Oklahoma USDA Loans
Home Point Financial is pleased to announce that we now have Oklahoma USDA financing. USDA Loans in Oklahoma are intended to provide lower-income homeowners with 100% financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to Oklahoma residents in almost every OK county outside of major metropolitan areas.
USDA Loan Requirements and Guidelines (Oklahoma)
There are a number of requirements to quality for Oklahoma USDA Loans:
- Monthly Oklahoma housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in Oklahoma.
- Oklahoma borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- Oklahoma property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
Oklahoma families must be able to afford the mortgage payments, including taxes and insurance.
Oklahoma USDA Mortgage Rates
OK USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Oklahoma property being financed, etc. In general, OK USDA rates are better than average compared to other options for qualifying individuals.
Oklahoma USDA Lender
Apply now or contact the Oklahoma USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Oklahoma, eligibility and more.
