Oklahoma City USDA Loan
Scissortail Financial offers USDA loans in OKC with zero down payment and competitive rates. We’ll help you navigate the process effortlessly.
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What is a OKC USDA Loan?
A USDA loan is a government-backed mortgage designed to help buyers purchase homes in eligible rural and suburban areas. Insured by the U.S. Department of Agriculture (USDA), this program provides affordable homeownership opportunities with zero down payment and low interest rates.
Key benefits of USDA loans include:
- 100% financing: No down payment is required, making homeownership more accessible.
- Competitive interest rates: USDA loans typically offer lower rates than conventional loans.
- Reduced mortgage insurance: Lower monthly costs compared to FHA or conventional loans.
- Flexible credit requirements: Borrowers with moderate credit scores may still qualify.
For buyers in Oklahoma City, USDA loans can be a great option, especially for those looking to move just outside the metro area where USDA-eligible properties may be available. Scissortail Financial can help you navigate the process and find the best financing solution.
FAQ's
Oklahoma City USDA Loan FAQs
While the USDA does not set a minimum credit score, most lenders prefer a minimum credit score of around 640 for a smoother approval process.
No, USDA loans offer 100% financing, meaning you can purchase a home without a down payment.
Some areas within Oklahoma City may not qualify, but many outlying neighborhoods and surrounding communities are eligible. Scissortail Financial can help you check USDA eligibility for specific properties.
Most lenders prefer a 640 or higher credit score for streamlined approval, but borrowers with lower scores may still qualify with additional documentation and compensating factors.
Yes. To qualify, household income cannot exceed:
- 1-4 person household: $112,450
- 5+ person household: $148,450
USDA considers the income of all adult household members, even if they are not on the loan.
Yes, USDA loans can be refinanced through the USDA Streamline Refinance Program, which reduces paperwork and allows eligible borrowers to lower their interest rates.
Instead of traditional mortgage insurance, USDA loans require:
- Upfront Guarantee Fee: 1% of the loan amount (can be rolled into the loan).
- Annual Fee: 0.35% of the remaining loan balance, paid as part of your monthly mortgage payment.
No, USDA loans are only for primary residences. They cannot be used for vacation homes, second homes, or rental properties.
No, USDA loans are available for both first-time and repeat homebuyers, as long as they meet the income and property eligibility requirements.
The typical closing time for a USDA loan is 30-45 days, depending on the lender, property eligibility, and loan processing time.
