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"

 Rob Schaerer

Dillard Group Real Estate
Preferred: (405) 694-8537
Office: (405) 366-7707

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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