Hunting for Oklahoma first time home buyer grants to purchase that home? Find the best grants for home buying in Oklahoma and other home mortgage grants available below.
Are you considering the purchase of a house in Oklahoma? Good for you.Purchasing a home in any state is a step in the right direction. Why do I say that? It shows you want to establish yourself and that's a good thing.
You want to know your credit score and determine if you need credit repair before proceeding.
Unfortunately, without a minimum credit score of 640, you'll not qualify for these low down payment programs. The FHA 203b loan works well with the various grant options. The higher your credit score is the lower your interest rate.
With so many lenders to choose from, you want to be sure and select the right one.
But it can be unsettling because of the big financial commitment! However, don't let yourself become
overwhelmed with the process.
It is my plan to give you some useful information that will help in this exciting enterprise.
To begin with, the State of Oklahoma does offer an Oklahoma first time home buyer grant program for its residents. This is good news because not all states are able to offer assistance to first time home buyers.
The state agency which maintains Oklahoma's first time home buyer grant program is the Oklahoma Housing Finance Agency. Oklahoma offers one type of grant. This grant is called "Down Payment Assistance (DPA)." It works well with the various OFHA Advantage Programs.
One of those programs is called the "OFHA Dream Program." The down payment assistance can be 3.5% or 5.0%. There are limitations and stipulations you must meet to qualify.
There is also the "OFHA Gold Program." It too has a down payment assistance grant of 3.5% associated with it.
More programs that have assistance grants with them is the "OFHA Shield Program" and the "OFHA 4Teachers Program." These programs are limited to those who are firefighters or police officers (OFHA Shield) and teachers (OFHA 4Teachers).
Another awesome program you will want to look into is the "OFHA MCC Program." This program provides a tax credit for those who qualify. It is a beautiful tax savings used on your tax return. Whenever you can have more money in your pocket it is worth checking out!
There are requirements you must meet to qualify and some limitations for any of these programs. So do your homework.
Another point to remember, if you are a previous home owner and haven't owned one in three years, you are considered a first time home buyer again!! So these programs are available to you as well.
You should visit this website to determine your eligibility.
In addition, the federal government offers grant assistance for first time home buyers in Oklahoma. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Visit the Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
Any assistance program you look at will need you to find a lender to work with it. Unfortunately, that can be a difficult task. Most likely you will be using the FHA loan product. Why do I say that? It's because they have the most flexibility with how you pay your down payment and closing costs.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!!
Happy House Hunting!!
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