Down payment assistance in Tulsa: how the county's First Home Program works
If you've been told you need tens of thousands of dollars saved before you can buy a home in Tulsa, I have good news. There's a program right here in Tulsa County that can help cover your down payment and closing costs — and the money is still available. Let me walk you through how it works.
What is the Tulsa County First Home Program?
The Tulsa County Home Finance Authority (TCHFA) created this program to help first-time buyers get into homeownership. It offers a below-market fixed-rate mortgage through FHA, VA, or USDA-RD loan types, plus forgivable down payment and closing cost assistance.
The current rate is approximately 6.35% — about a quarter-point below standard FHA rates. The real headline is the assistance: the program provides 3.5% of your total mortgage amount upfront. On the average purchase, that's roughly $9,000 in free money, with a maximum of $17,882.
How does the forgiveness work?
The assistance is a 0% interest second mortgage that is fully forgiven after five years. Stay in the home for five years and you never pay it back. Sell, move, or refinance early, and you repay on a prorated basis. For most first-time buyers putting down roots in Broken Arrow, Jenks, Owasso, or anywhere in Tulsa County, that window is very manageable.
Who qualifies?
You qualify as a first-time buyer if you (and your spouse) haven't owned a home in the past three years. Key requirements:
- Purchase in Tulsa County — Tulsa, Broken Arrow, Jenks, Bixby, Owasso, and surrounding areas.
- Income limits — approximately $97,873 for 1–2 person households, $112,559 for 3+.
- Qualifying first mortgage — FHA, VA, or USDA-RD.
- Homebuyer education course — a one-time requirement, often available online.
These limits are high enough that many working families, teachers, nurses, and young professionals in our area qualify. If you've been assuming you make too much to get help, it's worth checking before you rule yourself out.
How does it compare to OHFA?
The Oklahoma Housing Finance Agency (OHFA) also offers down payment assistance statewide — up to 3.5% or 4% toward your down payment and closing costs. The Tulsa County program is separate and can be explored alongside it. The key difference: TCHFA offers a below-market interest rate on the first mortgage, which saves you money every month for 30 years. Which gives you the best outcome depends on your specific numbers — that's exactly what I help you sort through.
What does the full picture look like?
Say you're buying a $225,000 home in Owasso, Claremore, or Coweta with an FHA loan:
- Down payment (3.5%) — approximately $7,875, covered by TCHFA assistance
- Closing costs — the assistance can go toward these as well
- Interest rate — approximately 6.35%, below standard FHA rates
- Your actual out-of-pocket — potentially just a few thousand dollars
That's a very different picture from the "save $50,000 before you can even think about buying" narrative that keeps people renting. With over 29 years in real estate and 500+ homes sold, I've helped many buyers navigate programs like this one. My superpower is taking confusing, emotional decisions and turning them into a clear, calm, step-by-step path.
Is funding still available?
As of the most recent reports, there's approximately $10 million available, with additional funding including a $21 million mortgage revenue bond agreement with Fannie Mae. Programs like these don't last forever — funding comes in cycles. If this could help you, the time to look into it is now.
How to get started
- Get pre-approved with a participating lender who handles TCHFA loans
- Complete the homebuyer education course — quick, often online, one-time requirement
- Tour homes in your price range across the Tulsa Metro
- Write an offer — I'll structure it to maximize your benefits at closing
"Nancy was wonderful in helping me through my first time home buying process! She provided me with a wonderful packet explaining all the terminology that would come up as well as an explanation of timelines and estimated costs. It was intimidating buying my first home, but Nancy made it as stress free as it possibly could be!" — First-Time Homebuyer, Google Review
Every buyer's situation is different. Whether you're looking at the TCHFA program, OHFA, VA loans, or a combination, I'll help you understand exactly what you qualify for. No jargon, no pressure — just honest guidance from someone who genuinely loves helping people find their way home.
Call me at 918-896-3526, email me at nancy@wilmethworks.com, or schedule a time to talk using the link below. Let's see what's possible for you.
Talk soon!