Have you ever dreamed of owning a home?

The Down Payment Assistance Program can help first-time buyers purchasing in
Oklahoma County, OK with down payment and closing cost assistance.

The Down Payment Assistance program provides a qualified borrower with a 30-year fixed rate first mortgage (FHA, USDA-RD,VA, or Freddie Mac loan only) and forgivable down payment and closing cost assistance.

ELIGIBILITY CRITERIA* –
1. Buyers do not need to be first-time buyers.
2. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
3. Buyers must occupy the property purchased within 60 days of closing.
4. Buyers must live in the property as their principal residence and the property may never be rented.
*Speak with a participating lender for details.

DOWN PAYMENT ASSISTANCE
The Assistance is a percentage (0%,2%,3.5%, or 5%) calculated on the Note amount and may be used for down payment or closing costs and pre-paids. Assistance is in the form of a non-repayable Grant. It is not repayable under any circumstances. There is no second mortgage, second note, deed restriction or lien.

INCOME LIMIT CRITERIA
Qualifying Income for FHA, USDA Rural Development (RD) and VA as reported on the 1003 Form. For Freddie Mac Conventional loans the income used must be in accordance with Freddie Mac guidelines.

FHA,VA, USDA-RD ONLY
Al Household Sizes $136,780

Freddie Mac HFA Advantage
All Household Sizes $78,640

MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
$544,232

HOMEBUYER EDUCATION
Only buyers utilizing the Freddie Mac HFA Advantage Conventional Loan will be required to attend homebuyer education. The course, Freddie Mac CreditSmart – Steps to Homeownership Tutorial is required if a borrower is a first-time homebuyer. The tutorial must be completed by at least one borrower.

ELIGIBLE PROPERTY
New or existing, one unit, detached or attached, condos, townhomes.
*Freddie Mac Loans allow only one unit properties

CREDIT SCORE - FHA, USDA-RD and VA loans, FICO must be 660 or higher.
Freddie Mac loans, FICO must be 640 or higher.

WHAT IS A NON-TARGETED AREA AND TARGETED AREA?
The First Home Program is available in all of Oklahoma County, including Oklahoma City. A majority of Oklahoma County is considered a non-target area.

However, there are Targeted Areas identified by HUD (by specific census tract number) as an area of economic distress or have low loan origination. When you purchase a home in a Targeted Area you do not need to be a first-time buyer.

What's the Next Step?

1. Click on the link Approved Lenders (at the top of the web page) to view a list of approved loan officers.
2. Work with your loan officer of choice to be pre-approved for a mortgage loan AND the OCHFA DPA Program. Your loan officer will do all the work, the entire process is conducted with the Loan Officer.
3. Work with a OCHFA Certified REALTOR Partner. Once you are pre-approved an know what price range to consider, we recommend you work with a licensed REALTOR to guide you with locating your first home.