By Kelly Boyer Sagert

(Last Updated – 06/2025)

Boston University is known for its rigorous academics, and it’s been recognized as a top university. For example, U.S. News & World Report recently ranked the university as #41 nationally. This private institution is set on 140 acres in Boston, the quintessential college town, and enrolls almost 20,000 undergraduate students.

Total Cost of Attendance

Boston University’s total cost of attendance for the 2024-25 school year was $90,207, which is substantially higher (about 50% more) than the national average at private universities of $60,420 per year.

Financial Aid

More than half of the students at Boston University (55%) receive some form of financial aid. This includes loans, grants, and scholarships. While Boston University does consider financial need during the admissions process (meaning it’s not need-blind), it meets 100% of the demonstrated financial need for admitted students.

Explore financial aid options: Massachusetts Student Loans & Scholarships.

Generally, financial aid is monetary assistance awarded to students based on personal need or merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.

The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:

•  Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.

•  Grants: Generally based on financial need, these can come from federal, state, private, or nonprofit organizations.

•  Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.

•  Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.

Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.

You can find other financial aid opportunities on databases such as:

•  US Department of Education – Search for grants from colleges and universities by state

•  College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid

•  Scholarship Search Tool

Recommended: The Differences Between Grants, Scholarships, and Loans

Private Student Loans

While 19% of students take out federal student loans at BU to help cover the Boston University cost, 5% take out private student loans. The latter average $32,233.

Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.

What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.

Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.

If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.

Recommended: Guide to Private Student Loans

Projected 4-Year-Degree Price

To attend Boston University for four years, including tuition, room and board, and books and other fees, the cost would be $360,828. This is substantially more than the average of $241,680 for private U.S. institutions.

Here’s some Student Loan & Scholarship Information for you.

Undergraduate Tuition and Fees

The combined cost of BU tuition and fees, plus books and supplies, is $68,102 for the 2024-25 school year. Compare this to the national average of $41,540 for private colleges, and you’ll see that a Boston University education is considerably more expensive.

Graduate Tuition and Fees

To attend BU as a grad student, you’ll pay Boston University tuition of $66,670 and fees of $956, for a grand total of $67,626. Compare this to the national average of $21,730, making BU three times more expensive than the typical school.

There are many options for graduate loans available that can help you with these Boston University costs.

Cost per Credit Hour

If you opt to attend Boston University part-time, you’ll currently pay $2,183 per credit. Some of BU’s schools have different fees for tuition and credits.

Campus Housing Expenses

*Based on available apartments on the University of Boston’s off-campus housing website in June 2025.

BU offers a variety of on-campus living options, including traditional dorm rooms and multi-bedroom apartments. All freshmen are required to live on campus. BU prides itself on offering both gender-affirming and gender-neutral housing.

For upperclassmen who opt to live off-campus, there are numerous apartments vetted and approved by BU. Learn more about off campus rentals .

Boston University Acceptance Rate

The Boston University acceptance rate is low, with just 11% of applicants being accepted.

Admission Requirements

BU has certain requirements for applicants to be considered for acceptance. There are also some recommended items that might help your application.

Required:

•  High school transcript

•  Senior year grades

•  Counselor Recommendation and School Report Form

•  Personal statement or essay

Recommended:

•  SAT or ACT scores

The deadline for Early Decision at BU is November 1, with a decision given by mid-December. The deadline for Early Decision 2 is January 6, with a decision given by mid-February. For Regular Admission, the deadline is also January 6, with a decision given by late March.

SAT and ACT Scores

Standardized test scores are not required to apply to Boston University, though they may be submitted. Here are the average scores for accepted students.

Popular Majors at Boston University

BU offers more than 300 fields of study! Here are the most popular majors to consider.

1. Business Administration

In Business Administration, there are several concentrations you can choose, depending on your career path. These include Business Analytics, Information Systems, Accounting, Management & Organizations, Finance, Global Business, Innovation & Entrepreneurship, Law, and more.

Undergraduate degrees in 2023-24: 672

2. Computer Science

Computer Science students get to learn about Networks, Theory, Data Mining and Data Analytics, Artificial Intelligence, Operating Systems, Media Computing, and Security/Cryptography. Additionally, there is an advanced program that allows you to simultaneously earn your BA and MS in Computer Science.

Undergraduate degrees in 2023-24: 283

3. Economics

There are two undergraduate degree options in this program: the general Economics BA and one in Economics and Mathematics. After getting a solid foundation in Macro- and Microeconomics, as well as Statistical Decision Making and Calculus, among other subjects, you’ll be well-prepared for a career in financial analysis, policymaking, medicine, or law.

Undergraduate degrees in 2023-24: 271

4. Psychology

BU has been praised for its psychiatry/psychology faculty research, which students have the opportunity to participate in. You’ll also have the option to study abroad in London and take on an internship in Psychology and Health Sciences there.

Undergraduate degrees in 2023-24: 271

5. Radio & Television

Are you a natural storyteller? This program teaches you how to tell stories through film, words, and music. You’ll get the chance to have hands-on experience working as an assistant on a production in camera, lighting, sound, casting, or editing.

Undergraduate degrees in 2023-24: 189

6. International Relations

Students in the International Relations program can choose their track of study. Options include Environment/Development; Foreign Policy/Security Studies; International Economics, Business, and Politics; International Systems and World Order; or Regional Politics/Cultural Anthropology.

Undergraduate degrees in 2023-24: 169

7. Health Science

Health Sciences students get the chance to apply their learning of population health, global public health issues, and biological and social sciences in a clinical or public health setting.

Undergraduate degrees in 2023-24: 155

8. Public Relations and Image Management

In this Communications-focused program, students blend real-world experiences, research, and learning about ethics for individuals, government, and businesses. This degree prepares students for careers in the PR field, whether at an agency or in-house.

Undergraduate degrees in 2023-24: 150

9. Biology

Fascinated by cells, molecules, anatomy, and how humans and animals thrive? In this program, you’ll get to study various aspects of biology and prepare for a career in health sciences. It also includes in-depth study of ecology.

Undergraduate degrees in 2023-24: 149

10. Political Science and Government

In this nationally ranked program, students will explore the issues that shape public life, employing both humanistic and scientific approaches. They will also analyze how political communities balance justice, power, liberty, and authority.

Undergraduate degrees in 2023-24: 142

Graduation Rate

Graduation rates are as follows for students who enrolled in Fall 2017:

•  4 years: 83%

•  6 years: 90%

Post-Graduation Median Earnings

After graduating from BU, undergraduates can expect to earn an average of $103,937. This is significantly higher than the average of $68,516 for four-year schools.

By Jennifer Calonia

(Last Updated – 06/2025)

Texas Southern University is among the largest historically Black universities in the nation, with more than 8,400 students enrolled each year. This public university offers a wide variety of undergraduate programs, including Biological Sciences, Engineering, Health Administration, and more.

Total Cost of Attendance

For the 2024-25 academic year, costs for Texas Southern University were $29,655 for in-state students. This is slightly above the national average of $28,840 for in-state public universities. For students from out of state, the cost of attendance was $41,955, which is less than the national average of $46,730.

Costs for 2024-2025

Financial Aid

Nearly all Texas Southern University students have some form of financial aid. For example, in the 2022-23 year, 98% of undergraduates received some kind of aid. This includes federal and state grants, scholarships, and loans.

Explore financial aid options: Texas Student Loan & Scholarships.

Generally, financial aid is monetary assistance awarded to students based on personal need or merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.

The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:

•  Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.

•  Grants: Generally based on financial need, these can come from federal, state, private, and nonprofit organizations.

•  Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.

•  Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.

Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.

You can find other financial aid opportunities on databases such as:

•  US Department of Education – Search for grants from colleges and universities by state

•  College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid

•  Scholarship Search Tool

Recommended: The Differences Between Grants, Scholarships, and Loans

Private Student Loans

Of the students who use financial aid to cover Texas Southern University tuition, 70% have federal student loans. And 2% of Texas Southern undergraduates have private student loans that average $14,881.

Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.

What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.

Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.

If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.

Recommended: Guide to Private Student Loans

Projected 4-Year-Degree Price

The projected cost of a four-year in-state degree at Texas Southern University is $118,620, including tuition, books and supplies, room and board, and other expenses. This is slightly higher than the national average of $115,360. The four-year cost for out-of-state students would be $167,820. This is less than the national average of $186,920.

Here’s some Student Loan & Scholarship Information for you.

Undergraduate Tuition and Fees

For the 2024-25 academic year, the undergraduate cost for Texas Southern University tuition, fees, and books totaled $10,827 for in-state students. Students who live out of state paid $23,127. Compare this to the national averages of $11,260 for in-state students and $29,150 for out-of-state, and you will see that TSU tuition is more affordable than a typical school.

Graduate Tuition and Fees

The cost of Texas Southern University tuition and fees for graduate students were $8,328 for Texas residents, and $15,488 for non-residents. Fees were $1,470 for both. For comparison, the average national cost of a Master’s degree is $21,730, according to recent data, meaning TSU offers good value.

There are many options for graduate loans that can help with these costs.

Cost per Credit Hour

For the most recently published rates, the cost per credit hour at Texas Southern University for residents was $197 to $239. The cost for non-residents was $470 per credit hour.

Campus Housing Expenses

All freshmen at TSU Houston are required to live on campus during their first year. There are double-occupancy dormitory-style rooms, and the four freshmen towers are gender-specific. Additionally, freshmen must purchase a meal plan while residing on campus.

Texas Southern University Acceptance Rate

The TSU acceptance rate is 93%, so applicants have a very good chance of being accepted.

TSU Admission Requirements

To apply to Texas Southern, students need to submit the following:

Required:

•  High school GPA

•  High school transcript

•  Test of English as a Foreign Language (TOEFL), if applicable

Recommended:

•  College-preparatory program

•  Letter of recommendation

•  Formal demonstration of competencies

To apply as an undergraduate to TSU, these are the general freshman application deadlines:

•  Fall term – May 31

•  Spring term – December 1

SAT and ACT Scores

Although Texas Southern University does not typically require standardized test scores, students are welcome to submit their SAT/ACT test scores. Submitted scores will be considered. (Some students whose high school curriculum doesn’t adhere TSU’s guidelines may be required to submit scores.) For reference, here are previous scores submitted to TSU in Fall 2023.

Popular Majors at Texas Southern University

TSU undergraduate students can choose from among 100+ different bachelor’s degree programs. These are the most popular majors at Texas Southern University.

1. Biology/Biological Sciences

The university offers General Biology Services as a comprehensive or pre-health professional option. The degree provides a foundation of biological courses, like Cell Biology, Microbiology, Conservation Biology, and Genetics.

Undergraduate degrees in 2023-24: 79

2. Criminal Justice/Law Enforcement Administration

In the Administration of Justice program, criminal justice students take courses in Legal Aspects of Law Enforcement and Introduction to Corrections, among many others.

Undergraduate degrees in 2023-24: 68

3. General Studies

This program has a broad curriculum that helps students reach their academic and future career goals by providing a solid foundation across various topics. Courses include English, math, sciences, history, political science, and creative arts.

Undergraduate degrees in 2023-24: 61

4. Business Administration and Management

Those pursuing this business major take courses such as Management Principles, Entrepreneurship, and more. These skills are applicable to an array of career options.

Undergraduate degrees in 2023-24: 59

5. Psychology

This program provides a solid foundation in psychology and teaches psychology research methods, including research design, data analysis, and interpretation, and how to apply them.

Undergraduate degrees in 2023-24: 55

6. Radio and Television

Courses like Media and Society, Computer Applications in Communications, and Media Management & Marketing are included in TSU’s Radio and Television program. Through the curriculum, students receive hands-on training to prepare them for careers in media communications.

Undergraduate degrees in 2023-24: 37

7. Health/ Health Care Administration/ Management

By taking classes such as Health Policy, Healthcare Finance, and Health Care Organizations, students are prepared for a career in the healthcare field, often with an emphasis on management.

Undergraduate degrees in 2023-24: 37

8. Social Work

The curriculum for this field of study includes courses on Social Legislation, Violence and Abuse in Families, and Social Welfare Policy. Students may opt for a career in child services or community social work.

Undergraduate degrees in 2023-24: 32

9. Political Science

Students learn about government and public affairs (including such topics as homeland security). This program, which offers three different tracks, prepares students for a career in public service or for continuing their studies.

Undergraduate degrees in 2023-24: 30

10. Health and Wellness

Those majoring in Health and Wellness study Human Sexuality, Mental Health, and Diseases & Consumer Health, among many other classes. Graduates can go on to careers in athletic training and sports management, as well as other occupations.

Undergraduate degrees in 2023-24: 27

Graduation Rate

These are the graduation rates at Texas Southern University for those who started their education in Fall 2017:

•  4 years: 6%

•  6 years: 20%

Post-Graduation Median Earnings

TSU graduates earn a median annual salary of $38,924, according to the U.S. Department of Education College Scorecard data. This is below the national average of $68,516 for college graduates.

Who Is Considered a First-Time Homebuyer in Oklahoma?

A first-time homebuyer is, of course, anyone who has never owned a home, but it is also anyone who has not had an ownership interest in a primary residence during the last three years, the Oklahoma Housing Finance Agency (OHFA) says.

This is consistent with the definition of first-time homebuyer established by the U.S. Department of Housing and Urban Development (HUD).

To qualify for Oklahoma Housing’s homebuyer assistance plans and secure a home mortgage loan, either you or your spouse will have to qualify as a first-time homebuyer unless you intend to purchase a home in a targeted area.

Recommended: First-Time Homebuyer Guide

4 Oklahoma Programs for First-Time Homebuyers

Both OHFA and Rural Enterprises Inc. (REI) of Oklahoma offer homebuyer assistance to individuals with low to middle incomes, first-time buyers, and those employed in jobs that serve the community.

Here’s a rundown of the organizations’ programs for first-time homebuyers:

1. Down Payment Assistance Gold Loan

OHFA’s Gold Loan allows first-time homebuyers and people purchasing in targeted areas to obtain up to 3.5% of their first mortgage amount in the form of a grant when closing on an FHA, VA, USDA, or conventional mortgage loan.

To qualify, you’ll need to apply directly through an OHFA-approved mortgage lender and meet the income limits by area and loan type. Also:

Minimum FICO^® credit score: 640

Maximum debt-to-income (DTI) ratio: 45%

If you sell the home within the first nine years after purchasing it, the grant is subject to a recapture tax of up to 50% of the gain on the sale of the home, or 6.25% of the original mortgage, whichever is less.

2. Down Payment Assistance Dream Loan

OHFA’s Dream Loan allows both first-time and repeat homebuyers with higher incomes to obtain a grant of up to 3.5% of their total first mortgage amount.

For those taking out a government-backed mortgage, the maximum income statewide is $150,000, no matter the household size. For conventional loan borrowers, the income limit depends on the county.

Borrowers will be subject to a recapture tax if their home is sold within the first nine years of purchase.

Minimum credit score: 640

Maximum DTI: 45%

3. OHFA Special Interest Rates for Public Servants

OHFA grants people who serve the community and are applying for a Gold or Dream Loan an interest rate discount off their quoted mortgage rate.

To be eligible for an interest rate discount, you must fall under one of the following OHFA employment categories:

•   OHFA Shield: Eligible borrowers employed as firefighters, law enforcement officers, EMTs, and paramedics.

•   OHFA 4Teachers: Eligible borrowers who hold a current Oklahoma teaching certificate and have an active contract with an accredited Oklahoma public or private school.

•   State Employee: Eligible borrowers currently employed by an Oklahoma state agency.

Minimum credit score: 640

Maximum DTI: 45-50%

Utilizing OHFA’s low interest rate loans may subject you to a recapture tax.

4. REI Gift 100 Program

Rural Enterprises of Oklahoma offers a competitive fixed-rate, 30-year first mortgage (FHA, VA, USDA, Fannie Mae HFA Preferred, or Freddie Mac HFA Advantage) and down payment/closing cost assistance to low-income families and individuals in Oklahoma.

Depending on what type of mortgage loan you choose, the assistance can come in the form of a gift, a forgivable seven-year second mortgage, or an amortizing ten-year second mortgage. The amount of assistance offered is generally 5% of your total loan amount. Funds can be applied toward a borrower’s down payment, closing costs, or any other mortgage-related expenses.

Minimum credit score: 640

Maximum DTI: 45%

Other Oklahoma Homebuyer Programs by Location

If you’ve already chosen the part of Oklahoma you hope to make your home, you also may want to research local buyer assistance programs. (And if you aren’t sure where to put down roots, check out a guide to the best affordable places in Oklahoma to live.)

Stillwater Homebuyers Assistance Program

Low- and moderate-income first-time buyers looking to purchase homes in the city of Stillwater may receive up to $5,000 of down payment and closing cost assistance if they qualify. You must live in the home for seven years, after which the money is forgiven.

Requirements:

•   Low- and moderate-income buyers’ household incomes can’t exceed 80 percent of median income in the area.

•   First-time buyers have a maximum purchase price of $250,000.

•   Buyers must live in their home as a primary residence for seven years or more.

•   You must complete a homebuyer education class.

•   You must purchase within Stillwater city limits.

Oklahoma City Homebuyers Assistance Program

The HOME Investment Partnerships Program (HOME) is funded by the U.S. Department of Housing and Urban Development. It provides up to $18,000 in assistance for down payments and closing costs. You may also get an extra $5,000 to use to buy down your interest rate. The program is for first-time and repeat homebuyers who purchase in an approved area.

Requirements:

•   You must fall within income limits, which vary by household size.

•   Purchase price may not exceed 95 percent of Oklahoma City’s median home sale price.

•   You must have a maximum 43-percent debt-to-income ratio.

•   You must contribute at least 1 percent toward the purchase of the home’s sale price.

•   You must complete a homebuyer education class.

Midwest City Homebuyers Assistance Program

This program for first-time homebuyers in Midwest City offers eligible potential owners up to $7,500 to apply to a down payment and closing costs. The loan may be forgiven after five years if you use it as your primary residence during that time.

Requirements:

•   You must be a first-time homebuyer.

•   You’ll need to purchase a Midwest City property.

•   Household income can’t be more than 80 percent of the median family income in the area.

•   You will be required to complete a homebuyer education course.

•   A minimum of 1.5 percent of the sales price (at least $500), including down payment and closing costs, must be paid with your own funds.

Tulsa County First Home Program

Tulsa County’s First Home Program gives borrowers a 30-year fixed-rate mortgage along with a forgivable loan to help with their down payment and closing costs, for assistance equaling 3.5 percent of a home’s sale price (maximum $17,882). The program is for first-time buyers, but repeat buyers in target areas and veterans are eligible to apply. As of March 2025, non-target area funds had been utilized, but target area funds were available.

Requirements:

•   You must have a credit score of 620 or above.

•   Maximum purchase price for non-targeted areas is $510,939, and $624,481 for targeted areas.

•   Homebuyers must meet income limits, which vary by area and household size.

•   You will need to attend a homebuyer education class.

How to Apply to Oklahoma Programs for First-Time Homebuyers

To qualify for Oklahoma’s first-time homebuyer assistance, you’ll need to meet the prescribed income, credit, and DTI ratio requirements, which vary by program.

OHFA Gold and Dream Loans

If you think you qualify for an OHFA product, you can search for an approved lender near you and request an application for a Gold or Dream Loan.

The lender will determine whether you qualify, and also may request documentation to confirm eligibility for an interest rate discount through the OHFA Shield, OHFA 4Teachers, or State Employee programs.

REI Gift 100 Program

To apply for the REI Gift 100 Program, you’ll need to contact an approved lender to see whether you qualify for down payment assistance based on your financial profile.

When you’re ready to proceed with your mortgage application, you can get pre-approved by the lender for a mortgage and the down payment/closing cost assistance.

Recommended: How to Afford a Down Payment on Your First Home

Federal Programs for First-Time Homebuyers

Government-funded programs are available for potential buyers with low credit scores or limited down payment options. Some are designed for repeat homeowners, but these national programs are generally for people who are buying a home for the first time or who haven’t owned a home in several years.

These mortgage programs are generally accessible for those hoping to purchase single-family homes, two- to four-unit properties that will be owner occupied, approved condos, townhomes, planned unit developments, and some manufactured homes.

Federal Housing Administration (FHA) Loans

Homebuyers choose from a list of approved lenders participating in the FHA loan program.

Loans have competitive interest rates and require a down payment of 3.5% of the purchase price for borrowers, who typically need FICO® credit scores of 580 or higher. Those with scores as low as 500 must put at least 10% down.

In addition to examining your credit score, lenders will look at your debt-to-income ratio (DTI, your monthly debt payments compared with your monthly gross income). FHA allows a DTI of up to 57%, vs. a typical 45% maximum for a conventional loan.

Gift money for the down payment is allowed from certain donors and will be documented in a gift letter for the mortgage.

FHA loans always require mortgage insurance premiums (MIP): This includes a fee of 1.75% of the base loan amount, which can be rolled into the loan, upfront. Borrowers also carry annual premiums for the life of the loan. As of 2025, monthly MIP for new homebuyers is 0.15% to 0.75%. A down payment of at least 10% allows the removal of mortgage insurance after 11 years. For a $300,000 mortgage balance, upfront MIP would be around $5,250 and monthly MIP, at a rate of 0.55%, would be about $137.

To learn more about these loans, including FHA loans for refinancing and rehabbing properties, read up on FHA requirements, loan limits, and rates.

Freddie Mac Home Possible Mortgages

Low- and very low-income borrowers may make just a 3% down payment on a Home Possible® mortgage. These loans allow various sources for down payments, including co-borrowers, family gifts, employer assistance, secondary financing, and sweat equity.

The Home Possible mortgage is for buyers who have a credit score of at least 660. Once you’ve paid off 20% of your loan, the Home Possible mortgage insurance can be canceled, which will lower your mortgage payments.

Once you pay 20% of your loan, the Home Possible mortgage insurance will be canceled, which will lower your mortgage payments.

Fannie Mae HomeReady Mortgages

Fannie Mae HomeReady^® Mortgages allow down payments as low as 3% for low-income borrowers. Applicants generally need a credit score of at least 620; pricing may be better for credit scores of 680 and above. Like the Freddie Mac program, HomeReady loans allow flexibility for down payment financing, such as gifts and grants.

For income limits, a comparison to an FHA loan, and other information, go to this Fannie Mae site .

Fannie Mae Standard 97 LTV Loan

The conventional 97 LTV loan is for first-time homebuyers of any income level who have a credit score of at least 620 and meet debt-to-income criteria. The 97% loan-to-value mortgage requires 3% down. Borrowers can get down payment and closing cost assistance from third-party sources.

Department of Veterans Affairs (VA) Loans

Eligible active-duty members of the military, veterans, reservists, and surviving spouses may apply for loans backed by the Department of Veterans Affairs. These loans designed for those who serve our country can be used to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment. Most borrowers pay a one-time funding fee that can be rolled into the mortgage.

Another advantage of VA loans is that they do not require PMI for borrowers who make a down payment of less than 20%. And they have more flexible credit score requirements. In some cases, even those who have previously been in foreclosure or bankruptcy can qualify.

Borrowers applying for a VA loan will need a Certificate of Eligibility from the VA so make sure to review a guide to qualifying for a VA loan as a first step in the process.

Native American Veteran Direct Loans (NADLs)

Native American veterans and their spouses who are eligible may use these no-down-payment loans to buy, improve, or build a new home on federal trust land. Unlike VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance, but charges a funding fee.

US Department of Agriculture (USDA) Loans

No down payment is required on these loans for moderate-income borrowers that are guaranteed by the USDA in specified rural areas. Borrowers pay an upfront guarantee fee and an annual fee that serves as mortgage insurance.

The USDA also directly issues loans to low- and very low-income potential homeowners. For loan basics and income and property eligibility, head to this USDA website .

HUD Good Neighbor Next Door Program

This program helps police officers, firefighters, emergency medical technicians, and teachers qualify for mortgages in the areas they serve. Borrowers can receive 50% off a home in what HUD calls a “revitalization area.” They must live in the home for at least three years.

Visit the HUD program page for more information.

Oklahoma First-Time Homebuyer Stats for 2025

•   Percentage of buyers nationwide who are first-time buyers: 32%

•   Percentage of nationwide buyers who are first-time buyers: 24%

•   Median age for first-time homebuyers: 38

•   Median home price in Oklahoma: $259,700

•   Median down payment: $26,000

•   Average credit score in Oklahoma: 696

Not sure how much home you can afford? Use this home affordability calculator to find out.

Additional Financing Tips for First-Time Homebuyers

In addition to federal and state government-sponsored lending programs, while you’re crunching the numbers on projected mortgage payments, you might want to hone your knowledge about other financial strategies that may help you become a homeowner. Some examples:

•  Traditional IRA withdrawals. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. For the purposes of IRA withdrawals, a first-time homebuyer is someone who has not owned a principal residence in the last two years. You will still owe income tax on the IRA withdrawal. If you’re married and your spouse has an IRA, they may also make a penalty-free withdrawal of $10,000 to purchase a home. The downside, of course, is that large withdrawals may jeopardize your retirement savings.

•  Roth IRA withdrawals. Because Roth IRA contributions are made with after-tax money, the IRS allows tax- and penalty-free withdrawals of contributions for any reason as long as you’ve held the account for five years. You may also withdraw up to $10,000 in earnings from your Roth IRA without paying taxes or penalties if you are a qualifying first-time homebuyer and you have had the account for five years. With accounts held for less than five years, homebuyers will pay income tax on earnings withdrawn.

•  401(k) loans. If your employer sponsors a 401(k) account and allows borrowing from the 401(k) plan, you may consider taking a loan against the 401(k) account to help finance your home purchase. With most plans, you may be able to borrow as much as 50% of your 401(k) balance, up to $50,000, within a 12-month period and incur no taxes or penalties. You pay interest on the loan, which is paid into your 401(k) account. You usually have to pay back the loan within five years, but if you’re using the money to buy a house, you may have up to 15 years to repay.

•  State and local down payment assistance programs. Usually offered at the regional or county level, these programs provide flexible second mortgages for first-time buyers looking into how to afford a down payment.

•  The mortgage credit certificate program. First-time homeowners and those who buy in targeted areas can claim a portion of their mortgage interest as a tax credit, up to $2,000. Any additional interest paid can still be used as an itemized deduction. To qualify for the credit, you must be a first-time homebuyer, live in the home, and meet income and purchase price requirements, which vary by state. If you refinance, the credit disappears, and if you sell the house before nine years, you may have to pay some of the tax credit back. There are fees associated with applying for and receiving the mortgage credit certificate that vary by state. Often the savings from the lifetime of the credit can outweigh these fees.

•  Your employer. Your employer may offer access to lower-cost lenders and real estate agents in your area, as well as home buying education courses.

•  Your lender. Always ask your lender about any first-time homebuyer grant or down payment assistance programs available from government, nonprofit, and community organizations in your area.

The Takeaway

First-time homebuyers of low and moderate means in Oklahoma can try to lasso mortgage and down payment assistance programs that can make buying a home more affordable. Other first-time buyers can look for a good fit among mortgages on their own.