Are you thinking of buying your first home in Oklahoma? Would you like information on the various programs – some include a gift of money – to help you purchase that first home? If you answered yes to these two questions, there is great news for you. The state of Oklahoma provides several programs for its residents who are first time home buyers and need help with the down payment and closing costs. This money comes in the form of state grants. There are also programs offered at the county and city level. This is free money that shouldn’t be passed up! The outright grant awards or value of the programs can be in the thousands of dollars. It will be well worth your time to educate yourself about the programs that the State of Oklahoma provides.
Details of Oklahoma First Time Home Buyer Programs
The agency in Oklahoma that provides assistance is The Oklahoma Housing Finance Agency. There is one grant program available, depending upon your income: OHFA Advantage. The program is specifically designed for the home buyers who do not have the funds for a down payment or closing costs. To find out the details of this program, please visit the Oklahoma Housing Finance Agency website page specifically describing it. You can do that by going to this page.
OHFA Advantage offers 30 year, fixed rate, low interest home loans with 3.5% down payment assistance to homebuyers, statewide.
To qualify for OHFA Advantage (state bond money), contact a participating lender. Homebuyers must meet income, purchase price and credit score guidelines. The maximum purchase price is $214,925 and a minimum credit score of 640. For more information, call the Homebuyer Hotline at 1-888-937-1122.
The contact info for the Oklahoma Housing Finance Agency is:
100 NW 63rd St, Suite 200
Oklahoma City, OK, 73116
Phone: (405) 848-1144
Local Programs Throughout Oklahoma
In addition to the grant programs described above, the U.S. Department of Housing and Urban Development provides home buyer assistance and grants in every state. There are multiple grant programs designed specifically for people that meet certain requirements, such as grants for people with disabilities so they can continue to live independently at home. It is worth visiting HUD’s website to see what assistance is currently available. For your convenience, simply go to this website.
Here is the contact information for the HUD office in Oklahoma:
Tulsa Field Office
Williams Center Tower II
Two West Second Street
Tulsa, OK 74103
Phone: (918) 292-8900
Fax: (918) 292-8993
There are also these local programs:
“CARD’s Homebuyer Assistance Program provides down payment and closing cost assistance for income qualified individuals to help with the purchase of a home. This program is available for the purchase of homes in the rural areas of Rogers, Wagoner, and Washington counties and in the city limits of Catoosa, Claremore, Coweta, and Bartlesville. There is a $3,500 maximum of assistance available per home.
CARD’s Innovative Housing Initiatives Program also provides down payment and closing cost assistance to income qualified families for construction of new homes to be built on CARD owned lots. Up to $14,990 can be contributed to income qualified participants.”
“The education sessions to teach the information needed when entering the house buying process. Down payment assistance grants when available.”
Grady County Homebuyer Assistance Program (HAP) (405) 224-5211
“KI BOIS Homebuyer Program provides assistance to income eligible families for down payment/closing cost assistance. This assistance is in the form of a second mortgage for up to $7,500.
In addition to the family meeting income eligibility requirements, the applicant is required to attend a Homebuyer Education Workshop and the property must also meet Section 8 Housing Quality Standards.”
Lawton Homebuyers Assistance Program (HAP) (580) 581-3347
“This Program will begin accepting applications on November 6, 2006. Click here to download information and application. (PDF format) ”
Little Dixie Community Action Agency Housing Programs (580) 326-5201
“Little Dixie Community Action Agency’s housing programs date back to 1973, shortly after founding of our agency. In 1972, just a few years following the formation of Little Dixie, our Executive Director identified a need for programs to help low-income families obtain decent, safe and affordable housing. He and the then limited staff immediately went into action and in 1973 implemented our first housing program, the Section 523 Mutual Self Help Housing Program. Little Dixie’s housing programs and associated services have continued to expand since the program’s inception and today provides over a dozen services in the tri-county area.”
“Housing – Downpayment/Closing Cost Assistance, Homebuyer Education Classes, Multi-Family Housing Developments, Single Family Construction, Emergency Home Repair, Weatherization;
This agency serves Nowata County, Mayes County, Rogers County, Washington County and Wagoner County.”
“A home is usually a family’s most important asset and most significant investment. Homeownership can increase family stability and self-sufficiency and result in safer, more stable communities. In order to increase homeownership, improve a family’s assets, and stabilize neighborhoods, CAP’s First-Time Homebuyer program offers both pre- and post-purchase housing counseling, debt management and credit repair advice, down payment assistance, and predatory lending education.
As a HUD-certified housing counseling agency, CAP has extensive experience in providing both pre- and post-purchase housing counseling and financial management education. All services are offered in both English and Spanish and are designed to help low- and moderate-income clients prepare for successful home purchase and ownership.
Many of our clients require assistance beyond education and counseling services. Despite fully understanding the process of buying a home and managing their finances, many low- to moderate-income families are still unable to save enough money to cover their down payment and closing costs and/or they do not qualify for a conventional mortgage. CAP responds to this situation by offering clients the opportunity to qualify for up to $5,000 in down payment and closing cost assistance.”
“MCCAF wishes to enhance the quality of life for residents in the Muskogee area by providing affordable, quality housing options. We administer four OHFA/HOME Tax Credit projects. These projects have provided 60 units for senior housing at Summer Ridge Apartments, 72 units for multi-family housing at Austin heights Apartments, 44 units for multi-family housing at Hilldale Springs Townhomes.”
Oklahoma City Down Payment/Closing Cost Program (DPCC) (405) 231-4663
“Through the HOME Investment Partnerships Program (HOME) funded by the U.S. Department of Housing and Urban Development (HUD), the City provides down payment and closing costs assistance (DPA) to income eligible families and individuals. The HOME program does not have a first-time homebuyer requirement; however, the assistance is only available for homes purchased in certain areas. The HOME program offers $6000 in assistance to applicants wishing to move into a Neighborhood Revitalization Strategy Area (NRSA) or other targeted neighborhoods. $3500 is provided for outside targeted areas that exist within a CDBG eligible census tract. Homebuyers seeking DPA must receive homebuyer education, for which there is no charge.
To view program Guidelines and DPA map of approved geographic locations click here.
To obtain an application or schedule a Homebuyer Education Class contact the Community Action Agency at 405-232-0199 or Neighborhood Housing Services at 405-231-4663.”
“Home buyer assistance programs provide down payment and closing cost assistance (DPA) for low to moderate- income families and individuals that qualify under each of the DPA Program’s Guidelines. There are three DPA programs available. All DPA Programs are contingent upon funding availability and are administered on a first come first serve basis.
The homebuyer Down Payment & Closing Cost Assistance (DPA) Program provides low-to-moderate income individuals and families with funds for down payment and closing costs. We have 2 DPA programs. The programs have different requirements and different amount of assistance provided and the areas where assistance can be provided (Refer to maps). All DPA Programs are contingent upon funding availability and are administered on a first come first serve basis.”
“Down Payment Assistance – Our Down payment assistance program is for Native American families who meet NAHASDA income guidelines. Applicant, if approved, will select housing of their own choosing and must secure a loan from a financial institution. The Housing Authority will provide down payment assistance of 20% of the purchase price up to $18,000. This program is limited to Ottawa and Delaware Counties.”
“Southwest Oklahoma Community Action Group, Inc. offers services that increase the availability of affordable housing in southwest Oklahoma. Southwest Oklahoma Community Action Group, Inc. is an Equal Opportunity Employer, Section 3 Employer, and an Equal Opportunity Agency. Fair housing practices are followed.”
“Financial Assistance. Once you complete the Homebuyers Education classes, Housing Partners of Tulsa, Inc. (HPT) may be able to assist with 5% of the purchase price up to $5,000 toward your down payment and/or closing costs.”