First-time home buyer programs in Oklahoma City
City of Oklahoma City Planning Department, Housing and Community Development Division runs Down Payment Assistance Program (HOME) for buyers in Oklahoma City: up to $18,000, as a forgivable loan.
- Program available locally
- 1
- Maximum amount
- $18,000
- Loan or grant
- Loan that can be forgiven
Assistance with down payments in Oklahoma City
| Program | Amount | Loan or grant | Income limit | First-time buyers only |
|---|---|---|---|---|
| Down Payment Assistance Program (HOME). This program is run by City of Oklahoma City Planning Department, Housing and Community Development Division. | Up to $18,000 | Loan that can be forgiven | Area Median Income (Oklahoma City MSA) sets a ceiling of 80% for household income. | No |
Who meets the rules for Down Payment Assistance Program (HOME)?
- Homes must be within the City's DPA program boundaries.
- Area Median Income (Oklahoma City MSA) sets a ceiling of 80% for household income.
- First-time buyer status isn't required.
- You must take a homebuyer education course.
- Price limit: for Oklahoma City (existing or new construction), the purchase price may not go above 95% of the median sales price, using the HUD-published figure.
- At least 1% of the sales price must come from the buyer's investment.
- Your first mortgage must have a fixed rate, and no ARMs are allowed.
Security for the forgivable loan comes through a deferred note and mortgage. The 10-year-and-60-day affordability period is prorated 1/120th each month.
Once you've kept the home for the number of years the program sets, the forgivable loan is written off.
Call the Community Action Agency at 405-232-0199 or Neighborhood Housing Services at 405-231-4663 for an application and homebuyer education class. Read the full rules on City of Oklahoma City Planning Department, Housing and Community Development Division's page for Down Payment Assistance Program (HOME).
You can also use Oklahoma's statewide programs in Oklahoma City
| Program | Amount | Loan or grant |
|---|---|---|
| Oklahoma OHFA Homebuyer Down Payment Assistance | Up to 3.5% of the home loan | Deferred loan |
First-time home buyer programs in Oklahoma are all offered by Oklahoma Housing Finance Agency. The income figure for Oklahoma County appears in our HUD income limits lookup.
Ask a lender questions about buying in Oklahoma City
Tell us where you're buying and a lender that works with Oklahoma's programs can tell you which of these fit you, and which you can combine.
Would you rather not call? Once you send your details, the lender will get in touch.