Down Payment Assistance For Buyers in Oklahoma County

By
Real Estate Agent with (Metro First Realty)

 

 

Down Payment Assistance For Buyers in Oklahoma County

 

House Shopping

 

Greetings fellow Oklahomans! Below you will find a basic overview of Down Payment Assistance for buyers in Oklahoma County.

Any of you wishing to purchase a home and require down payment assistance listen up! The Oklahoma Housing Finance Agency (OHFA) is offering an Advantage Loan Program designed to help you purchase a home.

This OHFA program is available in the form of bond money with several requirements a potential buyer must meet to participate. Program requirements are as follows:

1. The borrower must meet the Purchase Price and Income Limits set forth by HUD (Housing and Urban Development). 

  • Maximum purchase price of home not to exceed: $189, 607.00
  • Income Limits for target areas in OK County for a 1-2 family not to exceed: $71,280.00, 3 or more: $83,160.00
  • Income Limits for non-target areas for a 1-2 person family not to exceed: $59,400.00, 3 or more person family: $68,310.00.

2. Borrower's eligibility is determined by a participating mortgage company, or you may visit www.ohfa.org for a list.

Eligible properties for the Down Payment Assistance for buyers in Oklahoma County must be:

  • single-unit dwellings
  • manufactured housing (multi-unit or doublewides)
  • condominiums

Eligible properties must be in Non-Targeted and Targeted areas. More details to follow in another post regarding these areas and qualifications for down payment assistance for buyers in Oklahoma County.

Loan products available for down payment assistance are:

  • FHA
  • VA
  • USDA-RD
  • Section 184

*Only government loans are being offered by OHFA for down payment assistance for buyers in Oklahoma County.

*When applying for an FHA loan, a viable option may be for you to ask the seller to pay up to 6% of your closing costs, thereby allowing the down payment assistance for buyers in Oklahoma County to apply all funds towards your down payment.

Down Payment and Closing Cost Assistance will be 3.5% of the total Mortgage Loan amount. This 3.5% will be applied towards the borrower's down payment, closing costs, property tax and hazard insurance at closing.

All borrowers who participate in the Down Payment Assistance for buyers in Oklahoma County will be charged by their Lender a program fee in the amount of $75.00 which is to be paid in the form of money order or cashier's check.

Down Payment Assistance for buyers in Oklahoma County must have a credit score of 620 or better. The maximum purchase price of the home must not exceed $189,607.00. Borrowers cannot reserve money until they have an accepted contract signed by all parties to the transaction.  A seller's affidavit must be signed and presented with your application when applying for the down payment assistance for buyers in Oklahoma County.

For more no obligation information on selected areas and program guidelines, please call me at 405-210-6292.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Comments (7)

Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Best to you with this Valerie.

Oct 04, 2010 07:52 AM
Valerie Duncan Stewart
(Metro First Realty) - Oklahoma City, OK
Real Estate Agent-Broker, OKC, OK

Thank you Roger. I appreciate it. :D

Oct 05, 2010 01:44 AM
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

Pretty reasonable income limits. We have programs in New York that make no sense with our property values, because the income allowed is too low to afford the houses. Albany kills me sometimes. 

Oct 11, 2010 01:30 PM
Valerie Duncan Stewart
(Metro First Realty) - Oklahoma City, OK
Real Estate Agent-Broker, OKC, OK

Phil,

Frotunately, property values in Oklahoma County have stayed reasonably affordable for most individuals to utilize our down payment assistance programs.

 I've often wondered what happens in your area with all the unused down payment assistance funds. Sounds like you have quite the challenge with that particular market.

Oct 12, 2010 01:52 AM
c m
Colorado Springs, CO

I am semi-familiar with your economy, through family, and those numbers do seem really reasonable!  Hope this will assist families as well as agents to put some deals together!

Oct 18, 2010 09:17 AM
Valerie Duncan Stewart
(Metro First Realty) - Oklahoma City, OK
Real Estate Agent-Broker, OKC, OK

Cheryl,

Thanks for stopping by. :D  I am hoping families will take advantage of this opportunity and get into an affordable home.

Oct 19, 2010 06:34 AM
Anonymous
Diana Rogers Jaeger

Hello! I'm the Assistant Communications Director for Oklahoma Housing Finance Agency. Thank you for sharing information about our OHFA Advantage program on your website! We have a created a new microsite for OHFA Advantage at www.oklahomahomebuyers.org. Could you please update the link on your website to this new site? Thanks for your help.

Dec 20, 2011 04:25 AM
#7