Down Payment Assistance Programs for First-Time Homebuyers in Oklahoma
Oklahoma, also known as “The Sooner State,” is known for many things. It has a rich Native American history, vibrant culture, and diverse landscapes which adds a charm. Countless visitors flock to attractions like the stunning Turner Falls, the historic Route 66, and enjoy the vibrant arts scene that cities like Oklahoma City and Tulsa offer.
A permanent residency in Oklahoma may seem like an interesting idea but its housing market is in a state of crisis with people finding affordable options hard to come by. The sector is reeling marred by high prices and limited inventory which make homeownership difficult especially for first-time buyers.
Luckily, down payment assistance programs have become a go-to option for homeowners to get relief from the financial burden. These initiatives are making housing affordable by providing financial support in the form of grants and loans. These programs are turning the dream of being a homeowner into a reality. This section will dive into down payment assistance initiatives, their types, sponsors, limits, and the criteria for eligibility.
Find up to $15,000 towards a home 🏠
Compare local down payment assistance and find a mortgage, fast.
Looking for Assistance in a Specific Part of Oklahoma?
Did you know that the median home price in Oklahoma City reached $251,000 in 2023, which was a 5.2% year-over-year increase? These statistics reflect the need for an initiative that helps buyers overcome the financial hurdle of upfront costs and make homeownership more attainable in the current market.
Luckily, the Oklahoma Housing Finance Agency (OHFA) and organizations such as Neighborhood Housing Services of Oklahoma City (NHS-OKC) have launched down payment assistance programs that cover payment costs of the applicants in different areas/cities through the state. This section will explain how they work, who is sponsoring them and what is the criteria to qualify for them.
Down Payment Assistance in Oklahoma
There are a variety of down payment assistance (DPA) programs available that assist homeowners with their financial needs, especially first-time buyers or those from low-income families through loans, mortgages, or grants.
Oklahoma Housing Finance Agency HomeBuyer Down Payment Assistance Program
The Oklahoma Housing Finance Agency HomeBuyer Down Payment Assistance Program helps residents of Oklahoma achieve homeownership by providing financial assistance for down payments and closing costs. It is only applicable on 30-year fixed-rate mortgage loans
It reduces the financial barriers that come with homeownership and makes it easier for applicants to purchase houses.
Fundamentals
- Assistance Type: Deferred second mortgage
- Sponsor: Oklahoma Housing Finance Agency
- Assistance Amount: 3.5% of the total loan amount
Eligibility Requirements
- The applicant should be a first-time homebuyer (not having owned a home in the last three years)
- The home purchased should serve as the applicant’s primary residence
- The applicant should occupy the house within 60 days of closing.
- The applicant is required to have a minimum credit score of 640 or higher.
Find up to $15,000 towards a home 🏠
Compare local down payment assistance and find a mortgage, fast.
REI Oklahoma Down Payment Assistance Program
The REI Oklahoma Down Payment Assistance Program provides financial support to prospective and first-time buyers in turning their dream of becoming a homeowner into reality.
- Assistance Type: Second Mortgage Loan/Forgivable Second Mortgage Loan/ Gift Funds
- Sponsor: REI Oklahoma
- Assistance Amount: 3.5% to 5% of the total first mortgage loan amount
Eligibility Requirements
- The applicant should have a minimum credit score of 640 is required.
- The applicant should have a debt-to-income ratio of 45% or less.
- The applicant’s income should be within the limits set by REI Oklahoma
- The property purchased should serve as the applicant’s primary residence.
- The applicant should only work with an approved REI Oklahoma lender to enjoy the financing
Oklahoma Down Payment Assistance Program FAQs
Find up to $15,000 towards a home 🏠
Compare local down payment assistance and find a mortgage, fast.
How much assistance can I receive with these programs?
The amount of down payment assistance varies by program as OHFA provides 3.5% of the total loan amount whereas REI Home100 may cover up to 5% of the loan amount.
Do I have to move into the property purchased after receiving the financial assistance?
Certain down payment assistance programs have made it mandatory for the borrower to make the property purchased as their permanent residence as per the terms and conditions.
Disclaimer: This article is for informational purposes only and should not be considered as legal or financial advice. Please consult an attorney, mortgage lender, or CPA for guidance on your specific situation.
Find up to $15,000 towards a home 🏠
Compare local down payment assistance and find a mortgage, fast.
Legal
Protected by reCAPTCHA:
Google Terms of ServiceGoogle Privacy PolicyLattice Thinking, Inc. All rights reserved. Lattice Thinking, Inc is a mortgage broker that does business under the business name Stairs Mortgage. Lattice Thinking, Inc is not a mortgage lender and, therefore, does not make residential mortgage loans.
© Lattice Thinking, Inc. 2024