Oklahoma Mortgage Group - Mike David

Many potential homebuyers assume down-payment assistance works like a small grant fund: once the available money is claimed, the program disappears. That is not always how Oklahoma Housing Finance Agency financing works. OHFA states that its Single Family loan program has maintained continuous funding since 1980. Its participating lenders can use eligible OHFA financing to help qualified Oklahoma buyers with down-payment and closing-cost needs. Continuous funding does not mean unlimited approval. It means buyers should not automatically rule out the program because they heard that another grant or local assistance fund ran out of money. What should buyers understand? OHFA financing includes a first mortgage combined with assistance that can be applied toward eligible upfront costs. Qualification depends on factors that may include: Household or qualifying income Purchase price Property eligibility Credit and underwriting Occupancy Applicable loan-program requirements The rate and assis...

  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...