Buying a home in Oklahoma City


🏡 FAQs for Homebuyers in Oklahoma City



1. What is the first step to buying a home in OKC?



Start by getting pre-approved for a mortgage. This will give you an accurate budget and show sellers that you’re a serious buyer.



2. How much do I need for a down payment?



Depending on the loan type:

 • FHA Loan: 3.5%

 • Conventional Loan: 5% to 20%

 • VA/USDA Loan: 0% (for qualified buyers)



3. What is the average cost of a home in OKC?



As of 2024, home prices range from $250,000 to $300,000. Neighborhoods like Nichols Hills are higher, while Yukon and Moore offer affordable options.



4. How long does the home-buying process take in OKC?



Typically, 30 to 60 days, depending on financing, home inspections, and negotiations.



5. Should I buy a new construction home or an existing home?

 • New Construction: Modern designs, energy-efficient, customizable.

 • Existing Homes: Located in established neighborhoods, potentially lower purchase prices.



6. What are closing costs, and how much should I budget for them?



Closing costs are 2% to 5% of the purchase price and typically include loan origination fees, appraisal costs, title insurance, and more.



7. What should I look for during a home tour?

 • Check the roof, foundation, and HVAC system.

 • Test appliances, water pressure, and windows.

 • Take note of the neighborhood’s condition.



8. Do I need a home inspection, and what does it cover?



Yes, inspections are crucial. They cover the property’s structure, electrical system, plumbing, HVAC, roof, and any potential safety issues.



9. Can I buy a home if I have student loan debt?



Yes! Many lenders factor your debt-to-income (DTI) ratio instead of eliminating you based on student debt alone. FHA and VA loans are more flexible.



10. What is the difference between being pre-qualified and pre-approved?

 • Pre-Qualified: A basic estimate based on financial details.

 • Pre-Approved: A verified amount from a lender after reviewing your financials.



11. Are there grants for first-time homebuyers in OKC?



Yes! The OHFA program, FHA loans, and USDA loans offer down payment assistance or flexible terms.



12. What credit score do I need to buy a home in OKC?



For most loans:

 • FHA loans: Minimum of 580

 • Conventional loans: 620 or higher

 • VA loans: Typically no minimum, but 620 is preferred



13. What are property taxes like in OKC?



Property taxes are relatively low, averaging around 0.87% of a home’s assessed value. This makes OKC attractive for buyers seeking affordability.



14. How do I know if I’m ready to buy a home?



Ask yourself:

 • Do you have savings for a down payment and closing costs?

 • Is your income stable?

 • Are you ready for long-term maintenance?



15. What are the hidden costs of homeownership?



Be prepared for costs such as property taxes, insurance, maintenance, and HOA fees if applicable.

Curious what the process looks like? Check out our 2025 Buyer's Guide Here!

Or, if you would rather watch than read -

💡 Thinking of buying or renting in OKC? Contact The Will Flanagan Realty Group for expert advice on choosing the right neighborhood for your lifestyle and budget. Whether you’re eyeing a downtown condo or a family home in the suburbs, we’ve got you covered.



📧 will@willflanaganrealty.com | 📞 405-784-6580 | 🌐 willflanaganrealty.com