Oklahoma Mortgage Group - Mike David

  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...

Buying a home can feel out of reach when the biggest concern is the down payment. That is why we now have a new tool available on our website that allows buyers and Realtors to check potential eligibility for down payment assistance programs and grant opportunities. This resource is now live and ready to use. A Helpful First Step for Buyers Many buyers assume they need a large down payment to purchase a home. In some cases, there may be assistance programs or grants available that can help reduce the amount needed upfront. This new tool gives buyers a simple way to start exploring possible down payment assistance options before they give up on buying. It can be especially helpful for: First-time homebuyers Buyers with limited savings Clients worried about cash to close Renters who want to become homeowners Realtors working with budget-conscious buyers Check for Additional Grant Opportunities Some buyers may qualify for additional assistance based on their profession, milita...