fha loan requirements oklahoma: what to know before you apply

Who qualifies

In Oklahoma, FHA-backed mortgages aim to make buying a home more accessible, especially for first-time and moderate-income buyers. Lenders review your credit, income stability, and the home’s condition against FHA rules.

• Credit: Many lenders accept scores of 580+ with 3.5% down; 500–579 may require 10%.
• Down payment: Gifts are allowed, and OHFA assistance can reduce cash needed.
• Debt-to-income: Around 43% is typical, higher with strong compensating factors.
• Occupancy: You must live in the home as a primary residence within 60 days.
• Property: FHA appraisal, safety standards, and county loan limits must be met.
• Documentation: Two-year work and income history, ID, and verified funds.
• Mortgage insurance: Upfront and annual MIP apply to most FHA loans.

Tips for Oklahoma buyers

Compare quotes from several FHA-approved lenders across Tulsa, Oklahoma City, and smaller markets. Ask about seller concessions up to 6% for closing costs, and check current county loan limits before shopping.

Build strength by paying down revolving balances, adding alternative tradelines, taking homebuyer education, and confirming timelines for appraisal and closing with a local lender.