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The Best Financial Assistance Program You Didn't Know Existed
House hunters may know there are loan programs available to them that can help them in paying for a new home, such as:
- FHA Loan, extremely popular loan program among first-time buyers, and universally appealing for several individuals and families
- VA Loan for Veterans, Service Members and select military spouse
- Section 184 Loan for Native American buyers
- USDA Rural Development Loan in select areas (Emerald Falls is a qualifying community)
But, in Oklahoma, there’s a little-known program that is helping people across the state achieve homeownership. It’s called the Oklahoma Housing Finance Agency (OHFA) Down Payment Assistance Program.
This program covers nearly an entire 3.5% down payment, and the income cap on this program is $150K, so most households in Oklahoma would qualify.
“So many of my home buyers come in not knowing about OHFA, but end of taking advantage of it,” said Grant Deyoe with RCB Bank, a preferred lender for Capital Homes, “Because so many households qualify under this program, it helps a lot of customers who may not qualify for the other programs.”
The OHFA Program can be of great help when paired with an FHA loan for buyers whose credit scores are lower and who are not able to make much of a down payment on their own. This combination can help many families get into a new home for a good interest rate and a very affordable down payment.
Learn more about OHFA in the video below: