2009 Oklahoma Down Payment Assistance Program
Update (July 5th, 2009): OHFA Bond Program has been temporarily locked to those homes outside of the Target Area, and will only be opened up to all home purchasers if funds are remaining, and only then those that are on the waiting list. In the mean time, check out the NCRC Grant in Norman!
The Oklahoma Housing Finance Agency (OHFA), has just released the details of it's new bond program which will start April 28th, 2009! This could give you 3.5% towrds your down payment!
Who is eligable?: If you are a first time home buyer, and your household income is under $55,300 for 1-2 person household, or $63,595 for a 3+ person household, then you may qualify (there are certain targeted areas where income limits are higher). Also, anyone that has not owned a home for the last 3 years may be eligable as well.
What homes can I purchase using this credit? You can purchase any single family home, condominium, patio home, or manufactured home, provided the price of the home you will be purchasing is below $189,682
Can I use any lender? There are certain lenders that are approved to use this program. Click on the Contact Rob Schaerer button at the bottom of this page to open up a contact window to request a list of approved lenders for your county.
Are there any other Important Details? You do not have to pay this credit back provided you live in your home for more than 5 years. Otherwise, you will have to pay back a prorated amount to OHFA when you sell your home. Also, to receive the funds, your loan would be a fixed APR of 5.83%. This makes it a great deal for those people that need the funds, however, current interest rates being lower, if you have sufficient funds to close without the credit, it might be worth while to consider either donig that, or getting funds from other sources (with FHA loans, you can be gifted up to 6% of the purchase price of the home from a family member).
Other Questions? Feel free to contact me for any additional questions that you might have. I will put your question and answer in this blog.
Search for homes: The next step is to see what might be available. You can use my Home Search to search for homes anywhere in the Oklahoma City Metro area, including Norman, Moore, Oklahoma City, Edmond, and Noble.
"With me it's not about houses -- it's about homes"
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707