State Bond Money Available for Oklahoma First-Time Home Buyers
It’s a great time to buy a home in Oklahoma! OHFA is here to help Oklahomans achieve their dreams of homeownership.
The Oklahoma Housing Finance Agency offers loan programs for individuals and families who want to buy an affordable home.
The OHFA Advantage program offers state bond money. Designed for moderate income individuals and families, OHFA Advantage offers home loans through lenders all across Oklahoma.
OHFA announced September 28, 2012 that their interest rate is dropping from 4% to 3.5% effective for new reservations. Here are a few highlights of the bond program:
- Minimum 640 Credit Score
- 30 Year Fixed Rate
- 3.5% Silent Second Mortgage, behind an FHA 1st mortgage of 96.5% ($0 Down)
- 6% Seller Concessions toward Buyer’s Closing Costs
- 5 Year Occupancy Requirement
- Could not have owned any other real estate in the past 3 years, unless purchasing in a targeted zone
- Eligible across the entire state of Oklahoma
- No manufactured homes or foreclosures allowed
- Maximum $189,682 sales price
- Maximum income for Tulsa County:
1 to 2 person family: $60,400
3+ person family: $69,460
If you are interested in taking advantage of the State Bond Money Available for Oklahoma First-Time Home Buyers, contact me for a list of participating Lenders!
And do start your home search here or contact me to set up a custom search for you! 918-852-5036