Oklahoma Homebuyers

Oklahoma Homebuyer Checklist

Everything Oklahoma-specific: OHFA down payment assistance, county property taxes, closing costs, and what to look for in the Sooner State.

← Universal Checklist Work With an Oklahoma Realtor

Get the Oklahoma PDF Checklist

Download a printable Oklahoma-specific checklist with OHFA program details, county tax rates, and more.

OHFA Down Payment Assistance Programs

The Oklahoma Housing Finance Agency (OHFA) offers several programs to help first-time buyers. The DREAM program provides up to 3.5% down payment assistance as a grant that never needs to be repaid.

OHFA DREAM

First-time and repeat buyers. Up to 3.5% down payment assistance as a grant (no repayment).

Income limit: Up to $150,000 for government loans

Max price: $356,362 (govt) / $453,100 (conventional)

OHFA GOLD

First-time buyers only (haven't owned in 3 years). Competitive 30-year fixed rates.

Income limit: Varies by county and household size

Max price: Same as DREAM program limits

OHFA 4Teachers

Special rates for certified public and private school teachers in Oklahoma.

Income limit: Standard OHFA limits apply

Max price: Standard OHFA limits apply

OHFA Shield

Reduced-rate mortgages for police, firefighters, EMTs, and paramedics.

Income limit: Standard OHFA limits apply

Max price: Standard OHFA limits apply

How to apply: OHFA works with 80+ approved lenders. Visit ohfa.org/homebuyers to find a lender or call OHFA at (405) 419-8207.

Property Tax Estimator

County

Home Purchase Price

County	Major Cities	Effective Rate	Median Price
Oklahoma County	OKC, Edmond, MWC, Del City	0.95-1.10%	$265,000
Canadian County	Yukon, Mustang, Piedmont	0.85-0.95%	$285,000
Cleveland County	Norman, Moore	1.00-1.15%	$275,000
Tulsa County	Tulsa, Broken Arrow, Owasso	1.05-1.20%	$245,000
Comanche County	Lawton	0.90-1.05%	$175,000

Effective rates vary by school district and municipality. Median prices as of Q4 2025.

Closing Cost Calculator

Oklahoma closing costs typically run 2-3% of the purchase price, lower than the national average.

Home Purchase Price

Down Payment %

Oklahoma-Specific Checklist

Oklahoma-Specific Financial Steps

Check OHFA income limits for your county

Limits vary significantly. Oklahoma County is higher than rural counties.
Research employer assistance programs

Many Oklahoma employers offer homebuyer benefits. Ask HR.
Consider USDA loans for rural areas

0% down for eligible rural areas. Much of Oklahoma qualifies outside metro cores.

Finding an Oklahoma Lender

Choose an OHFA-approved lender

Required for OHFA programs. Find lenders at ohfa.org/homebuyers or call (405) 419-8207.
Compare credit unions

Tinker FCU, WEOKIE, Allegiance CU often have competitive rates for Oklahoma buyers.
Ask about Oklahoma-specific grants

Some cities (OKC, Tulsa, Norman) have additional first-time buyer incentives.
Get quotes from at least 3 lenders

Oklahoma has no prepayment penalties by law. Shop freely.

Oklahoma House Hunting Tips

Check storm shelter availability

Oklahoma averages 56 tornadoes/year. In-ground shelters add value and safety.
Verify school district boundaries

Districts don't always match city limits. Edmond, Moore, Norman schools have specific boundaries.
Research HOA restrictions

Many Oklahoma subdivisions have HOAs. Review CCRs before offering.
Check for foundation issues

Oklahoma's clay soil causes shifting. Look for cracks, sticking doors.
Consider commute patterns

I-35, I-44, Broadway Extension. Rush hour is 7-9am and 4-6pm.
Assess smart home readiness

Older Oklahoma homes often lack network wiring. Check for pre-wire or plan for retrofit.

Oklahoma Closing Process

Understand Oklahoma's title process

Residential closings are typically handled by title companies managing escrow and closing paperwork.
Get Oklahoma-specific disclosures

Sellers must disclose known defects. Review the Residential Property Condition Disclosure.
Budget for closing costs correctly

Oklahoma closing costs average 2-3% of purchase price, lower than national average.
Prepare for 30-45 day closing

Standard for Oklahoma. OHFA loans may take slightly longer for DPA processing.

After Closing in Oklahoma

File for Homestead Exemption

Due by March 15 at your County Assessor. Reduces taxable value by $1,000.
Set up utilities (OG&E, ONG)

Oklahoma Gas & Electric, Oklahoma Natural Gas. Easy online setup.
Update driver's license within 30 days

Oklahoma law requires address update. Visit any Tag Agency.
Register to vote at new address

Online at ok.gov/elections or at Tag Agency.
Find your trash service

City-provided in OKC, Edmond. Private service in unincorporated areas.
Plan for storm shelter if needed

If home doesn't have one, budget $3,000-6,000 for installation.

⚠️ Storm Preparedness

Oklahoma averages 56 tornadoes per year. When house hunting, consider:

• In-ground storm shelter: Adds $5,000-15,000 in value. Many newer homes have them.
• Safe room: Above-ground FEMA-rated rooms are an alternative for homes without basements.
• Hail-resistant roofing: Impact-rated shingles can reduce insurance costs significantly.
• Insurance: Oklahoma homeowners insurance often lands around $4,500-5,500/year for many homes. Get quotes early.

How To Use This Checklist In Sequence

Step 1: Budget Reality

Run property tax and closing scenarios first so your price range reflects total monthly and cash-to-close constraints.

Step 2: Lender Alignment

Confirm OHFA eligibility and county-level assumptions with your lender before active showings start.

Step 3: Offer Readiness

Use the checklist as a pre-offer gate so financing, disclosures, and inspection priorities are clear.

Use The Right Companion Page

First-Time Homebuyer Guide

Use this for full process guidance from pre-approval through closing.

Homebuyer Cost Estimator

Use this for recurring monthly-cost math including taxes, insurance, PMI, and HOA.

Tech-Savvy Realtor Service

Use this when you want representation that also evaluates technology and infrastructure risk.

Frequently Asked Questions

What is the OHFA DREAM program?

The OHFA DREAM program is Oklahoma's primary down payment assistance program. It provides up to 3.5% of the loan amount as a grant that never needs to be repaid. Both first-time and repeat homebuyers can qualify. Income limits vary by loan type, with government loans allowing up to $150,000 household income. The maximum purchase price is $356,362 for government loans and $453,100 for conventional loans.

How do I qualify for Oklahoma down payment assistance?

To qualify for OHFA down payment assistance, you must: meet income limits for your county and household size, purchase a home within OHFA price limits, have a credit score of at least 640, complete a homebuyer education course, and work with an OHFA-approved lender. First-time buyer status (not owning a home in the past 3 years) is required for some programs like GOLD, but not for DREAM. Visit ohfa.org/homebuyers or call (405) 419-8207 for current requirements.

What are typical closing costs in Oklahoma?

Oklahoma closing costs typically range from 2-3% of the purchase price, which is lower than the national average. For a $275,000 home, expect $5,500 to $8,250 in closing costs. These include loan origination fees (0.5-1%), appraisal ($400-600), home inspection ($350-500), title insurance and closing fees ($1,000-1,500), recording fees (~$100), and prepaid property taxes and insurance. Residential closings are generally handled by title companies coordinating escrow, title work, and closing documents.

How are Oklahoma property taxes calculated?

Oklahoma property taxes use a unique formula: Assessed Value = 11% of Fair Market Value. Then, Assessed Value minus the Homestead Exemption ($1,000) is multiplied by the local millage rate divided by 1,000. For example, a $300,000 home: $300,000 × 11% = $33,000 assessed value. Minus $1,000 homestead = $32,000. At a 100 mill rate: $32,000 × 100 ÷ 1,000 = $3,200 annual tax. Rates vary significantly by county and school district, typically ranging from 0.85% to 1.20% effective rate.

What is the homestead exemption in Oklahoma?

The Oklahoma homestead exemption reduces your assessed property value by $1,000 for tax purposes. To qualify, the property must be your primary residence and you must file with your County Assessor by March 15 of the year you want to claim it. This exemption is automatic each year once filed and can save approximately $100-120 annually depending on your local millage rate. New homeowners should file immediately after closing to ensure they receive the exemption for the following tax year.

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