Assistance with Down Payments/Closing Costs

Homebuyer Assistance Programs

Our Homebuyer Assistance programs provide down payment and closing cost assistance (DPA) to income-eligible individuals and families. We have two DPA programs available that cover two separate areas:

• The Oklahoma City HOME program covers up to $14,999.
• The Oklahoma/Canadian counties HOME program covers up to $14,249.

Down payment and closing cost assistance is provided in the form of a forgivable second mortgage with no monthly payments. The second mortgage is forgiven after the buyer occupies the home as the primary residence for a seven-year affordability period for Oklahoma City and a five-year affordability period for Oklahoma and Canadian Counties. If the property is sold, sub-leased, refinanced or transferred to another person before the affordability period is up, a full or pro-rated refund of the assistance funding is required.

Eligibility and Program Details

• Must be a U.S. citizen or have a Permanent Resident Card (a Green Card).
• Must meet HUD Low/Moderate Household Income Guidelines (subject to change).
• Must complete a HUD Certified Homebuyer Education Workshop (link to workshop schedule).
• The purchase price may not exceed:
  • For Oklahoma City and County – $173,000 for existing homes or $251,000 for new construction.
  • For Canadian County – $181,000 for existing homes or $251,000 for new construction.
• The programs do not require the buyer to be a first-time homebuyer.
• The property must be located within the designated funding areas.
• If seller or buyer does not currently occupy the property, it must be vacant for three months for the OKC HOME Program.
• Must have the ability to meet credit and loan requirements to obtain a first mortgage.
• The HOME Student Rule excludes certain students attending an institution of higher education from participating independently.
• The buyer must invest 1% to 1.75% of their own funds toward the purchase.
• Property must pass Housing Quality Standard (HQS) Inspection prior to closing (see details below).
• If the buyer occupies the home as the primary residence for the affordability period, the loan is 100% forgiven.
• If home is sold or property ceases to be the primary residence before the affordability period is up, the buyer may be required to pay back the assistance in full or in part.
• Properties within FEMA-designated 100-Year Flood Zones and Floodways do not qualify for this program.
• Certain other environmental requirements may apply.
• Assistance is subject to availability of funds. All funding is administered on a first-come, first-serve basis.
• Other program restrictions, requirements and guidelines may apply.
• For the Oklahoma City DPA program only: Applicants should have already saved, or be able to save, a two-month reserve of their anticipated mortgage payment.   

OKC Program Map

OKC DPA Program Map 12.2018

Income Guidelines

Housing Quality Standards Inspection

HUD sets the Housing Quality Standards. These standards are required to be met on every house or project that receives federal assistance. CAA of OKC performs Housing Quality Inspections at no charge for this program. Homebuyers should not use the Housing Quality Inspections as a substitute for a full-house inspection conducted by a licensed professional.

• After repairs are made, another inspection will be performed to ensure the project meets Housing Quality Standards prior to closing.
• Federal regulations governing all lead-based paint issues must be met, including for all local codes.