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There are different products from which to choose according to your circumstances. In particular we mention 1st Gold which is suitable for the majority of buyers. Then there is OHFA (Oklahoma Homeownership Financial Assistance)Shield especially designed for police officers and fire fighters. Those who work in the field of education may find that OHFA 4 Teachers would be a good alternative. These are the OHFA advantage products which include low interest, 30 year loans and 3.5% down payment assistance for homebuyers in the state. If you meet the requirements for OHFA advantage and you would like to take advantage of the offer you should apply for a loan from a participating lender(list on the website). These lenders accept all those who have the minimum income and a good credit rating as long as the price of purchase is within the limits – that is not over $189,607. If you call the Homebuyer Hotline we can give you more information. The number to call is 1-888-937-1122.
In Oklahoma it is feasible for those who are at present receiving housing assistance, and are using the payments to pay rent to change to mortgage payment and thereby purchase their own property. This is the Homeownership Program called the Section 8 Housing Choice Voucher Homeownership Program. This program is available to you if you want to own your first home and you participate in both, The Family self Sufficiency Program (FSS) at the time as well as the Section 8 Housing Choice Voucher. The FSS is a program that helps you to grow financially. You make a contract to progressively reach certain objectives helped along by OHFA and FSS workers. You learn how to use an Escrow Saving Account among other things.
To be accepted for the program the main wage earner of the household must have an annual income of at least $14,500 and must have had a job for one year working on average 30 hours a week unless the head of the household is disabled or elderly in which case the minimum annual income is $8,088. You can choose any type of property if you qualify for the program. It could be a new home or it could be an older single family home. You might prefer a condo or a manufactured home or a town house. The property must be inside the area that OHFA operates and it must be within your price-range. Those with a disability may buy their property from a member of their family but otherwise this is not permissible. Neither is it allowed that the property be a means of earning money.
The OHFA may inspect the house to be purchased so as to decide whether or not it qualifies for assistance. In order to arrange for a loan you may have help from OHFA staff when you decide upon a mortgage lender. OHFA will help in the whole buying process giving assistance too when it comes to down payment and closing costs. Once the home is purchased assistance will continue as long as you are entitled to section 8 Housing Choice Voucher Program. As soon as this terminates you are responsible to continue payments and the mortgage lender will be informed of the situation. To find out more call (800) 256-1489 ext. 171
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