Down Payment Assistance Programs for First Time Home Buyers in Blaine County, Oklahoma
If you live in Oklahoma and are interested in buying a home in Blaine County – there may be down payment assistance programs available to you. Saving enough money for a down payment is one of the single biggest obstacles to homeownership – but it is entirely possible that down payment assistance is available to you and you aren’t even aware of it.
What is Down Payment Assistance?
It is any kind of program that is designed to help people get into a home. That may be a very broad definition, but down payment assistance programs are not always programs that hand out free money by giving you cash in a suitcase – they can take many different forms. Some examples of the different types of down payment assistance programs that may be available include: Grants, Silent Seconds, Delayed Repayment Loans, Interest Free Loans, and Lender Specific Programs. Since there are so many different types of programs that may be available – it is advised that you find the right loan officer who is knowledgeable in programs in your area.
Down Payment Assistance Programs in Blaine County, Oklahoma
- REI Choice100: REI Down Payment Assistance invests in Oklahoma’s future by providing housing opportunities to low income individuals and families. The statewide REI Gift100 Program provides a competitive first mortgage and down payment and closing cost assistance to eligible mortgagors. The down payment is in the form of a gift, second liens or deed restrictions are not required for this program. For more information, Click here.
- Oklahoma Housing Finance Agency – Advantage 1st Gold Program – Targeted Select Areas: Being able to come up with enough money for a down payment prevents many individuals from purchasing their first home. Since 1980, OHFA has assisted first-time homebuyers overcome this barrier with OHFA Gold, which provides a down payment grant. For more information, Click here.
- Oklahoma Housing Finance Agency – Dream Program: Sometimes a new job, a growing family or other life events occur that make it necessary for current homeowners to buy a new home. With an OHFA Dream home loan, current homeowners can buy their new home with the assistance of a down payment grant. OHFA Dream also offers the highest maximum purchase price of all the OHFA Advantage products. For more information, Click here.
Mortgage Programs Available in Blaine County, Oklahoma
- Oklahoma Housing Finance Agency – Mortgage Credit Certificate – Targeted Select Areas: First-time homebuyers can keep more money in their pocket by using OHFA MCC (Mortgage Credit Certificate) to lower their taxes. Borrowers reduce the amount of federal taxes they owe by claiming 40% of their mortgage interest as a tax credit on their tax return. The maximum amount of the tax credit cannot exceed $2,000 per year, and it can be claimed each year for the life of the mortgage loan as long as the home remains the borrower’s primary residence. For more information, Click here.
Additional Home Buying Resources
HUD offers some resources to those people who are interested in learning more about the process of buying a home, and the information on HUD’s website is free. Just a few of the services that HUD offers information about include: housing counseling agencies, predatory lending, education, assistance programs, HUD homes for sale, homeownership vouchers, home repairs, avoiding foreclosure, making your home more energy efficient, and more.
Other Relevant Blaine County Sites
- Oklahoma Association of Realtors
- Blaine County School
- Blaine County Sheriffs
- HUD Homeownership Assistance for Oklahoma