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Cleveland County Oklahoma Bond Program

Originally Posted on Feb 4, 2011 - The Cleveland County Home Loan Authority has created a first time home buyer assistance program that will help qualified buyers with their down payment.

 Below is the information from the Cleveland County Home Loan Authority

Effective immediately $300,000 of funds are available for an Assisted MRB Program at a mortgage rate of 4.95% with 3.0% assistance provided to the borrowers on properties located in Cleveland County ONLY.  Up to $10,000,000 in first mortgage loans will be available in the Assisted Program on a first-come, first-serve basis.  The assistance will be at 0% interest and will be forgiven after five years.

- As of January 1, 2011, all Lenders that use the Cleveland County Bond Program must be approved by FHA and/or VA and/or Rural Development.

- The Unassisted MRB Program rate is adjusted to 4.50% on properties located in both Cleveland County and McClain County.

 

New Income Limits:

Non-Targeted Areas:

1 to 2 person Household: $68,449
3 or more person Household: $78,717

Targeted Areas (those areas designated by the Cleveland County as revitalization areas):

1 to 2 person Household:  $71,280
3 or more person Household: $83,160

New Purchase Price Limits

Non-Targeted Areas

1 Unit - $244,350
2 Unit - $312,300

Targeted Areas

1 Unit - $298,650
2 Unit - $381,700

 
All Program Deadlines

The current program deadline to deliver closed loans, in fundable condition, to the Master Servicer is November 1, 2011.

IMPORTANT REMINDERS

Reservations - Must comply with Non-Targeted Income Limits and Non-Targeted Acquisition Cost Limits unless the property is located in one of the Qualified Census Tracts.

Borrowers must be a 1st Time Homebuyer providing prior three (3) years complete personal tax returns unless the property is located in one of the Qualified Census Tracts.

Conventional Loans - Currently the agency is not accepting conventional loans, only FHA, VA, and Rural Development loans.

Date Posted
 
Blog Post Title
 
03/08/2011 How Does the Norman Market in January 2011 Compare to January 2010 
03/03/2011 Should I Invest in Real Estate Now?
02/04/2011 2010-2011 OHFA Bond / Down Payment Assistance Program
02/04/2011 Cleveland County Oklahoma Bond Program
02/04/2011 Should You Get a Home Inspection on a New House? 
07/22/2010 2010 NCRC First Time Home Buyer Grant 
06/15/2010 Low Maintenance Retirement Living
01/31/2010 2010 First Time Buyer Bond Program
07/28/2009 Neighborhood Focus: Royal Oaks in Norman OK
07/15/2009 Neighborhood Focus: Eagle Cliff in Norman OK
07/06/2009 2009 NCRC Grant: $5,000 for First time home buyers in Norman
07/03/2009 Neighborhood Focus: Carrington Place in Norman OK
05/11/2009 Neighborhood Focus: Brookhaven In Norman OK
05/10/2009 Neighborhood Focus: The Vineyard in Norman Oklahoma
05/09/2009 Can the $8000 tax credit be used towards down payment?
05/29/2009 Home Valuation Tool
05/29/2009 Cleveland County Sheriff Sales
04/23/2009 Saving money on a refinance
04/23/2009 Oklahoma City Metro: #10 best place in the country to call home
04/18/2009 2009 Oklahoma Down Payment Assistance Program
10/21/2008 Mortgage Market Changes
04/10/2008 Free Money for the First Time Home Buyer
04/04/2008 Oklahoma Home Values up by 4.24 percent in 2007
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