Down Payment Assistance Program for Cleveland County Homebuyers

 

For many prospective homebuyers, the biggest challenge is not necessarily qualifying for a monthly mortgage payment. It is having enough money available for the down payment and closing costs.

A newly funded program from the Cleveland County Home Loan Authority may help address that challenge while also offering a highly competitive interest rate.

The Cleveland County Home Loan Authority First Home Program currently combines a 6.06% fixed mortgage rate with down payment assistance equal to 3.5% of the loan amount. Most importantly, the assistance is provided as a grant. It does not create a second lien and does not have to be repaid.

What the program currently offers:

• 6.06% fixed interest rate
• 3.5% down payment assistance
• Grant assistance with no repayment required
• No second mortgage or second lien
• FHA, VA and USDA financing options
• 30-year fixed-rate financing
• 620 minimum credit score

On a $400,000 loan, 3.5% would equal $14,000 in down payment assistance.

HOW DOES IT COMPARE?

Here is a quick snapshot of several recent FHA financing options:

• State Taxable Program: 7.25% FHA rate with 3.5% assistance structured as deferred, repayable assistance
• State Bond Program: 6.125% FHA rate with 3.5% assistance structured as deferred, repayable assistance
• Recent MBA national FHA average: approximately 6.41% without down payment assistance
• Cleveland County Home Loan Authority: 6.06% FHA rate with 3.5% grant assistance and no second lien

While the interest-rate difference is important, the structure of the assistance may be just as valuable. Some down payment assistance programs require repayment when the home is sold, refinanced or no longer used as the borrower’s primary residence. With this program, the 3.5% assistance is a true grant rather than a deferred second mortgage.

WHO MAY QUALIFY?

The program is intended for eligible first-time homebuyers purchasing a primary residence in Cleveland County, Oklahoma. A first-time homebuyer is generally someone who has not owned a primary residence during the previous three years.

Buyers and their spouses must meet the program’s first-time homebuyer requirement. Income limits, sales-price limits, occupancy requirements and other loan guidelines also apply. Homebuyer education may be required.

The program is available with FHA, VA and USDA Rural Development financing, giving eligible buyers several options depending on the property, location and their individual qualifications.

WHY TIMING MATTERS

Bond-program funding is limited and generally available on a first-come, first-served basis. The interest rate is also tied to the program and may change as funds are reserved or market conditions shift.

If you are considering purchasing in Norman, Moore, Noble or another community within Cleveland County, it may be worth comparing this program with traditional FHA financing and other available assistance options.

The lowest advertised rate is not automatically the best loan for every buyer. Credit, income, property eligibility, closing costs and long-term plans all matter. A complete loan comparison can help determine which program provides the best overall benefit.

For additional program information, visit:
https://www.ehousingplus.com/cleveland-county-home-loan-authority/

Rates and program terms referenced are based on information available at the time of publication and are subject to change. Funding is limited. Borrowers must meet all lender, agency and program requirements.

Location: Tulsa, OK, USA

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