We use density functional theory (DFT) calculations to show that oxygen vacancies (vO) induce noncentrosymmetric polar structures in SrTi0.75Fe0.125Co0.125O 3−δ (STFC) with δ = {0.125, 0.25}, enhance the magnetic moment and give rise to large changes in the electric polarization |∆P |. Variations of δ or oxygen vacancy migration for a given deficiency are shown to be effective mechanisms to tune the ferroic order parameters, with the former yielding |∆P | values up to ∼ 8µC/cm 2 while the latter yields |∆P | up to ∼ 23µC/cm 2 . The underlying mechanism is the differentiated selfregulatory-like ferroic response of Fe and Co through the (Fe/Co)-vO and Fe-vO-Co interactions, which drive B-site off-centering, bending of O4,5 incomplete octahedra and B-vO aligned distortions, all with characteristic charge redistributions. Our results capture characteristics observed in the end-members of the series SrTi(Co,Fe)O3, and predict multiferroic behavior that could also be present in other ABO 3−δ magnetic oxides.