Oklahoma City Homebuyer Assistance Program
Financial Assistance for Homebuyers in Oklahoma
There are two programs that offer DPA in different areas:
- The Oklahoma City HOME program covers up to $14,999.
- The Oklahoma/Canadian counties HOME program covers up to $14,249.
Down payment and closing cost assistance are provided in the form of a forgivable second mortgage with no monthly payments. The second mortgage is forgiven after the buyer occupies the home as the primary residence for a seven-year affordability period for Oklahoma City and a five-year affordability period for Oklahoma and Canadian Counties. If the property is sold, sub-leased, refinanced, or transferred to another person before the affordability period is up, a full or prorated refund of the assistance funding is required. If the home is sold or the property ceases to be the primary residence before the affordability period is up, the buyer may be required to pay back the assistance in full or in part. If the buyer occupies the home as the primary residence for the affordability period, the loan is 100% forgiven.
All applicants must be U.S. citizens or have a Permanent Resident Card. They must meet HUD Low/Moderate Household Income Guidelines (subject to change), and complete a HUD Certified Homebuyer Education Workshop (link to workshop schedule). Must have the ability to meet credit and loan requirements to obtain a first mortgage. The buyer must invest 1% to 1.75% of their own funds toward the purchase.
The purchase price may not exceed:
- For Oklahoma City and County – $147,000 for existing homes or $238,000 for new construction.
- For Canadian County – $157,000 for existing homes or $238,000 for new construction.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but State and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Oklahoma
To help eligible applicants offset the upfront costs of buying a home, Oklahoma City offers the City Down Payment Assistance program.
The Homebuyer Assistance programs provide down payment and closing cost assistance (DPA) to income-eligible individuals and families.
To help residents gain access to safe and affordable housing, The Oklahoma Housing Finance Agency (OHFA) provides down payment assistance.
The REI Down Payment Assistance program provides qualifying homebuyers with closing cost and down payment assistance. This program is designed for low income borrowers who are able to make monthly mortgage payments, but don’t have enough funds saved up for a down payment.
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