What is the Oklahoma OHFA Gold Program?
The OHFA Gold Program offers fixed-rate mortgages and optional down payment assistance to help eligible homebuyers in Oklahoma purchase their first home or upgrade to a new home.
Who qualifies for the OHFA Gold Program?
Eligibility is open to both first-time and repeat homebuyers who meet income, credit, and property requirements. Buyers must use the home as their primary residence.
Does the program offer down payment assistance?
Yes, the program provides down payment and closing cost assistance of up to 3.5% of the loan amount, helping to reduce upfront costs for eligible buyers.
Is the down payment assistance a loan or a grant?
The assistance is a forgivable loan, which does not need to be repaid if the homeowner remains in the home and meets program requirements for a specified period.
What is the minimum credit score required for the OHFA Gold Program?
A minimum credit score of 640 is generally required, although higher scores may improve eligibility and loan terms.
Are there income limits for the OHFA Gold Program?
Yes, income limits apply and vary based on household size and property location. These limits are updated annually to reflect current economic conditions.
What types of properties are eligible for the program?
Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may qualify if they meet program requirements and are permanently affixed to a foundation.
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Get Started NowCan the program be used for newly constructed homes?
Yes, newly built homes are eligible as long as they meet program guidelines and are intended as the buyer’s primary residence.
Is homebuyer education required for the OHFA Gold Program?
Yes, completing a homebuyer education course is mandatory for first-time buyers to ensure they are prepared for the responsibilities of homeownership.
What is the maximum purchase price allowed under the program?
The maximum purchase price varies by location but is typically capped at $400,000 in most areas.
Can the OHFA Gold Program be combined with other assistance programs?
Yes, the OHFA Gold Program can be combined with other local or state assistance programs for additional financial support.
Are there debt-to-income (DTI) ratio limits for the program?
Yes, the program generally allows a maximum DTI ratio of 45%, though exceptions may be made based on other financial qualifications.
What fees are associated with the OHFA Gold Program?
Standard loan-related fees, such as origination, appraisal, and closing costs, may apply. Borrowers should confirm these costs with their lender.
What happens if I sell or refinance my home before the loan is forgiven?
If you sell or refinance before the forgiveness period ends, you may need to repay a prorated portion of the assistance provided.
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Get Started NowCan the program be used to refinance an existing home?
No, the OHFA Gold Program is designed specifically for purchasing a primary residence and does not apply to refinancing.
Are there reserve requirements for the program?
No specific reserve requirements are imposed, but having financial reserves may strengthen an applicant’s overall loan profile.
Are there location restrictions for the program?
Yes, the property must be located in Oklahoma, and additional guidelines may apply depending on whether the home is in a targeted or non-targeted area.
What are the benefits of the OHFA Gold Program?
The program offers affordable mortgage rates, forgivable down payment assistance, and access to homebuyer education, making homeownership more attainable.
How do I apply for the OHFA Gold Program?
Applicants must meet eligibility requirements and work with a program-approved lender who will guide them through the application and approval process.
What is the loan term for the OHFA Gold Program?
The program provides a 30-year fixed-rate mortgage, offering long-term stability and predictable monthly payments for homebuyers.