Types of VA Loans in Oklahoma and FAQ

Oklahoma has the same va loan options as all other states. For example, you can build a home with a va loan, buy a home with a va loan, and renovate a home with a va rehab loan.

VA loans in Oklahoma typically require 0 down and don't have private mortgage insurance. The VA funding fee applies to Veterans who aren't 10% or more disabled.

Oklahoma VA loans aren't done by the Department of Veterans Affairs, they are done by VA lenders and with a loan officer. A borrower's credit score and debt-to-income ratio are looked at in the va loan approval process. In 2023, many Veterans are comparing if it's cheaper to buy or build. Often times Veterans choose the VA construction loan because it's possible to buy land and build in one transaction. It's also known as the VA one-time close construction loan. It's really made an impact on Veteran families in 2023.

Thinking about building a home with a VA loan in Oklahoma?

It's a good idea to utilize a Construction loan calculator to start your planning. Remember that if you want to buy land at the same time as starting construction then you better have VA approved Builder a approved Plans. Not to mention you'll need pre-approved by a loan officer who understands how va loans work. Conventional va fha USDA are options for Vets too. The VA doesn't actually approve builders but lenders like Security America Mortgage approved builders and borrowers.

Oklahoma VA Loan Requirements

The VA loan requirements in Oklahoma are the same as the federal VA loan requirements. To qualify for a VA loan in Oklahoma, you must:

• Be a veteran, active-duty service member, or surviving spouse of a veteran.

• Have a Certificate of Eligibility (COE) from the Veterans Affairs.

• Have a good credit history. Take note the VA doesn't set the credit requirement but a VA lender will.

• Meet the debt-to-income (DTI) ratio requirements.

• Provide proof of income and assets.

• Purchase a home that meets VA property requirements.

• VA funding fee must be paid and can be paid by a seller or waived based on your disability status.

• VA disability income helps you qualify

The VA loan limits 2023 in Oklahoma are as follows:

For all counties: $726,200 is the VA loan limits in Oklahoma. Oklahoma doesn't have a huge cost of living compared to other states.

The VA loan limits are adjusted annually based on the conforming loan limit set by the Federal Housing Finance Agency (FHFA). The conforming loan limit is the maximum amount that a lender can lend without requiring mortgage insurance.

Why are Veterans getting va home loans in Oklahoma?

Oklahoma has a relatively low cost of living compared to other US states. According to the 2022 Cost of Living Index by MERIC, Oklahoma's cost of living is 12% lower than the national average. This means that you can expect to pay about 12% less for goods and services in Oklahoma than you would in other parts of the country. Use a VA Loan affordability calculator to see how much you can qualify for.

Here is a comparison of the cost of living for Veterans in Oklahoma vs other US states:

• California: The cost of living in California is 32.6% higher than the national average, making it the most expensive state in the country.

• New York: The cost of living in New York is 22.9% higher than the national average.

• Hawaii: The cost of living in Hawaii is 18.1% higher than the national average.

• Massachusetts: The cost of living in Massachusetts is 17.6% higher than the national average.

• Washington: The cost of living in Washington is 15.1% higher than the national average.

On the other hand, here are some of the states with a lower cost of living than Oklahoma:

• Arkansas: The cost of living in Arkansas is 8.8% lower than the national average.

• Mississippi: The cost of living in Mississippi is 10.1% lower than the national average.

• West Virginia: The cost of living in West Virginia is 11.3% lower than the national average.

• Tennessee: The cost of living in Tennessee is 11.5% lower than the national average.

• Missouri: The cost of living in Missouri is 11.7% lower than the national average.

Of course, the cost of living can vary depending on the specific city or town you choose to live in. However, in general, Oklahoma is a relatively affordable place to live.

Here are some of the factors that contribute to Oklahoma's low cost of living:

• Housing: Housing costs in Oklahoma are significantly lower than in many other parts of the country. The median home price in Oklahoma is $200,000, which is well below the national median of $375,000.

• Utilities: Utilities costs in Oklahoma are also lower than in many other parts of the country. The average monthly utility bill for a 2-bedroom apartment in Oklahoma is $120, compared to $150 in the national average.

• Groceries: Groceries costs in Oklahoma are also lower than in many other parts of the country. The average monthly grocery bill for a single person in Oklahoma is $250, compared to $300 in the national average.

• Transportation: Transportation costs in Oklahoma are also lower than in many other parts of the country. The average monthly transportation cost for a single person in Oklahoma is $100, compared to $150 in the national average.

If you are looking for a place to call home with a low cost of living, Oklahoma is a great option. Oklahoma offers a variety of affordable housing options, as well as low utility and grocery costs. Transportation costs are also lower than in many other parts of the country.

Full VA loan entitlement on VA Loans Oklahoma

You can borrow up to the VA loan limit without a down payment. However, if you have used some of your VA loan entitlement, you may need to make a down payment. The amount of the down payment will depend on how much of your entitlement you have used.

Veterans Affairs also offers a number of other benefits to borrowers, such as no-closing-cost loans and no-money-down loans. These benefits can make it easier for veterans to purchase a home with an Oklahoma VA loan.

Apply for a VA Home Loan in Oklahoma Today

If you are interested in a VA loan in Oklahoma, you should contact a VA-approved lender like Security America Mortgage. They will be able to help you determine if you qualify for a VA loan and what the terms of the loan will be.

Veteran Statistics in Oklahoma

According to the 2020 American Community Survey, there are approximately 266,000 veterans residing in Oklahoma. This data includes veterans from all eras, including World War II, the Korean War, the Vietnam War, the Gulf War, and the wars in Iraq and Afghanistan.

Oklahoma also has a significant number of active-duty service members. As of 2023, there are approximately 19,802 active-duty service members stationed in Oklahoma. This data includes members of the Army, Navy, Air Force, Marine Corps, and Coast Guard.

The biggest military installation in Oklahoma is Tinker Air Force Base, which is located in Midwest City. Tinker Air Force Base is home to a variety of aircraft, including bombers, fighters, and tankers. The base also supports a number of other military missions, including space operations and cyber warfare.

Other major military installations in Oklahoma include Altus Air Force Base, Enid Air National Guard Base, and Fort Sill. Altus Air Force Base is home to a training school for C-130 Hercules transport aircraft. Enid Air National Guard Base is home to a variety of aircraft, including F-16 Fighting Falcons and C-130 Hercules. Fort Sill is the home to the United States Army Artillery and Missile School.

The presence of a large number of Vets and active-duty service members has a significant impact on the economy of Oklahoma. The military generates billions of dollars in economic activity each year. The military also employs a large number of people, both directly and indirectly.

BAH income to qualify for VA loan

Since Oklahoma has a lot of active duty service members it's likely many can utilize their Basic Allowance for Housing income when applying for Oklahoma va loans. Utilize a BAH calculator to see what you might qualify for on an Oklahoma VA loan. BAH Oklahoma will be determined by entering your base name.

Is Oklahoma a Veteran Friendly State?

The state of Oklahoma is committed to supporting its Veterans and active-duty service members. The Oklahoma Department of Veterans Affairs provides a variety of services to veterans, including healthcare, education benefits, and employment assistance. The state also offers a number of tax breaks and other incentives to businesses that hire veterans. Many Vets are choosing the Oklahoma VA loan because the state is Vet-friendly.

Does Oklahoma Offer VA Loans to Surviving Spouses?

VA loans in Oklahoma aren't only for Veterans and active duty service members. A surviving spouse can be eligible and must receive a Certificate of Eligibility. For a surviving spouse to qualify for a VA loan, they must apply for a COE. This depends on if they are receiving Dependency and indemnity Compensation benefits or not. One can get a COE if you are the spouse of a veteran and the veteran is missing in action, died in service, or is a prisoner of war.