by Rob Schaerer
on Wednesday, November 2nd, 2011 at 5:22pm.
If you are a first time home buyer (or know one!) that is looking to purchase a home in Cleveland or McClain county, I have some pretty good news for you. The Cleveland County/McClain County bond program just announced that they will be offering primary financing for first time home buyers at 2.95% including 3.00% down payment assistance, or 2.60% if you don't need the down payment assistance!
To qualify, you must be a first time home buyer (or someone who hasn't owned a home within the last 3 years), plus, the following:
For a 1-2 person household, your household income must be below $68,449
For a 3+ person household, your household income must be below $78,717
For a single family home, the purchase price must be below $244,350
For a multiple unit home (duplex) the purchase price must be below $312,300
FHA, VA, and HUD184 (native american loans) are approved only (No Conventional)
Minimum Credit Score of 620
The Guts: There are a few additional fees, but at 2.95% w/ Assistance or 2.60% without, it is a no brainer! There is a 1% discount point that is to be paid at closing by the buyer. If you sell your house after 5 years you don't have to repay the down payment assistance.
If you sell your home prior to 9 years after you buy it, there may be additional fees paid if you profit signifiantly from the sale and your income increases significantly over the time you have owned it.
Give me a call today at (405) 694-8537 and I can put you in touch with a lender that can help get you qualified for the Bond Program!
Example: On a $150,000 home (with 3.5% down), I would estimate that your monthly payment would be $966.72 per month at 2.60% or $994.07 at 2.95%. Not only is that a very low amount, but of that, at 2.95%, $254.92 of your payment is going right into the equity of your home -- at 2.60% that jumps to $270.51 per month going right into the equity of your home!
Rob Schaerer Dillard Group Real Estate Mobile: (405) 694-8537 Office: (405) 366-7707 http://www.OklaHomeSeller.com