Oklahoma OHFA 4Teachers Program Guide

Guide to the Oklahoma OHFA 4Teachers Program

The Oklahoma OHFA 4Teachers Program is specifically tailored to support educators in achieving homeownership. This program provides affordable home financing options and down payment assistance to help teachers purchase homes in Oklahoma. Offering competitive interest rates and assistance with upfront costs, the program is a valuable resource for educators who may have limited savings for a down payment. Below is a comprehensive guide to the program’s features, eligibility criteria, and application process for 2025.

1. Program Overview:

• Purpose: The OHFA 4Teachers Program is designed to make homeownership more accessible for Oklahoma educators by reducing the financial barriers associated with purchasing a home.
• Loan Terms: The program offers 30-year fixed-rate mortgages with competitive interest rates. These terms provide stability and predictability, making it easier for teachers to budget for their monthly housing expenses.
• Down Payment Assistance: Eligible participants can receive down payment assistance of up to 3.5% of the home’s purchase price, helping reduce the initial costs of buying a home.

2. Eligibility Requirements for 2025:

To participate in the Oklahoma OHFA 4Teachers Program, applicants must meet the following criteria:

• Employment: Applicants must be employed as certified teachers in Oklahoma public or private schools.
• First-Time Homebuyer Status: The program is primarily for first-time homebuyers, defined as individuals who have not owned a home within the past three years. Certain exceptions may apply.
• Income Limits: Applicants must meet income guidelines based on the area median income (AMI). These limits vary by location and household size.
• Credit Score: A minimum credit score of 640 is required to qualify. Some lenders may have additional credit requirements.
• Property Requirements: The home must be located in Oklahoma, used as the primary residence, and meet the program’s price limits and other eligibility criteria.
• Homebuyer Education: Completion of a homebuyer education course is mandatory. This course helps participants prepare for homeownership by covering budgeting, mortgage basics, and financial planning.

3. How to Apply:

Follow these steps to apply for the Oklahoma OHFA 4Teachers Program:

• Find a Participating Lender: Begin by contacting an OHFA-approved lender. They will guide you through the program requirements and help determine your eligibility.
• Gather Documentation: Be prepared to provide proof of employment as a teacher, income verification, tax returns, credit reports, and your homebuyer education course certificate.
• Submit Your Application: Work with your lender to complete and submit your application. They will assist with the processing and notify you of your loan approval status.

4. Homebuyer Education Course:

• Mandatory Requirement: Completing a homebuyer education course is a requirement for all applicants. This course equips participants with the knowledge needed to make informed decisions about purchasing and maintaining a home.
• Course Options: The course is available online or in person. Upon completion, you will receive a certificate that must be included with your loan application.

5. Down Payment Assistance:

• Assistance Amount: The program provides up to 3.5% of the home’s purchase price as down payment assistance. This assistance can also be used toward closing costs, reducing the financial burden for buyers.
• Repayment Terms: The assistance is offered as a deferred loan, meaning repayment is only required if the home is sold, refinanced, or no longer serves as the primary residence.

6. Finalizing the Loan:

• Loan Approval: Once approved, your lender will guide you through the final steps, including reviewing loan terms, signing documents, and preparing for closing.
• Closing Costs: While down payment assistance helps with upfront expenses, you may still need to cover some closing costs. Your lender will provide a detailed breakdown of costs and payment options.

The Oklahoma OHFA 4Teachers Program is dedicated to helping educators achieve the dream of homeownership. By offering financial support and expert guidance, the program ensures a smooth and manageable process for teachers ready to purchase their first home. Take the first step toward homeownership today with the Oklahoma OHFA 4Teachers Program.