:

• Oklahoma City HOME Program: Up to $18,000 for down payment and closing costs, plus an additional $5,000 to buy down interest rates. Fully forgivable after 10 years if you remain in the home.

• Oklahoma/Canadian Counties HOME Program: Up to $14,249, forgivable after 5 years.

• Free Homebuyer Education Workshops: Held virtually over three evenings. Covers budgeting, financing, and working with a realtor.

These programs are a great fit if you’re buying in OKC or surrounding counties.

Simmons Bank Assistance Programs

Simmons Bank offers unique mortgage products designed for affordability:

• Affordable Advantage Mortgage: No down payment, no PMI, and flexible credit terms.

• ITIN Affordable Advantage Mortgage: For buyers with an ITIN (no SSN). Requires 10.01% down and is available in select counties including Cleveland, Canadian, and Oklahoma.

• Works with Grants and Gifts: Accepts funds from relatives or nonprofits as part of your down payment.

These options make Simmons Bank a strong ally, especially if you’re not eligible for other grants.

Bank of America Homeownership Grants

Bank of America’s Community Homeownership Commitment® includes:

• America’s Home Grant®: Up to $7,500 in closing cost credits—no repayment required.

• Down Payment Grant: Up to $10,000 (or 3% of purchase price) toward down payment—requires a BoA mortgage; may be taxable.

• Homebuyer Education Series: Online tools and videos to prepare you for grant eligibility and the buying process.

Grant availability varies by location, so it’s best to check eligibility through their Down Payment Center.

Steps to Apply for First-Time Buyer Assistance

Here’s how to get started:

1. Check eligibility requirements for each program.

2. Take a HUD-approved homebuyer education course if required.

3. Get pre-approved by a participating lender familiar with Oklahoma programs.

4. Work with a real estate agent who knows the ins and outs of the local market and available grants.

5. Apply for assistance as part of your loan package.

Timing is key—some funds are limited and offered on a first-come, first-served basis.

Why Work with a Local Expert

Programs and grants are helpful—but navigating them alone can be tricky. That’s why partnering with a knowledgeable local real estate agent is essential.

As a real estate agent serving Norman, Moore, OKC, and the surrounding areas, Daniella Miller can help you:

• Understand which programs you qualify for

• Connect with trusted lenders

• Find properties that match both your needs and eligibility

• Make confident, informed decisions every step of the way

The Bottom Line: Help Is Available

If you’re dreaming of homeownership but feel stuck because of costs or credit concerns, don’t give up. With the right programs and local guidance, buying your first home in Oklahoma is within reach.

There’s no one-size-fits-all answer, but there are options—and I’m here to help you find the one that fits your path.

Ready to Explore Your Options?

Let’s talk about your goals and what assistance might be available to you.

Schedule a call or appointment today to get personalized guidance and start building your homeownership journey with confidence.

Daniella Miller
Keller Williams Mulinix
405-413-9802
daniellamiller@kw.com