Who Qualifies as a First-Time Homebuyer in Oklahoma?

It’s not hard to understand why so many people are relocating to Oklahoma given the state’s average of more than 200 sunny days per year and its diverse landscapes, which include everything from huge woods to wide-open plains and even mountains. Even better, the state provides a number of programs designed specifically for first-time homebuyers, both statewide and locally. These programs offer financial aid as well as information on the home-buying process. Continue reading to find out what kinds of resources are at your disposal.

In accordance with federal criteria, the state of Oklahoma considers a person to be a first-time homebuyer if they have not previously bought a residence within the preceding three years. Former homeowners are eligible for the program if a sufficient amount of time has passed after they sold their property; however, this criterion is typically removed for active military personnel and veterans.

Statewide First-Time Homebuyer Programs

Oklahoma Housing Finance Agency

The Homebuyer Down Payment Assistance program offered by the Oklahoma Housing Finance Agency (OHFA) offers up to 3.5 percent of your approved mortgage amount as assistance to first-time homebuyers. This money is put toward the down payment, and any remaining funds are used to cover the closing fees.

The minimum required income varies depending on the number of people living in the family, and the maximum allowed value of the residence cannot be more than $453,100. You can find additional information and make contact with a qualified lender by going to the OHFA website.

First-Time Homebuyer Programs by Location

Lawton

First-time homebuyers who are interested in relocating to the city of Lawton should be aware of the city’s financial aid program, which offers grants of up to $15,000, of which $7,000 is forgivable after the purchase of a home. Approved applicants are needed to meet conditions regarding their income and the value of their property, and they are also expected to finish an educational homeownership course. The applicants are the ones who are tasked with finding primary funding from a private lender.

Midwest City

A subsidy in the form of a postponed payment on a loan of up to $5,000 is available through the Homebuyer Assistance Program in Midwest City. Applicants must be first-time buyers purchasing their first home, meet the income requirements, and have either $500 or 1.5 percent of the purchase price available to put toward a down payment (whichever is higher). The funds have to be allocated in the following order: principal reduction, then a down payment, then closing expenses, and finally any prepaid items.

Oklahoma City and Oklahoma and Canadian Counties

The Community Action Agency (CAA) in Oklahoma City provides assistance to first-time homebuyers. Oklahoma City is the capital of the Sooner State. Applicants have the opportunity to receive up to $14,999 ($14,249 for residents of Oklahoma County and Canadian County) toward the down payment and closing costs on homes located within the city limits of Oklahoma City.

This comes in the form of a second mortgage that, after seven years of continuous residency in the residence (five years in Oklahoma and Canadian counties), is completely canceled out by the government.

Tulsa

Homebuyers who are purchasing their first home in the city of Tulsa may be eligible for a grant of up to $5,000 from Housing Partners of Tulsa Inc. to help with the down payment and closing fees of a house purchase. Shoppers are required to first finish an eight-hour Homebuyer Education course before they can submit an application for financial help, and individual financial advice is also offered.

Settle Down in Oklahoma

It doesn’t matter where in Oklahoma you choose to put down roots; there are plenty of brand-new houses available in each and every one of the state’s cities. Travel there to experience the warm hospitality of the locals (Oklahoma City is consistently ranked among the friendliest cities in the United States) People stay for the picturesque views and relaxed way of life, both of which can make for an ideal setting for retirement or for growing a family.

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