Homeownership has long been a cornerstone of the American Dream. But thanks to a variety of financing programs, many aspiring homeowners are finding that they can buy a home with no down payment in Oklahoma. And with median home prices in Broken Arrow listing for 32 percent less than the national average, homeownership is not just possible – it’s affordable.

Programs to Help You Buy a Home with No Down Payment

With rising home prices and the financial pressures many face, saving for a traditional 20 percent down payment is a daunting task. In recent years, especially for the Millennial and Gen Z generations, buying a home has been a more distant goal. In fact, according to Bankrate, the homeownership rate among those under age 35 is just 38.6 percent. 

Several programs in Oklahoma offer a range of no and low down payment options, particularly for first-time homebuyers and those who qualify for specific financing based on income or location:

1. U.S. Department of Agriculture (USDA) Loans: The USDA offers loans with zero down payment for eligible rural and suburban properties. These products are a popular option for those buying in the Broken Arrow area, as many parts of the city qualify for the USDA’s rural designation. The program is designed for low- to moderate-income buyers, making it an excellent option for those just starting their homeownership journey. 
2. Veterans Affairs (VA) Loans: Veterans, active-duty service members, and eligible surviving spouses have access to no down payment and no private mortgage insurance (PMI) home loans through a VA loan. Broken Arrow’s welcoming community is home to a variety of military installations, including the Broken Arrow Armed Forces Reserve Center, which is the largest in the State of Oklahoma.
3. Native American Direct Loan: Also offered through the VA, the Native American Direct Loan helps Native American veterans finance the purchase, construction, or improvement of homes on Federal Trust Land. The loan offers the ability to buy a home with no down payment, competitive interest rates, no PMI, and reduced closing costs. 
4. Federal Housing Administration (FHA) Loans: For first-time homebuyers or those with less-than-perfect credit, the FHA offers loans with down payments as low as 3.5 percent.
5. Oklahoma Finance Agency (OHFA) Homebuyer Down Payment Assistance: The OHFA provides down payment assistance grants of up to 3.5 percent of the purchase price, making homeownership even more affordable.

Broken Arrow is Welcoming and Affordable

Homeownership is extremely attainable in Broken Arrow, where 74 percent of residents own their homes. More than 45,000 families call 33 unique area neighborhoods home and enjoy  a favorable median home selling price of $244,983, more than 30 percent lower than the national average. 

With the right financing programs and a lower cost of living, buying a home with little or no down payment is entirely possible here in Broken Arrow. Whether you’re a first-time homebuyer or looking for a fresh start, Broken Arrow offers the perfect blend of opportunity and charm for your new home. Visit the Broken Arrow Economic Development Corporation website for more information about the potential to buy a home with no down payment in Broken Arrow.