Home Buying in Oklahoma City>Question Details

Tabitha Wendy…, Home Buyer in Yukon, OK

No money down morgage programs,are there any in oklahoma? Yukon, mustang, moore area.

Asked by Tabitha Wendy Smith, Yukon, OK Sat Apr 20, 2013

My boyfriend has a score of 620 and not much history, I have one of 550 and not good credit. My bf applied at his bank but was turned down for noth aving a score of 650. Are there any programs to help us get a no money down house. We have a new baby and can't find a decent rental for 600 a month. If we bought a fixer upper least we could do the work to make it better.

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Hi Tabitha,

First off, I am sorry for the circumstances in which have led you to this point but it sounds like you are headed back in the right direction so congrats to you. I have a new baby too (almost 6 months) and it is amazing how the little turkey can bring so much joy despite the stress and lack of sleep. ;)

620 is typically the minimum score to finance an FHA loan without upfront fees which it does not sound like you are able to swing so I would be a little leery of going that route. I suppose there may be a way to add the additional fees into your closing costs paid by the seller but make sure you have an excellent lender that you trust if you go that route because I have yet to see this work out as expected in my personal experience.

OHFA down payment assistance requires a minimum of 640 and has income restrictions of around $67k for a family of three, I believe. They will pay your 3.5% required FHA down payment and you could ask the seller to pay your closing costs up to 6%. This means that you could get in to the house for $200-400 (if that) after all is said and done if everything fell into place. There are no confines on the location of the home either which is a plus.

Community Action also offers down payment assistance but they do require you to put 1% of your money down and they have more stringent income restrictions (closer to $43k for a family of three.) They also require you to be in targeted areas. Some targeted areas qualify for different amounts as well.

Either way, you will need to have some money available upfront to pay the earnest money deposit ($500 would probably get you by based on the info you have provided) and appraisal ($400-475 and your lender may let you pay this at closing). If you use the bond money from OFHA there will also be a compliance fee of $150.

Now you are probably wondering how you end up only paying $200-400 out of pocket with all of these upfront expenses, right? You will get some money back at closing if you pay all of these fees upfront. It isn't much different if you go to rent, you will still be out deposits so this is definitely a better deal for most.

There are other types of programs available to help you cut costs, like a HUD184 loan if you are Native American or the Affinity program offered by BOK for employers of Chesapeake, Integris, Devon and some of the larger companies locally. Different lenders have different experience in each program so it is smart to talk to a Realtor to help match you up to someone who is well versed in the program that fits your needs.

I would be happy to help you do just that. Call me at 405-365-5320 if I may be of assistance. Also, you might check out my blog under resources for buyers so that you can educate yourself on the buying process.

Take care,

Michelle Foy Belknap
Web Reference: http://buygreenokc.com
1 vote Thank Flag Link Mon Apr 22, 2013
I just can add to the answers below, there is bond money available through the housing authority. Also there are some lenders available that would get you a loan with a minikum credit score of 580 if y9ou otherwise can afford to pay a mortgage. I can send you some contact. the best thing to do is pay off some medical bills if you have any or contact creditiors to work out a payment plan so the industry sees youare willing to clean up your credit. Also you can request a credit audit and dispute anything that is wrongully on there or has been on there too long ( 7 years) .Hope this helps.
0 votes Thank Flag Link Mon Apr 22, 2013
Respectfully Sandra, I don't agree. There are issues with disputing an account unless you can actually get it removed. If a lender pulls your credit and there is a disputed account on there, we will not be able to close the loan until it is removed. And I've seen plenty of loans get cleared even with the medical debt on there. FHA and Conventional no longer require these things always be paid. The best thing she can do is get with a lender that will give her pinpoint advice on which accounts will have to be paid and which ones will not. Also, if these are collection accounts we are talking about, setting up a payment plan now will not report to the bureaus. You have to do that up front with a debtor, before it turns into a collection account, for it to show up on her report as a regular debt being paid. Sorry to disagree, just want her to get the right answers. Credit is such a tricky thing and seems to change all the time and is lender specific in some cases, so maybe thats the diff.
Flag Mon Apr 22, 2013

If you are interested in looking at options to boost yours and your boyfriends credit scores, my company offers this service.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
0 votes Thank Flag Link Mon Apr 22, 2013
Neither of us served in the military. I was a navy wife for 6 yrs to a sailor that cheated in every port and stranded me here in Ok where I met my boyfriend and its why my credit is bad.
0 votes Thank Flag Link Mon Apr 22, 2013
Sure there are, did either of you serve in the military and were honorable discharged?
0 votes Thank Flag Link Mon Apr 22, 2013
Hi Tabitha,

I know of a couple possibilities for down payment assistance.

1) OHFA ( Oklahoma Bond Money) http://www.ohfa.org/HomeBuyers.aspx

2) Oklahoma Community Action http://caaofokc.com/index.php?option=com_content&task=vi…

Look into these programs, they may be of help.

You may need a minimum credit score of 640. I work with some great lenders who can help you get to where you need to be. They will run your credit scores and advise you free of charge.

Please feel free to contact me if you have any questions. I'll be glad to help.

Bridgett Wells
Keller Williams Realty Elite
0 votes Thank Flag Link Sun Apr 21, 2013
I have a lender that will get you a mortgage with a 580 credit score, then you can get possibly a down payment assistance to make your down payment then I can get the seleer pay your closing cost so you may be out only a few hundred dollars:

If this is an interest to you contact me:

John Phillips
Re/Max Preferred
405 413 0791
0 votes Thank Flag Link Sat Apr 20, 2013
John, can you please contact me about this? Is it still possible with a score of 580? 918-688-6777. Thanks!
Flag Mon Apr 20, 2015
Hi Tabitha, there are a few different options for down payment assistance programs in Oklahoma. And some of them will work with a minimum credit score of 620, so your boyfriend could possibly qualify. I also have a credit simulator that we can run your credit report through and it will tell us exactly what you need to do, line by line and dollar for dollar, to get your score up. It will even tell you how much you score will go up by each action. There's not even a fee to do this. It takes the guess work out of trying to repair or establish credit. Let me know if you would like more information about these programs and I would be happy to help!
0 votes Thank Flag Link Sat Apr 20, 2013
There are down payment assistance programs and a variety of ways to get into a house with little down. You may not be able to get a loan on a fixer upper. Give me a call and I can talk to you about your options.

Carolyn Sims
Keller Williams Elite
Web Reference: Http://www.csimshomes.com
0 votes Thank Flag Link Sat Apr 20, 2013
You can visit the USDA website and place the address of the property you are looking at to see if it qualifies at: http://eligibility.sc.egov.usda.gov/eligibility/welcomeActio…

Supreme Lending guidlines are 640 for USDA Loans. You can apply on the website at:

If you want you can call me for further assistance at 912-977-9671.

Jennifer Clark-Vazquez
0 votes Thank Flag Link Sat Apr 20, 2013
Hello Tabitha,

I would first recommend looking at other lenders.There are lenders who are able to qualify buyers with lower than 650 credit scores. I could give you a list if you would like. Also there are down payment assistance programs available, however most of them will require at least a 640 credit rating. Worst case scenario you guys could rent until you can get to a position where you can purchase a home. My contact information is below feel free to contact me with any questions.

Jeremiah Burton

Kevo Properties


0 votes Thank Flag Link Sat Apr 20, 2013
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