2015 First Time Home Buyer Programs for Oklahoma Advantage Loan Programs The Oklahoma Housing Finance Agency (OHFA) offers a variety of statewide home loans through its OHFA Advantage Program. Programs specify particular qualifying factors and terms consistent to each program: 30 year, fixed rate mortgages, minimum credit score of 640 (680 on manufactured), income limits and purchase price limits are set. The specific programs are as follows: Qualified buyers in Oklahoma may apply. OHFA 4 Teachers Program OHFA 4 Teachers is exclusive to educators who are first time homebuyers. The low interest rate program offers a down payment grant of 3.5 percent of the loan amount. The maximum purchase price is $214,925. A borrower must have an Oklahoma teacher’s certificate and be employed at any Oklahoma public school district or accredited private or parochial school. Other employees of the school system whose jobs require certification may also be eligible. Qualified buyers in Oklahoma may apply. OHFA Dream Program While no stringent first time buyer requirement, the Dream Program offers a grant worth 3.5 percent of the loan amount for down payment assistance. The maximum purchase price is $270,975, which is the highest limit of all the OHFA programs. Qualified buyers in Oklahoma may apply. OHFA Gold Program OHFA Gold Program has a first time buyer requirement. Similarly to the Dream Program, 3.5 percent of the loan value will be awarded as a down payment assistance grant. The maximum qualifying purchase price is $214,925. Qualified buyers in Oklahoma may apply. OHFA MCC Program OHFA MCC Program a borrower is able to claim special tax credits equal to 40 percent of their mortgage interest on a federal tax return. The cap for the tax credit is $2,000 per year. Down payment grants cannot be paired with mortgage credit certificates in Oklahoma, and as with other programs the maximum purchase price is $214,925. Qualified buyers in Oklahoma may apply. OHFA Shield Program OHFA Shield is virtually identical to the OHFA Gold and the OHFA 4 Teachers program but is designed specifically for law enforcement and fire fighters of an Oklahoma municipality. Qualified buyers in Oklahoma may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs.
VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score.
To apply visit http://buyerprograms.net/Oklahoma