Oklahoma USDA Loans

What are Oklahoma USDA Home Loans?

USDA stands for United States Department of Agriculture. A USDA Mortgage provides a low-cost insured home mortgage loan that suits a variety of options. A USDA mortgage is likely the best home loan option if you want to purchase a home with no down payment. If you’re unsure about your credit rating, or have concerns about a down payment when you’re doing a home loan comparison, USDA Rural Mortgage Loans can give you piece of mind with zero-down, super low closing costs and low monthly mortgage insurance.

What RD loans does USDA offer in Oklahoma?

Currently, there are two kinds of USDA Home Loans available in Oklahoma for single family households:

. USDA Guaranteed Loans
USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in Oklahoma and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Rural Housing Loans carry 30 year terms and are set at a fixed rate.

. USDA Direct Loans
USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program.

What factors determine if i’m eligible for a USDA Loan in Oklahoma?

To be eligible for A USDA Rural Loan in Oklahoma, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio). Your credit background will be fairly considered. A 620 FICO credit score is required to obtain a USDA Rural Housing Loan approval through most lenders. You must also have enough income to pay your housing costs plus all additional monthly debt (41% ratio). These ratios can be exceeded somewhat with compensating factors. Applicants for loans may have an income of up to 115% of the median income for the area. Maximum USDA Guaranteed Loan income limits for your area can be found at here. Maximum USDA Direct Loan income limits for your area can be found at here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.

How much can I borrow?

The maximum amount for an USDA home loan is determined by:

Maximum Loan Amount: The is no set maximum loan amount allowed for USDA Rural Home Loans. Instead, your debt-to-income ratios will dictate how much home your can afford (29/41 ratios). Additionally, your total household monthly income must be within USDA allowed maximum income limits for your area. Maximum USDA Guaranteed Loan income limits for your area can be found at here.

Maximum financing: The maximum USDA Rural Development Loan amount is 102% of the appraised value of the home (100% plus the 2% USDA RD Loan guarantee fee).

How much are the down payment and closing costs?

USDA Rural Development Mortgage Loans require no down payment and they allow for the closing costs to be included in the loan amount (appraisal permitting).

What property types are allowed?

While USDA Mortgage Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and single family residences.

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Oklahoma USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2012

County Name
1-4 Person Households
(Guaranteed Loans)
5-8 Person Households 
(Guaranteed Loans)
NON-METRO
ADAIR
$73,600
$97,150
NON-METRO
ALFALFA
$73,600
$97,150
NON-METRO
ATOKA
$73,600
$97,150
NON-METRO
BEAVER
$73,600
$97,150
ELK CITY, OK (MICRO)
BECKHAM
$73,600
$97,150
NON-METRO
BLAINE
$73,600
$97,150
DURANT, OK (MICRO)
BRYAN
$73,600
$97,150
NON-METRO
CADDO
$73,600
$97,150
OKLAHOMA CITY, OK (MSA)
CANADIAN
$73,600
$97,150
ARDMORE, OK (MICRO)
CARTER
$73,600
$97,150
TAHLEQUAH, OK (MICRO)
CHEROKEE
$73,600
$97,150
NON-METRO
CHOCTAW
$73,600
$97,150
NON-METRO
CIMARRON
$73,600
$97,150
OKLAHOMA CITY, OK (MSA)
CLEVELAND
$73,600
$97,150
NON-METRO
COAL
$73,600
$97,150
LAWTON, OK (MSA)
COMANCHE
$73,600
$97,150
NON-METRO
COTTON
$73,600
$97,150
NON-METRO
CRAIG
$73,600
$97,150
TULSA, OK (MSA)
CREEK
$73,600
$97,150
NON-METRO
CUSTER
$73,600
$97,150
NON-METRO
DELAWARE
$73,600
$97,150
NON-METRO
DEWEY
$73,600
$97,150
NON-METRO
ELLIS
$73,600
$97,150
ENID, OK (MICRO)
GARFIELD
$73,600
$97,150
NON-METRO
GARVIN
$73,600
$97,150
OKLAHOMA CITY, OK (MSA)
GRADY
$73,600
$97,150
NON-METRO
GRANT
$73,600
$97,150
NON-METRO
GREER
$73,600
$97,150
NON-METRO
HARMON
$73,600
$97,150
NON-METRO
HARPER
$73,600
$97,150
NON-METRO
HASKELL
$73,600
$97,150
NON-METRO
HUGHES
$73,600
$97,150
ALTUS, OK (MICRO)
JACKSON
$73,600
$97,150
NON-METRO
JEFFERSON
$73,600
$97,150
NON-METRO
JOHNSTON
$73,600
$97,150
PONCA CITY, OK (MICRO)
KAY
$73,600
$97,150
NON-METRO
KINGFISHER
$73,600
$97,150
NON-METRO
KIOWA
$73,600
$97,150
NON-METRO
LATIMER
$73,600
$97,150
FORT SMITH, AR-OK (MSA)
LE FLORE
$73,600
$97,150
OKLAHOMA CITY, OK (MSA)
LINCOLN
$73,600
$97,150
OKLAHOMA CITY, OK (MSA)
LOGAN
$73,600
$97,150
ARDMORE, OK (MICRO)
LOVE
$73,600
$97,150
NON-METRO
MAJOR
$73,600
$97,150
NON-METRO
MARSHALL
$73,600
$97,150
NON-METRO
MAYES
$73,600
$97,150
OKLAHOMA CITY, OK (MSA)
MCCLAIN
$73,600
$97,150
NON-METRO
MCCURTAIN
$73,600
$97,150
NON-METRO
MCINTOSH
$73,600
$97,150
NON-METRO
MURRAY
$73,600
$97,150
MUSKOGEE, OK (MICRO)
MUSKOGEE
$73,600
$97,150
NON-METRO
NOBLE
$73,600
$97,150
NON-METRO
NOWATA
$73,600
$97,150
NON-METRO
OKFUSKEE
$73,600
$97,150
OKLAHOMA CITY, OK (MSA)
OKLAHOMA
$73,600
$97,150
TULSA, OK (MSA)
OKMULGEE
$73,600
$97,150
TULSA, OK (MSA)
OSAGE
$73,600
$97,150
MIAMI, OK (MICRO)
OTTAWA
$73,600
$97,150
TULSA, OK (MSA)
PAWNEE
$73,600
$97,150
STILLWATER, OK (MICRO)
PAYNE
$73,600
$97,150
MCALESTER, OK (MICRO)
PITTSBURG
$73,600
$97,150
ADA, OK (MICRO)
PONTOTOC
$73,600
$97,150
SHAWNEE, OK (MICRO)
POTTAWATOMIE
$73,600
$97,150
NON-METRO
PUSHMATAHA
$73,600
$97,150
NON-METRO
ROGER MILLS
$73,600
$97,150
TULSA, OK (MSA)
ROGERS
$73,600
$97,150
NON-METRO
SEMINOLE
$73,600
$97,150
FORT SMITH, AR-OK (MSA)
SEQUOYAH
$73,600
$97,150
DUNCAN, OK (MICRO)
STEPHENS
$73,600
$97,150
GUYMON, OK (MICRO)
TEXAS
$73,600
$97,150
NON-METRO
TILLMAN
$73,600
$97,150
TULSA, OK (MSA)
TULSA
$73,600
$97,150
TULSA, OK (MSA)
WAGONER
$73,600
$97,150
BARTLESVILLE, OK (MICRO)
WASHINGTON
$73,600
$97,150
NON-METRO
WASHITA
$73,600
$97,150
NON-METRO
WOODS
$73,600
$97,150
WOODWARD, OK (MICRO)
WOODWARD
$73,600
$97,150

 

 USDA Loan information for Oklahoma’s top cities:

Broken Arrow Oklahoma USDA LoansEdmond Oklahoma USDA LoansLawton Oklahoma USDA Loans
Midwest City Oklahoma USDA LoansNorman Oklahoma USDA LoansOklahoma City Oklahoma USDA Loans
Tulsa Oklahoma USDA LoansEnid Oklahoma USDA LoansMoore Oklahoma USDA Loans
Ardmore Oklahoma USDA LoansMuskogee Oklahoma USDA LoansStillwater Oklahoma USDA Loans
Bartlesville Oklahoma USDA LoansPonca City Oklahoma USDA LoansShawnee Oklahoma USDA Loans

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