Prepare for your home-buying journey and secure your dream property
with these streamlined, step-by-step first-time home buyer guides.
Buying your first home is a huge milestone, but it’s normal to feel a little overwhelmed by the process. If you’re looking to put down roots in Oklahoma, you’re in a great spot — the median home price here is $264,062, significantly lower than the national median of $409,000. This guide is designed to take the mystery out of the home-buying process, walking you through local assistance programs, mortgage options, and the step-by-step path to getting those keys in your hand. Let’s break it down so you can move forward with confidence.
You might be surprised to learn that the definition of a first-time homebuyer is broader than it sounds. While it typically refers to someone who has never owned a home, federal guidelines include anyone who hasn’t owned a primary residence in the last three years.
You may also qualify if:
Knowing where you stand is a great first step, as it can unlock access to special programs and benefits designed to make homeownership more affordable. For more details, see if you qualify as a first-time homebuyer.
One of the biggest challenges for first-time buyers is the upfront cost. Fortunately, Oklahoma offers several resources to help lighten the load. Whether you need help with a down payment or are looking to manage your closing costs, there are programs that can make your goal more attainable.
For instance, the Oklahoma Housing Finance Agency offers the Gold Loan Program, which features special interest rates for teachers, law enforcement officers, firefighters, EMTs, and state employees. Another excellent resource is the Dream Loan, which provides a grant — up to 3.5% of your first mortgage — that can be used by both first-time and repeat buyers.
Don’t forget to look locally, too. Oklahoma City offers down payment and closing cost assistance, sometimes even providing extra funds to help lower your overall purchase costs in specific areas. It’s worth checking your local municipal website to see what’s available. You might even be able to stack these local perks with federal loan options to build a stronger financial plan. Be sure to ask your mortgage loan officer about down payment assistance programs early in the application process.
Recommended: Oklahoma First-Time Home-Buying Assistance Programs
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Figuring out how to buy a house for the first time can be daunting, but breaking the process down can make it more manageable. This first-time homebuyer checklist has 11 steps to take for a smooth experience.
One of the first steps for first-time homebuyers is evaluating your finances. Start by reviewing your credit score because higher scores typically qualify borrowers for more favorable loan terms. Lenders also consider your debt-to-income (DTI) ratio, which generally should be no more than 50% for many government-backed loans and below 43% for conventional loans.
In addition, keep in mind that planning to remain in your home for several years gives you more time to build equity through regular mortgage payments and increases in your home’s value.
Consider these tips on establishing credit if you’d like to build your credit before applying for a mortgage.
It’s easy to focus solely on the home price, but a truly sustainable budget accounts for the big picture. Beyond the purchase price and your down payment, remember to factor in moving expenses, potential home repairs, and monthly costs like property taxes, homeowners insurance, and HOA fees. A home affordability calculator can be a lifesaver here, helping you see what monthly payment feels comfortable for your lifestyle.
When it comes to your down payment, there’s a common myth that you must put down 20%. While that can help you avoid private mortgage insurance (PMI) and snag a lower interest rate, many first-time buyers put down as little as 3% on conventional loans. Some government-backed loans even allow for zero down payment. If you’re crunching the numbers, a down payment calculator is a great way to see what different scenarios look like for your wallet.
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Understanding the various mortgage loan options can help you choose the right financing solution for you. Some options to consider include:
After learning about the different mortgage loan options, the next step is comparing lenders. When evaluating offers, consider both the interest rate and the APR (annual percentage rate). The interest rate represents the cost of borrowing money, while the APR provides a broader view by including the interest rate along with certain lender fees and discount points. Keep in mind that the APR does not account for all closing costs you may pay at the end of the process.
Beyond comparing loan costs, it’s also important to consider the lender’s service and responsiveness. Finding a lender with efficient customer service can help ensure your paperwork moves forward without unnecessary delays. Once you qualify with a lender, they will provide a mortgage preapproval letter. This document is good for 30-90 days, and some financial institutions will lock your interest rate for that time frame.
Shopping around for a mortgage lender can help you find the type of mortgage loan that fits your needs.
There’s a difference between mortgage prequalification and a formal preapproval letter. Understanding prequalification vs. preapproval is a good step before you start your home search.
Prequalification gives you a general estimate of how much you may be able to borrow based on information you provide to a lender without verification. Preapproval, however, involves a more thorough review where the lender confirms your credit history, income, debts, and assets. The mortgage preapproval process establishes your actual borrowing capacity and demonstrates your financial capability to sellers. Securing a mortgage preapproval before touring homes with a real estate agent can help you better understand your budget and show sellers that you are a serious buyer.
After determining how much you can afford to borrow, consider working with a buyer’s agent. A buyer’s agent represents your interests during negotiations and helps you navigate the steps involved in creating and finalizing a purchase agreement. They may also provide access to upcoming listings before they are publicly available and can preview potential homes on your behalf.
Before working with an agent, though, read about how real estate commission fees are changing to understand how compensation works.
With a preapproval letter and a buyer’s agent in place, you can begin searching for homes that meet your needs. Consider your budget, lifestyle preferences, and household priorities. Start by evaluating factors such as neighborhood safety, commute times, school districts, and the overall cost of living in the area.
As you identify potential neighborhoods, visit them at various times throughout the day to evaluate traffic, noise, and the overall environment. Online property search tools can also help you narrow your choices by filtering homes based on price, square footage, location, and specific features you want.
As you search for a home, it’s also important to understand your rights as a buyer. Federal laws strictly prohibit housing discrimination based on race, national origin, religion, sex, or family status. If you encounter discrimination, you have the right to file a complaint.
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When you find the right house, your agent will help you draft an official offer letter that includes your proposed purchase price, preferred timeline, and any contingencies that protect your interests, such as a satisfactory home inspection.
If the seller accepts the offer, the transaction moves into the contract phase, and you will provide an earnest money deposit. This good-faith payment is placed in an escrow account and shows the seller that you are committed to completing the purchase. If the seller responds with changes, your agent can help you evaluate counteroffers and negotiate terms before the agreement becomes final.
Think of a home inspection as your insurance policy against unfortunate surprises. Hiring a certified home inspector is one of the smartest moves you can make; for a typical cost of $300–$500, they will thoroughly review the home’s roof, foundation, plumbing, and electrical systems.
Once the inspection is complete, you’ll receive a report detailing everything they found — from minor maintenance needs to major safety concerns. This report is your leverage. If there are serious issues, you can use the findings to negotiate repairs with the seller, request a credit toward your closing costs, or even decide if you want to walk away from the deal entirely. For more on what to expect, take a look at our guide on what is a home inspection.
After completing the home inspection process, the next step is ensuring the property’s value aligns with the purchase price and loan amount. Mortgage lenders require an appraisal to verify that the home’s market value supports the amount being financed. This evaluation helps protect the lender from approving a loan that exceeds the property’s worth.
Your lender will order the appraisal through a licensed appraiser, who is typically assigned independently to provide an unbiased assessment. Similar to a home inspection, the appraiser will visit the property, and you or your real estate agent will assist in coordinating access to the home. The homebuyer pays the cost of the appraisal, which runs in the $300-$600 range.
Finalizing your mortgage loan represents the final step in the home-buying process. At least three days before closing, your lender will provide a closing disclosure that outlines your final loan terms, fees, and the amount you’re required to bring to closing. Review this document carefully to ensure all information is accurate. Closing also requires proof of homeowners insurance. It may be a good idea to note state-specific environmental hazards, such as local flood zones, that need extra coverage.
Before closing, you and your real estate agent will complete a final walk-through to confirm the property is in the agreed-upon condition. At the closing meeting, the escrow and title company will coordinate the transfer of ownership through the signed deed. You will sign the final loan documents, pay any remaining closing costs, and receive the keys to your new home.
An online calculator can be a big help in comparing home equity loan rates and terms. And it’s not the only calculator you’ll find helpful during your home equity loan process:
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Moving into your new property is an exciting part of the process. For a smooth transition, here are some first-time homebuyer tips.
Start by creating a move-in checklist to help organize everything you need to do. Remember to list all utility transfers, including water, gas, electricity, and trash collection, so that everything functions on your arrival.
Another important piece of first-time homebuyer tips and advice includes scheduling your first round of home maintenance tasks. You’ll want to change all the exterior door locks to improve your personal safety. In addition, install clean air filters in your heating and cooling system to help with efficiency. And remember to clean out the gutters to prevent water damage to your foundation.
Homeownership is a journey, and while it requires plenty of preparation and financial planning, you don’t have to do it alone. By tapping into Oklahoma’s state assistance programs and partnering with the right professionals, you can confidently navigate the market. With a clear plan and the right resources at your disposal, you’re well on your way to purchasing a home that perfectly fits your future.
Purchasing a home requires planning for upfront expenses, including the down payment and closing costs. Closing costs typically range from 2%-5% of the mortgage amount. For conventional loans, down payment requirements generally range from 3%-20% of the purchase price, while some government-backed loans may require little to no down payment.
The credit score needed as a first-time homebuyer depends on the type of loan. Conventional mortgage loans usually require a credit score of at least 620, while FHA loans allow you to qualify with a score between 500 and 579 with a 10% down payment. Specialized options such as VA loans don’t establish a set minimum credit score requirement, but lenders typically want scores of at least 620.
The general steps to buying a house involve reviewing your finances and credit score, then getting preapproved for a home loan with a lender. Next, you work with a real estate agent to search for homes and submit an official offer when you find the right property. After your offer is accepted, you complete a home inspection, secure homeowners insurance, and attend closing to finalize the purchase.
Common first-time buyer mistakes include skipping mortgage preapproval and failing to check your credit score early. Many buyers underestimate closing costs and ongoing home maintenance expenses. Some buyers waive the home inspection or make a major purchase, such as a vehicle, before closing, which can jeopardize loan approval.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
This article is not intended to be legal advice. Please consult an attorney for advice.Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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