Oklahoma OHFA Gold Program Guide

Guide to the Oklahoma OHFA Gold Program

The Oklahoma OHFA Gold Program offers affordable home financing options and down payment assistance to help homebuyers achieve their dream of homeownership. This program provides a competitive interest rate and financial support for upfront costs, making it an excellent choice for first-time buyers and others who may need assistance to purchase a home in Oklahoma. Below is a detailed guide to the program's features, eligibility requirements, and the application process for 2025.

1. Program Overview:

• Purpose: The OHFA Gold Program is designed to make homeownership more accessible for eligible buyers by offering low-interest loans and down payment assistance.
• Loan Terms: The program provides a 30-year fixed-rate mortgage with competitive interest rates, offering consistent and predictable monthly payments for the duration of the loan.
• Down Payment Assistance: Buyers can receive up to 3.5% of the home’s purchase price to help cover down payment and closing costs, reducing the financial burden of buying a home.

2. Eligibility Requirements for 2025:

To qualify for the Oklahoma OHFA Gold Program, applicants must meet the following criteria:

• First-Time Homebuyer Status: While the program is open to all eligible buyers, priority is often given to first-time homebuyers, defined as individuals who have not owned a home in the past three years.
• Income Limits: Household income must fall within limits set by the program, which are based on area median income (AMI) and vary depending on location and household size.
• Credit Score: Applicants must have a minimum credit score of 640 to qualify. Lenders may impose additional credit requirements.
• Property Requirements: The property must be located in Oklahoma, used as the buyer's primary residence, and meet the program’s price and eligibility guidelines.
• Homebuyer Education: Participation in a homebuyer education course is required to ensure buyers are prepared for the responsibilities of homeownership.

3. How to Apply:

Follow these steps to apply for the Oklahoma OHFA Gold Program:

• Find a Participating Lender: Contact an OHFA-approved lender who will guide you through the application process and verify your eligibility.
• Gather Documentation: Prepare necessary documents, including proof of income, tax returns, credit history, and a certificate of completion for the homebuyer education course.
• Complete the Application: Work with your lender to fill out and submit your application. They will review your information and notify you of your eligibility and approval status.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete a homebuyer education course, which provides essential information on budgeting, mortgages, and managing homeownership responsibilities.
• Course Options: The course can be taken online or in person. Upon completion, participants will receive a certificate that must be submitted with their loan application.

5. Down Payment Assistance:

• Assistance Amount: The program offers up to 3.5% of the home’s purchase price to assist with down payment and closing costs, making homeownership more attainable.
• Repayment Terms: Assistance is provided as a deferred loan, requiring repayment only if the home is sold, refinanced, or no longer serves as the primary residence.

6. Finalizing the Loan:

• Approval Process: Once your application is approved, your lender will guide you through the final steps, including reviewing loan terms, signing documents, and preparing for closing.
• Closing Costs: While the program helps cover significant upfront costs, buyers may still be responsible for additional closing expenses. Your lender will provide a breakdown of these costs.

The Oklahoma OHFA Gold Program is committed to helping homebuyers achieve their goals with financial assistance and expert guidance. With this program, eligible buyers can enjoy the benefits of homeownership while reducing the financial challenges often associated with purchasing a home. Take the next step toward owning your dream home with the Oklahoma OHFA Gold Program.