Oklahoma first time home buyers certainly have reason to celebrate: The Oklahoma County Home Finance Authority’s Turnkey Mortgage Origination program just surpassed the $75 million assistance mark, helping more than 630 families achieve their dream of home ownership throughout Oklahoma County. Surprisingly, the Oklahoma County Home Finance Authority (HFA) just launched the program in 2013.
The Edmond Sun reports:
“This is a great opportunity for homebuyers in Oklahoma County, including within Oklahoma City, to purchase a home with down payment and closing cost assistance and help strengthen our neighborhoods.,” said Ray Vaughn, District 3 commissioner. “Also, borrowers do not need to be first-time homebuyers so this opens the doors of homeownership to even more families.”
The program provides low- and moderate-income homebuyers throughout Oklahoma County a competitively priced 30-year, fixed-rate FHA, VA, or USDA mortgage loan with a non-repayable grant equal to 3.50 percent of the mortgage amount, to be used for closing costs and down payment assistance.
For example, a borrower receiving a $100,000 loan under the program would receive a $3,500 down payment grant from the Authority.
“Lack of funds for down payment and closing costs can be the largest barrier to home ownership,” said Willa Johnson, District 1 Commissioner.
The program has provided over $2.6 million in down payment assistance grants to families who may not have otherwise been able to purchase a home, added Brian Maughan, District 2 Commissioner.
>> read the full article at edmonsun.com