Think you need 20% down or perfect credit to buy your first home? You may have more options than you realize. Oklahoma homebuyers can explore low-down-payment mortgages and assistance programs that may reduce the cash needed at closing. For some qualified buyers, that can mean as little as $0 out of pocket at closing.
At Two Structures Homes, we've been building homes in the Oklahoma City area since 2009. We've also seen firsthand how the Oklahoma Housing Finance Agency (OHFA) Housing Stability Program can help make a brand-new home possible.
More opportunities are coming: Our next 12 Oklahoma City homes have already been approved through the OHFA Housing Stability Program. Three are under contract, leaving nine not currently under contract as we finalize construction financing. These are upcoming homes, not completed or move-in-ready inventory.
Do You Have to Be a First-Time Home Buyer?
Not necessarily. Some first-time buyer programs define a first-time buyer as someone who has not owned a primary residence during the previous three years. Other exceptions and program-specific requirements may apply. And some mortgage or assistance options are available to repeat buyers, too.
Don't rule yourself out based on the name of a program. A participating lender can review your circumstances and determine which options may apply.
How Much Money Do You Need to Buy a Home in Oklahoma?
One of the biggest misconceptions about homebuying is that you must save a 20% down payment. On a $267,900 home, that would be $53,580. Fortunately, many buyers have alternatives.
- FHA loans: Some eligible borrowers can purchase with as little as 3.5% down.
- VA loans: Eligible service members, veterans, and certain surviving spouses may qualify for no-down-payment financing.
- USDA loans: Eligible buyers and properties in qualifying areas may be eligible for no-down-payment financing.
- OHFA programs: Eligible Oklahoma buyers may have access to down payment and closing cost assistance, depending on the loan and program.
Want to explore more ways to buy a home without a large down payment? Read our guide to buying a home in Oklahoma City with little to no money down for a closer look at financing options and down payment assistance programs.
A low down payment does not always mean zero cash required. Closing costs, prepaid expenses, deposits, mortgage insurance, and other financing requirements vary. The best starting point is a conversation with a participating lender.
What Is the OHFA Housing Stability Program?
The OHFA Housing Stability Program (HSP) supports the development of qualifying new homes in Oklahoma. For eligible HSP homes and buyers, the program includes assistance equal to 5% of the home's purchase price, subject to program rules and required documents.
For example, on a home priced at $267,900, 5% equals $13,395. That can make a meaningful difference for someone who can afford a monthly mortgage payment but has struggled to save the cash needed to purchase a home.
Important: The HSP assistance has occupancy and repayment conditions. Under published program guidance, buyers generally must use the property as their primary residence for 36 months for the assistance to be fully forgiven. Selling or ceasing to occupy the home before that period may trigger prorated repayment. Your lender and closing documents will explain the requirements that apply to your purchase.
Can You Combine HSP Assistance With Other OHFA Assistance?
Some qualified buyers may also be eligible for OHFA mortgage products offering additional down payment assistance, including options of up to 3.5% of the applicable loan amount. These are separate programs with different terms. The additional assistance may be structured as a repayable second mortgage rather than a grant, and combining programs is not automatic. Your participating lender must confirm current eligibility, loan compatibility, income limits, credit requirements, and the full financing structure.
OHFA also offers specialized mortgage options for certain Oklahoma school employees, first responders, and state employees. Those programs can have special rates or other benefits, but employment alone does not guarantee additional assistance.
12 More OHFA-Approved Homes in Oklahoma City — Three Already Under Contract
We're excited about the next chapter of our work with OHFA. All 12 of our upcoming Oklahoma City homes have received HSP approval. We're currently working through the construction loan closing process, and three homes are already under contract.
That leaves nine upcoming homes not currently under contract. Final plans, prices, availability, construction schedules, and financing eligibility should be confirmed directly with our sales team.
You don't have to wait until construction is complete to start learning about your options. If you need time to work on your credit, review your budget, or speak with a lender, now is a good time to begin.
If you are interested in one of these homes, our sales team can explain the upcoming plans, current availability and steps to prepare for financing.
You can explore our new homes in Downtown Oklahoma City and contact our sales team for information about the next opportunities.
A Real Oklahoma City New Home Example: 2122 Sherman Avenue
To see what an HSP home can look like, consider 2122 Sherman Avenue in Oklahoma City, one of our recent homes in the program. The home illustrates what a newly built HSP property can offer. Please contact our team to confirm its current price and availability. Call or text us at (405) 509-9435.
- Example asking price: $267,900
- Bedrooms and bathrooms: 3 bedrooms, 2 bathrooms
- Size: Approximately 1,747 square feet
- Garage: 1-car garage
- Included features: Appliances including Refrigerator, Blinds, Fence and Security System.
- Example 5% HSP assistance: $13,395, subject to buyer and program eligibility
For buyers who work near downtown Oklahoma City or the OU Health medical district, a new home in this area may offer a convenient commute along with the opportunity to build home equity.
Can a Buyer Really Close With $0 Out of Pocket?
Yes, it has happened for a Two Structures Homes buyer, although the outcome depends on the buyer's specific financing, assistance eligibility, closing costs, and transaction details.
One recent buyer of one of our HSP homes closed with $0 out of pocket. She initially provided $100 in earnest money, which was returned once the transaction qualified and closed under the applicable arrangements.
Her experience shows what's possible; it is not a promise that every buyer will close for $0. A lender must calculate the funds required for each purchase.
“This has been an amazing experience. Andres went above and beyond to help me through the process. I'm grateful, and I love my new home. I definitely recommend Two Structures Homes!!”
— Maranda, Two Structures Homes buyer
Why Consider a Brand-New Home Instead of an Older Home?
For first-time buyers, a new home can offer meaningful advantages, especially when they want more predictable maintenance expenses in the first few years.
A newly built home generally starts with new roofing, heating and cooling equipment, plumbing and other major systems. That can mean fewer immediate repair concerns than a resale home, although every property is different.
Newer insulation, windows and HVAC equipment may also help with energy efficiency. Actual utility bills depend on the home's design, usage and other factors.
Another benefit is knowing what is covered by the builder's warranty. As with any home purchase, it's important to read the warranty carefully and understand what is excluded.
New doesn't mean maintenance-free, and a warranty doesn't cover every repair. But buying a newly built home can reduce some of the uncertainty that comes with purchasing an older property.
How to Get Ready to Buy Your First Home
- Review your monthly budget. Include the mortgage payment, property taxes, homeowners insurance, utilities, maintenance, and any association fees.
- Check your credit. Many OHFA mortgage options use a 640 minimum score, but requirements depend on the specific loan and program.
- Gather your financial documents. Your lender may request pay stubs, W-2s, tax returns, bank statements, and identification.
- Talk with a Two Structures Homes participating lender. Ask which mortgage and assistance options you qualify for, including any repayment obligations.
- Explore available and upcoming homes. Our sales team can explain the status of our HSP-approved homes and what happens next.
Get preapproved and review the contract. Understand your estimated payment, cash-to-close amount, contingencies, and projected timeline before committing.
Frequently Asked Questions About Buying a Home in Oklahoma
Do I need 20% down to buy my first home?
No. FHA, VA, USDA, and other mortgage options may require substantially less, depending on eligibility. Some qualified buyers can also use down payment assistance.
What credit score do I need for an OHFA home?
Many OHFA mortgage products use a minimum credit score of 640, although the lender must confirm the requirements for the particular loan and assistance program.
Is the 5% HSP assistance free money?
It is assistance with conditions, not unrestricted cash. Published HSP guidance includes a 36-month primary-residence occupancy requirement for full forgiveness, with potential prorated repayment if that requirement is not met.
Does everyone qualify for an additional 3.5%?
No. Additional OHFA assistance depends on the buyer, lender, mortgage product, and compatibility with other assistance. Its repayment terms may differ from the HSP assistance.
Do I have to be a first-time buyer?
Not for every mortgage or assistance option. Eligibility varies, so a participating lender should evaluate your specific situation.
Are the next 12 homes already approved?
Yes. Our 12 upcoming Oklahoma City homes have been approved through the OHFA Housing Stability Program. Three are under contract, and we are finalizing construction financing. Nine are not currently under contract.
What if I'm not ready to buy today?
Contact us anyway. You can learn about the upcoming homes and speak with a lender about steps that could help you prepare, without assuming you are already approved.
Your First Home Could Be Closer Than You Think
You don't have to figure out the entire homebuying process alone. Two Structures Homes can help you explore our new homes, understand the next steps, and connect with a lender who can explain available financing programs.
With nine OHFA-approved homes still available for prospective buyers, now is a great time to explore your options and connect with our sales team.
Interested in one of our nine upcoming OHFA-approved homes? Contact the Two Structures Homes sales team or call or text Text Our Sales Team to learn about availability and your next steps toward homeownership.
Program availability, eligibility, grant or loan amounts, property availability, prices, and closing costs are subject to change, lender approval, and applicable OHFA requirements. Information is educational and is not a commitment to lend or a guarantee of zero cash required. Equal Housing Opportunity.