In Oklahoma, there are several types of mortgage loans available. Each loan type has its eligibility requirements, terms, and other key characteristics. Mortgage rates in Oklahoma also depend on the type of loan you get.

Here are the most common types of home loans in the state:

Conventional

Typical eligibility criteria: 620 minimum credit score, 43% maximum DTI, 3% to 5% minimum down payment
Key characteristics: Fixed or variable interest rate, maximum loan amount of $726,200 (in most counties) and $1,089,300 (in high-cost counties), 15- to 30-year repayment terms, PMI required if less than 20% down

Jumbo

Typical eligibility criteria: Typically have higher credit score or down payment requirements than conventional loans, 43% maximum DTI
Key characteristics: Fixed or variable interest rate, 15- to 30-year repayment terms, higher loan limits ideal for more expensive homes

USDA

Typical eligibility criteria: No minimum down payment, no minimum credit score, the property must be located in a “rural” city or town, income limits may apply
Key characteristics: Fixed interest rate, 15- to 30-year repayment terms, available through the USDA, geared toward first-time borrowers or buyers with limited savings

FHA

Typical eligibility criteria: 500 minimum credit score, a minimum down payment of 3.5% (depending on credit), loan limits depending on the county, may require mortgage insurance premium (MIP)
Key characteristics: Fixed or variable interest rates, 15- to 30-year repayment terms, primarily geared toward first-time buyers, regulated by the FHA

VA

Typical eligibility criteria: No minimum down payment requirement, credit score requirements vary, no PMI required, must meet military service eligibility requirements
Key characteristics: Fixed or variable interest rate, 15- to 30-year repayment terms, lower closing costs, backed by the VA

Compare Current Mortgage Rates in Oklahoma

How are mortgage rates determined in Oklahoma?

Does Oklahoma have a first-time homebuyer program?

How do I get the best mortgage rate in Oklahoma?

What type of mortgage can I get in Oklahoma?