City Down Payment Assistance Program
Financial Assistance for Homebuyers in Oklahoma
Available Assistance
DPA assistance in the form of a forgivable loan shall not exceed $14,999.00 per household. The actual amount shall be determined on a case-specific basis, based on the financial need of the homebuyer, and the City’s adopted underwriting standards. Assistance may be applied to eligible closing costs and down payments. No amount of assistance shall be returned to the homebuyer at closing or any other time
Eligibility Requirements
Assistance is available only to households with income less than or equal to 80% of the Area Median Income (AMI), based on household size for the Oklahoma City MSA, as determined each year by HUD. Each assisted household must participate financially in the purchase of the home. The minimum investment by the DPA recipient will be 1% of the sales price and may be in any form, i.e., out-of-pocket expense for earnest money, appraisal, credit report, etc. The financial participation amount will increase to 1.75% on an FHA loan. Liquid assets of more than $15,000 must go towards the purchase of the home, as practicable.
*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
City Down Payment Assistance Program
To help eligible applicants offset the upfront costs of buying a home, Oklahoma City offers the City Down Payment Assistance program.
Oklahoma City Homebuyer Assistance Program
The Homebuyer Assistance programs provide down payment and closing cost assistance (DPA) to income-eligible individuals and families.
Oklahoma Housing Finance Agency Down Payment Assistance
To help residents gain access to safe and affordable housing, The Oklahoma Housing Finance Agency (OHFA) provides down payment assistance.
REI Down Payment Assistance Program
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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