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