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:
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.
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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.