Down Payment Assistance

The greatest barrier to owning your own home is often getting enough money together for the down payment. Did you know that a homebuyer program exists to make homeownership more affordable? OHFA Advantage helps low to moderate income individuals and families with their down payment so they can purchase a home.


Tip of the Week:

Mortgage Financing

tip of the dayFinancing is the difference between the purchase price and the down payment. OHFA Advantage provides 3.5% down payment assistance.


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Call Us Toll-Free to Learn More About Affordable Homeownership

listenWant to know how the OHFA Advantage Program can put affordable homeownership within your reach? Call our specialists at 1-888-937-1122!

About OHFA:

Oklahoma Housing Finance Agency

OHFA logoEach day Oklahoma Housing Finance Agency touches the lives of countless low and moderate income families through its housing programs. OHFA is here to help Oklahomans achieve their dreams of homeownership.

Learn more about us.

Oklahoma Down Payment Assistance

Oklahoma Housing Finance Agency offers 3.5% down payment assistance on a home in all 77 counties in the state of Oklahoma through a program called OHFA Advantage.

What is the current interest rate?

Visit OHFA's website to view the current interest rate.

How do I qualify?

You must have a minimum credit score of 640 and purchase a home in the state of Oklahoma that is priced at less than $215,000. You must also meet certain income guidelines that vary depending on the county where you are buying a home, and you must use a mortgage lender that participates in OHFA Advantage.
Click here for income limits by county.

Click here for a list of participating lenders.

What type of home can I buy?

Loans can be used to purchase new or existing single-family homes, condos and multi-section mobile homes.

Do I have to be a first time homebuyer to use the program?

No. You are considered a first time homebuyer if you have not owned a home in the last three years. If you are not a first time homebuyer you must purchase a home in a "target" area. The income limit is also higher in "target" areas to encourage more people to purchase in those areas. Target and non-target areas can be viewed when viewing income limits by county.

What type of home loans are offered?

All of the loans are low-interest 30-year fixed rate loans. A fixed rate loan means your monthly mortgage payment will never go up. OHFA Advantage offers Federal Housing Administration (FHA), Veterans Affairs (VA) and U.S. Department of Agriculture-Rural Development (USDA-RD) loan products.

How does this program help me with affordable, responsible homeownership?

Oklahoma Housing Finance Agency has a foreclosure of less than one percent. Everyone who uses the program must use an approved mortgage lender and meet a minimum credit score.

How do I get started and find out if I qualify?

Contact a participating lender. Click here for a list of participating lenders. You can also call the Oklahoma Homebuyer Hotline at 1-888-937-1122.

Does my spouse have to have a credit score of at least 640?

Any purchaser of a home who signs the real estate contract must have a credit score of at least 640.

What happens if I sell the home I bought using down payment assistance?

If you sell or refinance the home before five years are up, you will be required to pay a prorated share of the down payment assistance back to Oklahoma Housing Finance Agency.




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