We’re sure you’ve fallen in love with Oklahoma City and are ready to make this place your permanent home. If this is the first time to buy your own home, the Oklahoma Housing Finance Agency could be a valuable resource to you as you think about the money needed for this life-changing purchase.
OHFA Homebuyer Down Payment Assistance offers 3.5% of your bank loan amount to be applied first to any down payment required on your loan, then secondly on your closing costs. Therefore, you won’t need to have as much money out of pocket when you purchase a home. To qualify, you must have a credit score of 640 or above and your debt-to-income ratio cannot exceed 45%.
The program is available in all 77 counties for homes priced up to $453,100. Loans are limited to 30-year fixed rate mortgages. Teachers, state employees and first responders can get a discounted interest rate.
If you’re interested in pursuing this assistance, you don’t have to track down your own lender or Realtor. OHFA has folks trained to offer you specific help in this program.
Of course, there’s much more to this program, including rules not explained here. Visit ohfadownpayment.org to get more details or e-mail [email protected].
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