Okalohoma downpayment assistane programs

Okalohoma downpayment assistane programs

1.     Start Up Program is a down-payment and closing cost loan which offers you up to $10,000 through a low or no mortgage insurance option for lower monthly payments. To become an eligible borrower, you have to be a first-time homebuyer and to have a credit score of at least 640 and meet income and purchase price limits. Eligible borrowers can also qualify for down-payment assistance and a mortgage credit certificate. Start Up Program will offer you an affordable, fixed interest rate for the life of the loan as well as $5,000 or 5% of the purchase price of the home ($10,000 maximum), whichever is greater. Your interest rate will be equal to your first mortgage rate, and you’ll have to pay monthly payments for a 10-year loan term. Your loan has to be insured through the FHA / VA, RD and Fannie/Freddie HFA and will allow you to loan at an interest rate ranging from 3.25 % to 4.50 %. You are required to attend a homebuyer education course through a specialized provider for getting counseling and support. You are allowed to take an online course too, prior to access the program. You are also advised to contact a specialized lender to guide you through the buying process.

 

2.  Step Up Program is a 10-year down-payment and closing costs loan for repeat homebuyers who can qualify for a purchase loan similar to the Start Up Program. To become an eligible borrower, you must have a credit score of at least 640 and meet income and purchase price limits. Step Up Program will offer you an affordable, fixed interest rate for the life of the loan as well as $5,000 or 5% of the purchase price of the home ($10,000 maximum), whichever is greater. Your interest rate will be equal to your first mortgage rate, and you’ll have to pay monthly payments for a 10-year loan term. Your loan has to be insured through the FHA / VA, RD and Fannie/Freddie HFA and will allow you to loan at an interest rate ranging from 2.875 % to 4.750 %. You are required to attend a homebuyer education course through a specialized provider for getting counseling and support. You are allowed to take an online course too, prior to access the program. You are also advised to contact a specialized lender to guide you through the buying process.

3.     First-Time Homebuyer Tax Credit Program is a dollar for dollar reduction against federal tax liability designed for first-time homebuyers with low or moderate incomes. The program helps you by turning your annual mortgage interest payments into a federal tax credit. To become an eligible borrower and claim the non-refundable tax credit, you will have to meet income and home purchase requirements. First-Time Homebuyer Tax Credit Program will offer you an affordable, fixed interest rate for the life of the loan as well as up to $2,000 as a federal income tax credit. Your interest rate will be equal to your first mortgage rate, and you’ll have to pay monthly payments for a 10-year loan term. Your loan has to be insured through the FHA / VA, RD and Fannie/Freddie HFA and will allow you to loan at an interest rate ranging from 3 % to 4.850 %. You have to meet the eligible income limits as well as home costs or loan limits. You are required to attend a homebuyer education course through a specialized provider for getting counseling and support. You are allowed to take an online course too, prior to access the program. You are also advised to contact a specialized lender to guide you through the buying process.

 4.     Monthly Payment Loan Program is a down-payment and closing costs loan available through the Minnesota Housing mortgage. The program can be used whether you are a first-time buyer, buying your next home, or refinancing. The Monthly Payment Loan Program can be combined with the Start Up and MCC programs and offers either $5,000 or 5 % of the purchase price or loan amount (which is the greater). Becoming an eligible borrower, will allow you to have a 10-year monthly-payment loan whose interest rate is equal to the rate on the first mortgage. Instead, the program offers you no limit on post-closing reserves and affordable payments. Monthly Payment Loan Program requires that you have a minimum credit score of 640, and meet the purchase price and income limits (associated with the Start Up Program). Your loan has to be insured through the FHA / VA, RD and Fannie/Freddie HFA. You are required to attend a homebuyer education course through a specialized provider for getting counseling and support. You are allowed to take an online course too, prior to access the program. You are also advised to contact a specialized lender to guide you through the buying process.

 5.     Deferred Payment Loan is a 0 % interest first mortgage loan which offers you two types of down-payment assistance plans: the Deferred Payment Loan and the Deferred Payment Loan Plus. The Deferred Payment Loan can combine with the Start Up Program.  The Deferred Payment Loan offers you, if an eligible borrower, loans ranging from $5,000 to $5,500 (5% of the purchase price of the home). The Deferred Payment Loan Plus offers you, if an eligible borrower, loans ranging from $5,500 to $7,500. To become an eligible borrower, you have to meet the targeting criteria. Loans have to be repaid when the property is sold or refinanced, or when it no longer serves as the borrower's primary residence.    Deferred Payment Loan Programs require that you have a minimum credit score of 640, and meet the purchase price and income limits (associated with the Start Up Program). Your loan has to be insured through the FHA / VA, RD and Fannie/Freddie HFA. You are required to attend a homebuyer education course through a specialized provider for getting counseling and support. You are allowed to take an online course too, prior to access the program. You are also advised to contact a specialized lender to guide you through the buying process.


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