Okalohoma downpayment assistane programs

Okalohoma downpayment assistane programs

1.     OHFA Dream Program is a loan program which offers a 3.5 % grant of the loan amount for down-payment assistance. To become an eligible borrower, you have to reach a minimum credit score of 640 (660 for Manufactured Homes & 680 for 97% LTV Conventional Loans). The 30-year fixed rate mortgage doesn’t require you to be a first-time buyer. The program offers an interest rate varying from 3.5% to 5%.

OHFA Dream Program offers you the highest purchase price limit (of all the OHFA programs) which is of $270,975. The program is available statewide and it can be used for a new home or an existing one. You have be a borrower who’s family qualifies as a low-income family and the home has to be your primarily residence of the family throughout the period of affordability.

OHFA Dream Program requires a minimum household income which varies by county
and family size. For more details you are advised to contact a participating lender who will offer guidance and the necessary information you need for accessing this program. For accessing the OHFA Dream Program you must fulfill the eligibility criteria and you have to
submit a written application in the form prescribed in the Annual HOME Program Application Packet. You will have to attend homebuyer education classes which allow you to understand the process of selection. Zeffert & Associates together with Oklahoma Housing Finance Agency and the HCCP (Housing Credit Certified Professional) have started an educational course to allow you to get the certification.

 2.     OHFA Gold Program is a down payment grant set for first-time buyers. The program is similar to the Dream Program. To become an eligible borrower, you have to be a first-time buyer, but exceptions apply as well. This requirement is also waived in targeted areas. You have to be able to come up with enough money and to qualify for a maximum purchase price of $214,925. Your interest rate will be of 3.5 %. The program is available statewide and it can be used for a new home or an existing one.  You will also have to reach a minimum credit score of 640 (660 for Manufactured Homes & 680 for 97% LTV Conventional Loans). OHFA Gold Program requires a minimum household income which varies by county
and family size. For more details you are advised to contact a participating lender who will offer guidance and the necessary information you need for accessing this program. For accessing the OHFA Gold Program you must fulfill the eligibility criteria and you have to submit a written application in the form prescribed in the Annual HOME Program Application Packet. You will have to attend homebuyer education classes which allow you to understand the process of selection. Zeffert & Associates together with Oklahoma Housing Finance Agency and the HCCP (Housing Credit Certified Professional) have started an educational course to allow you to get the certification.

 3.     OHFA 4 Teachers Program is an exclusive program set for educators who are first-time homebuyers. To be an eligible borrower, you have to possess an Oklahoma teacher’s certificate and be employed at any Oklahoma public school district or accredited private or parochial school. There are also other types of employees of the school system who may be eligible. OHFA 4 Teachers Program offers you a down payment low-interest-rate grant with an interest rate of 3.5 % of the loan amount. The maximum purchase price of the property has to be of $214,925. You will also have to reach a minimum credit score of 640 (660 for Manufactured Homes & 680 for 97% LTV Conventional Loans). OHFA 4 Teachers Program requires a minimum household income which varies by county and family size. For more details you are advised to contact a participating lender who will offer guidance and the necessary information you need for accessing this program. You will have to attend homebuyer education classes which allow you to understand the process of selection. Zeffert & Associates together with Oklahoma Housing Finance Agency and the HCCP (Housing Credit Certified Professional) have started an educational course to allow you to get the certification.

4. OHFA Shield Program is a down payment loan designed for the law enforcement and fire fighters of the Oklahoma municipality.  OHFA Shield Program is quite identical to the OHFA Gold and the OHFA 4 Teachers program. To become an eligible borrower, you have to be a first-time buyer, but exceptions apply as well. This requirement is also waived in targeted areas. You have to be able to come up with enough money and to qualify for a maximum purchase price of $214,925. Your interest rate will be of 3.5 %. The program is available statewide and it can be used for a new home or an existing one.  You will also have to reach a minimum credit score of 640 (660 for Manufactured Homes & 680 for 97% LTV Conventional Loans). OHFA Shield Program requires a minimum household income which varies by county and family size. For more details you are advised to contact a participating lender who will offer guidance and the necessary information you need for accessing this program. For accessing the OHFA Shield Program you must fulfill the eligibility criteria and you have to submit a written application in the form prescribed in the Annual HOME Program Application Packet. You will have to attend homebuyer education classes which allow you to understand the process of selection. Zeffert & Associates together with Oklahoma Housing Finance Agency and the HCCP (Housing Credit Certified Professional) have started an educational course to allow you to get the certification.

 5.     OHFA MCC (Mortgage Credit Certificate) Program is a loan program that allows you to reduce the amount of federal taxes you owe. Thus, you are allowed to claim 40% of your mortgage interest as a tax credit on your tax return. The maximum tax credit you can claim has to be up to $2,000 per year for the life of the loan. You have to be able to come up with enough money and to qualify for a maximum purchase price of $214,925. Your interest rate will be of 3.5 %. The program is available statewide and it can be used for a new home or an existing one.  You will also have to reach a minimum credit score of 640 (660 for Manufactured Homes & 680 for 97% LTV Conventional Loans). OHFA MCC Program requires a minimum household income which varies by county and family size. For more details you are advised to contact a participating lender who will offer guidance and the necessary information you need for accessing this program. For accessing the OHFA MCC Program you must fulfill the eligibility criteria and you have to submit a written application in the form prescribed in the Annual HOME Program Application Packet. You will have to attend homebuyer education classes which allow you to understand the process of selection. Zeffert & Associates together with Oklahoma Housing Finance Agency and the HCCP (Housing Credit Certified Professional) have started an educational course to allow you to get the certification.

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