01
PRE-APPROVAL
Meet with a lender, determine the right mortgage and obtain a pre-approval letter.
THE 7-STEP HOME BUYING PROCESS
05
INSPECTIONS
Schedule inspections, review the findings and negotiate repairs or credits when appropriate.
02
SEARCH & SHOWINGS
Define your goals, begin your home search and schedule private showings.
06
FINANCING & APPRAISAL
Secure homeowners insurance, complete the appraisal and satisfy the lender’s final requirements.
The Road Home
03
OFFER & NEGOTIATION
Review comparable sales, prepare a strong offer and negotiate the price and terms.
07
CLOSING & KEYS
Complete the final walk-through, sign the closing documents and receive the keys to your new home.
04
UNDER CONTRACT
Deposit earnest money, complete your loan application and track important deadlines.
You May Be Closer Than You Think
UNDERSTAND YOUR LOAN OPTIONS
A 20% down payment is not always required. The right financing option depends on your eligibility, income, credit profile, property and lender.
CONVENTIONAL LOAN
POSSIBLE DOWN PAYMENT
Many qualified conventional buyers may be able to purchase with approximately 3%–5% down instead of waiting until they have saved a 20% down payment.
WHAT IS PMI?
PMI stands for Private Mortgage Insurance. It protects the lender—not the borrower—if the loan is not repaid. PMI is generally required when a conventional buyer puts down less than 20% and is usually included in the monthly mortgage payment.
PMI PAYMENT EXAMPLE
This example shows how different PMI rates would affect a $200,000 mortgage loan.
ESTIMATED PMI RATE
ANNUAL PMI
ESTIMATED MONTHLY PMI
0.50%
$1,000
About $83
1.00%
$2,000
About $167
1.50%
$3,000
About $250
HOW TO CALCULATE PMI
Loan amount × annual PMI rate ÷ 12 = estimated monthly PMI
$200,000 × 1% ÷ 12 = approximately $167 per month
This chart uses an illustrative PMI range of 0.50%–1.50%. Actual PMI may be lower or higher and depends on factors including credit score, down payment, loan amount, loan type and loan term. Ask your lender for an exact quote.
GOOD TO KNOW
Unlike FHA mortgage insurance, conventional PMI can often be removed after the homeowner reaches approximately 20% equity, subject to the loan’s requirements.
FHA LOAN
POSSIBLE DOWN PAYMENT
3.5% under FHA guidelines for eligible borrowers with a decision credit score of 580 or higher. Individual lenders may require a higher score.
GOOD TO KNOW
FHA loans can offer more flexible qualification requirements, but upfront and monthly FHA mortgage insurance generally apply. Ask your lender how long the mortgage insurance will remain on your specific loan.
VA LOAN
POSSIBLE DOWN PAYMENT
0% for eligible Veterans, service members and qualifying surviving spouses when the purchase price does not exceed the home’s appraised value.
GOOD TO KNOW
VA loans do not require monthly mortgage insurance. A one-time VA funding fee may apply, although some borrowers are exempt. VA itself does not set a universal minimum credit score, but individual lenders may set their own requirements.
USDA LOAN
POSSIBLE DOWN PAYMENT
0% for qualified buyers.
GOOD TO KNOW
The home must be a primary residence in a USDA-eligible rural area. Household income generally cannot exceed 115% of the area median income. USDA does not establish a universal minimum credit score, but lenders may have their own standards. USDA guaranteed purchase loans use a 30-year fixed term.
SECTION 184 LOAN
POSSIBLE DOWN PAYMENT
2.25% on loans over $50,000 and 1.25% on loans under $50,000.
GOOD TO KNOW
This program is designed for enrolled members of federally recognized tribes purchasing a primary residence in an eligible area. A 1% upfront loan-guarantee fee may be financed. There has been no annual loan-guarantee fee since July 1, 2023.
OKLAHOMA OHFA ASSISTANCE
POSSIBLE ASSISTANCE
3.5% of the total loan amount toward the down payment and/or closing costs.
GOOD TO KNOW
Available statewide to eligible first-time and repeat buyers through OHFA-approved lenders. Eligible financing may include conventional, FHA, VA, USDA and Section 184 loans. Income limits, purchase-price limits and other requirements apply. The assistance is financing through a repayable second mortgage, not free money.
DOWN PAYMENT IS NOT THE SAME AS CASH TO CLOSE
Cash to close can include your down payment, closing costs, prepaid property taxes and homeowners insurance, initial escrow funding and other fees—minus earnest money, approved assistance and applicable credits. Closing costs frequently range from approximately 2% to 5%, but every transaction is different. Your lender’s Loan Estimate will provide the most useful estimate for your situation.
Educational overview only. Loan availability, credit standards, fees, rates, property eligibility, income limits, mortgage-insurance costs and assistance terms can change and vary by lender. A licensed mortgage professional must determine qualification. Ryan Boggs and Canopy Realty Inc. are not mortgage lenders.
Helpful Homebuying Resources
If you’re having trouble finding a mortgage lender or homeowners insurance provider, or identifying a property’s taxes, use these contacts, guides, and helpful resources to get started.
MORTGAGE LENDERS
AJ Lang — Vanguard Mortgage Group
Phone: (918) 891-1192
Email: info@vanguardmtg.com
Website: vanguardmtg.com
Nikki Pauly — Home Team Lending
Phone: (918) 697-6226
Email: nikki@hometeamlends.com
Website: nikkipauly.com
Steve Brown — Mortgage Lender
Phone: (918) 381-0918
HOMEOWNERS INSURANCE CONTACTS
Hayden Burger — Burger & Co.
Phone: (469) 223-3914
Email: hayden@raintreegroups.com
Randi Joice — Shelter Insurance
Phone: (918) 251-2506
Office email: jhoward@shelterinsurance.com
Dallas Haefeker — Rosburg Insurance
Phone: (918) 833-2638
Email: dallas@rosburginsurance.com
These contacts are provided as optional resources. You are free to choose any lender or insurance provider. Property information should be independently verified with the appropriate county office.