What the 3.5% Actually Covers
Program and regulatory figures verified October 6, 2026. Details change; confirm your scenario with us.
Two numbers decide whether assistance closes your gap: what the 3.5% pays now, and what it costs you later. Both are worth doing on paper.
What the 3.5% pays
| Total loan amount | OHFA assistance at 3.5% |
|---|---|
| $200,000 | $7,000 |
| $250,000 | $8,750 |
| $300,000 | $10,500 |
| $350,000 | $12,250 |
★ Note it is 3.5% of the loan amount, not of the purchase price. On a government loan where the financed amount can differ from the price, those are not the same number, and the loan amount is the one that governs.
It covers both, which people miss
The assistance is usable for down payment and closing costs. Buyers often assume they must choose, and then conclude the money does not stretch far enough to be worth it.
On an FHA purchase at $250,000, the minimum down payment is 3.5% of the price. The OHFA assistance is 3.5% of the loan amount. Those two figures land close enough together that for a great many Oklahoma buyers the assistance covers most or all of the down payment, leaving their own savings for closing costs rather than the other way round.
★ And what comes back
The number above is also the number you repay. There is no forgiveness schedule, so $10,500 borrowed is $10,500 due when you pay off, sell or refinance — whether that is year two or year twelve.
Worth putting against your likely hold period. If you expect to sell in three years, that figure comes off your proceeds alongside the agent's fee and the transfer tax. If you expect to stay ten, it sits quietly behind your first mortgage costing nothing. How the second works.
The other line item
Oklahoma's documentary stamp tax is $1.50 per $1,000 — 0.15%, or $375 on a $250,000 sale. It is customarily seller-paid, but that is a contract term rather than a law. Detail.
Why there are no payment figures here
We do not publish rates, APRs or monthly payments. Pricing depends on your credit, the loan type, the property and the day, and a payment printed on a web page is misleading by the time you read it. Send us your numbers and we will put real figures in front of you.
Frequently asked questions
How much is OHFA down payment assistance in Oklahoma?
3.5% of the total loan amount. On a $200,000 loan that is $7,000; on a $300,000 loan it is $10,500. Note it is a percentage of the loan amount rather than the purchase price, which on government loans are not always the same figure.Can OHFA assistance pay both down payment and closing costs?
Yes, it covers both. Buyers often assume they have to choose. On an FHA purchase the 3.5% assistance frequently covers most or all of the required down payment, leaving the buyer's own savings available for closing costs.How much do I pay back on OHFA assistance?
The full amount you received. There is no forgiveness schedule, so $10,500 borrowed is $10,500 due whenever you pay off the first mortgage, sell the home or refinance, whether that happens in year two or year twelve.Mike Certo · NMLS #260555 · Cornerstone First Mortgage NMLS #173855 · Equal Housing Lender. Educational content about financing, not a loan commitment and not tax or legal guidance. OHFA program terms, income limits and purchase price limits are set by the Oklahoma Housing Finance Agency and change; figures here carry the date we verified them against OHFA's published documents. OHFA down payment assistance is a repayable subordinate mortgage, not a grant. Federal recapture tax may apply on GOLD bond loans; consult a tax advisor. Loans are subject to borrower and property qualification.