The Oklahoma County Finance Authority will soon be rolling out a new $15,000,000 bond program to help home buyers in Oklahoma County stop renting and get into their own home. The program is expected to roll out around December 15 but has already been delayed once so that date is not yet firm.
The program is designed to help home buyers with an income of less than $86,100 buy a home valued at up to $214,925. Unlike the past OKHFA bond programs, there is NO first time home buyer requirement. In addition, the income requirement is not $86,100 in HOUSEHOLD income. Instead, just the applicant for the loan must make less than $86,100 annually. So if Spouse A makes $80K annually and spouse B makes $125K annually, as long as the mortgage only shows spouse A as the responsible party, you still qualify for the loan. This really opens up the number of people who are available for this down payment assistance program.
If you think you may qualify, contact Kay or James about the program. We can hook you up with a lender and find you a home that qualifies!
Here are the specifics:
- NO first time home buyer requirement
- Maximum credit qualifying income: $86,100 annually for the applicant only
- Maximum home purchase price: $214,925
- Will pay up to 3% of the mortgage amount towards down payment
- 30 year fixed rate mortgage
- Rate slightly above market rate (anticipated to be 3.75%)
- FHA, VA or USDA-RD (rural development) loans
- 640 FICO score minimum
- Maximum 45 debt to income ratio
- Only available through approved and certified lenders.