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Oklahoma First-Time Homebuyer Packages | The Lenders Community


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OHFA Homebuyer Down Payment Assistance

Oklahoma Homebuyer Assistance programs provide down payment and closing cost assistance (DPA) to low-income homebuyers and families. Assistance is available only to households with income less than or equal to 80% of the Area Median Income (AMI) DPA assistance in the form of a forgivable loan shall not exceed $14,999.00 per household. Read more

  • The Oklahoma City HOME program covers up to $14,999
  • The Oklahoma/Canadian counties HOME program covers up to $14,249.

Requirements

  • Must be a U.S. citizen or have a Permanent Resident Card
  • Must meet the income and purchase price limits
  • Complete homebuyer education course
  • The purchase price may not exceed:
    • For Oklahoma City and County – $147,000 for existing homes or $238,000 for new construction.
    • For Canadian County – $157,000 for existing homes or $238,000 for new construction.
  • Buyers must invest 1% to 1.75% of their own funds toward the purchase
  • Property must be located within the designated funding areas
  • 100% of assistance is forgiven if the buyer occupies the property as their primary residence for 5 years after closing
  • If the buyer sells or refinances the property within 5 years will have to repay the loan in full

Eligible Properties

  • Available for new and existing homes
  • Available statewide
  • Assistance can only be applied to 30-year fixed-rate mortgage loans
  • Eligible loan types include FHA, USDA-RD, VA or Conventional
  • Purchase price and income limits vary based on the selected product

Income Limits

Number in household                   Income limit

  • 1 person                                $41,000
  • 2 person                                $46,860
  • 3 person                                $52,700
  • 4 person                                $58,550
  • 5 person                                $63,250

 

Whole House Rehabilitation Programs

Homeowners occupying a property in need of repair may qualify for a rehabilitation loan of up to $42,500 (Residents who own a home in a Strong Neighborhood Initiative Area are eligible for up to $60,000.) Grants of up to $15,000 are available for lead-based paint issues. Read more

This program is available in two forms:

  • Special Assistance for the Eligible (Safe) Loans are for homeowners 62 years and older or homeowners of any age that are disabled as defined by the Social Security Administration. If all program requirements have been met, this loan is forgiven after five years or if the applicant passes away. They may also be forgiven if the applicant must involuntarily move out to take permanent residence in a facility for the care of the elderly or convalescent.
  • General Repayment Loans are no-interest loans for rehabilitation. Grants are available for lead-based paint issues. Monthly payments are based on the applicant’s ability to repay with a minimum payment of $100 per month required.

 

National First-Time Homebuyer Loan Programs

  • FHA LoansFHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
  • Conventional LoansConventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
  • USDA LoansUSDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
  • VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
  • HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.

 

Helpful Resources

 

Statewide and Regional Programs

Programs by City/Town

Getting Started

Buying a Home

Owning and Maintaining Your Home

RELATED ARTICLES

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