Oklahoma Housing Finance Agency: Making Homeownership Easier with Down Payment Assistance
To improve housing accessibility and affordability for residents, the Oklahoma Housing Finance Agency (OHFA) has established the OHFA Homebuyer Down Payment Assistance program. This initiative is designed to assist prospective homebuyers in achieving their dream of homeownership by offering financial support for down payments.
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Available Assistance
The OHFA Homebuyer Down Payment Assistance program is a valuable resource for individuals looking to purchase a home. OHFA provides a 3.5% down payment assistance, which is calculated based on the total loan amount. This assistance reduces the financial burden at the time of closing, making homeownership more achievable. It’s important to note that this assistance can only be applied to 30-year fixed-rate mortgage loans.
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Eligible loan types under this program include FHA, USDA-RD, VA, or Conventional loans. The specific purchase price and income limits may vary depending on the chosen loan product. OHFA aims to cater to a wide range of homebuyers, ensuring that the program remains accessible to as many individuals as possible.
Eligibility Requirements
To qualify for the OHFA Homebuyer Down Payment Assistance program, there are specific eligibility criteria that applicants must meet:
- U.S. Residency: Applicants must be legal U.S. residents, ensuring that the program serves individuals with valid residency status.
- Home Location: The home being purchased must be located within the state of Oklahoma, reinforcing OHFA’s commitment to improving housing opportunities within the state.
- Primary Residence: The purchased home must serve as the applicant’s primary residence, with occupancy required within 60 days of closing. This requirement promotes the use of the program for genuine homeownership purposes.
- Income Limits: OHFA has established maximum household income limits, which may vary based on family size and the location of the home. These income limits help target assistance to those who genuinely need it.
- Credit Score: Applicants must possess a middle credit score of 640 or greater. This credit requirement ensures that applicants have a reasonable credit history and are financially responsible.
By adhering to these eligibility requirements, OHFA aims to provide down payment assistance to individuals who are genuinely committed to becoming homeowners. This program is a valuable resource for those seeking affordable housing options in Oklahoma.
The OHFA Homebuyer Down Payment Assistance program serves as a beacon of hope for individuals and families who aspire to own a home. By reducing the financial burden of the down payment, OHFA helps bridge the gap between aspiring homeowners and their dreams of safe and affordable housing. Through this initiative, OHFA continues to play a vital role in enhancing housing opportunities and fostering community development throughout Oklahoma.
