These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Oklahoma

Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Oklahoma Housing Finance Agency (OHFA) Down Payment Assistance Program

  • Assistance: Provides up to 3.5% of the home’s purchase price for down payment and closing costs.

  • Terms: Forgivable after seven years if the buyer remains in the home.

  • Eligibility: First-time and repeat homebuyers with a minimum credit score of 640; income limits vary by county and household size.

  • More Information: OHFA Down Payment Assistance

Oklahoma City HOME Down Payment Assistance Program

  • Assistance: Provides up to $15,000 in down payment and closing cost assistance.

  • Terms: Forgivable after a set period.

  • Eligibility: Homebuyers purchasing within Oklahoma City limits; income limits based on HUD guidelines.

  • More Information: Oklahoma City Housing Assistance

Oklahoma City – City Down Payment Assistance Program

  • Assistance: Provides up to $18,000 in down payment and closing cost assistance.

  • Terms: Forgivable second mortgage, forgiven after a ten-year affordability period.

  • Eligibility: Income-eligible individuals and families purchasing within Oklahoma City.

  • More Information: Community Action Agency of OKC

Oklahoma & Canadian Counties – HOME Program

  • Assistance: Offers up to $14,249 in assistance for down payment and closing costs.

  • Terms: Forgivable second mortgage, forgiven after a five-year affordability period.

  • Eligibility: Eligible applicants in Oklahoma and Canadian counties.

  • More Information: Community Action Agency of OKC

Tulsa Homebuyer Assistance Program

Additional Resources

Neighborhood Housing Services Oklahoma

  • Assistance: Offers various down payment assistance programs, providing between $1,000 and $18,000 to qualifying homebuyers.

  • Other Services: Provides homebuyer education courses, which are often required for assistance programs.

  • More Information: NHS Oklahoma

Program availability and terms can change, so it's essential to verify the most current information directly with the administering agencies.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.