Special offer

Norman Oklahoma first time home buyer Money.

By
Real Estate Agent with Don Cies Real Estate 156645

If you missed the $8000 tax credit that was offered from the government you still have the opportunity to get some free money. The city of Norman has it's own first time home buyer money! Qualifying first time home buyers will receive $5000 from the city of Norman when they close on their first home purchase. There are some restrictions of course.

To qualify for this program the household

  • income must be below 80% of the median.
  • Purchase price of the house can't exceed $133,000.
  • Must be able to provide a minimum of 1% of the purchase price.
  • Must be able to qualify for a mortgage through a NCRC member bank.
  • In case of non-occupant co-borrower, maximum housing expense to household income of primary borrower can not exceed 41%.
  • To be qualified as a first time buyer you cannot presently own property, or have owned property in the previous 3 years.
  • Must be willing to occupy purchased home as principle residence for five years
  • must attend a home buyer orientation class prior to closing;A schedule of upcoming classes may be obtained from neighborhood housing services. 405-231-4663

 

Income limits

Family size    80% of median Income

1                       $32,750

2                       $37,450

3                       $42,100

4                       $46,800

5                       $50,550

6                       $54,300

 

If you have any questions at all about this program just give me a call at 405-887-7000. You can also visit my website at www.brianeddins.com.