2009 NCRC Grant: $5,000 for First time home buyers in Norman
Originally posted on July 6, 2009 - Norman OK has announced that they will be opening up the NCRC Grant program, which gives each eligable first time home buyer $5,000 that can go towards closing costs and down payment (it can go towards the FHA required 3.5% down payment!). Applications can be taken now, and funds can be reserved starting July 13th with closings as early as August 3rd, 2009. Call me for a list of approved lenders! (click here to search for homes in Norman OK)
You can use both the NCRC Grant and the $8,000 first time homebuyer tax credit.
Some of the guidelines that a purchaser will have to meet in order to qualify for the 2009 Norman home buyer assistance program are:
1) Must be below the following income limits:
1 member household - $32,750
2 member household - $37,450
3 member household - $42,100
4 member household - $46,800
5 member household - $50,550
6 member household - $54,300
2) Maximum sales price of home: $133,000
3) Purchaser must provide a minimum of 1% of sales price in their own funds.
4) In the case where ther is a non-occupant that is co-signing for the loan, the house payment cannot be larger than 41% of the primary borrower's income.
5) Cannot currently own or have owned property within the last 3 years.
6) Must be willing to occupy the property as their primary residence for at least 5 years (if you sell the home before 5 years is up, the balance will be pro-rated on a yearly basis). i.e. if you have 2 years left and you sell your home, you will have to pay $2,000 back to the city at closing.
7) And lastly, and most importantly, the property has to be within Norman, OK. city limits.
Call me with questions or to get a list of homes for sale in Norman that will qualify for the NCRC Grant, or click here to see my blog post about other first time home buyer programs!
Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707
"It's not about houses -- It's about homes."
I am a Real Estate Agent specializing in the Norman OK, Moore OK, and Oklahoma City OK areas. I am a member of the National Association of Realtors, and have access to the Norman MLS and the Oklahoma City MLS. I can help you as a buyer broker or help you as a listing broker for your home in Norman OK, Moore OK, and anywhere in the Oklahoma City metro area. I would love to be your Oklahoma Real Estate Agent -- let me know how I can help you with your next move!