Oklahoma OHFA Shield Program Guide

Guide to the Oklahoma OHFA Shield Program

The Oklahoma OHFA Shield Program is dedicated to supporting first responders in achieving homeownership. This program offers affordable financing options and down payment assistance to help ease the financial burden of buying a home in Oklahoma. With competitive interest rates and resources tailored to first responders, the Shield Program is designed to make homeownership attainable and sustainable. Below is an updated guide to the program’s features, eligibility requirements, and application process for 2025.

1. Program Overview:

• Purpose: The OHFA Shield Program aims to assist first responders in Oklahoma by providing affordable home financing and financial assistance for upfront costs.
• Loan Terms: The program offers a 30-year fixed-rate mortgage with competitive interest rates, ensuring predictable monthly payments over the life of the loan.
• Down Payment Assistance: Participants can receive up to 3.5% of the home’s purchase price to help cover the down payment and closing costs, reducing the initial financial barriers to homeownership.

2. Eligibility Requirements for 2025:

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

• First Responder Status: The program is specifically for first responders, including law enforcement officers, firefighters, paramedics, and emergency medical technicians (EMTs).
• First-Time Homebuyer Status: Priority is given to first-time homebuyers, defined as individuals who have not owned a home in the past three years. Certain exceptions may apply.
• Income Limits: Household income must fall within limits set by the program, based on area median income (AMI) and adjusted for location and family size.
• Credit Score: Applicants need a minimum credit score of 640. Additional credit requirements may apply depending on the lender.
• Property Requirements: Eligible properties must be located in Oklahoma, used as the primary residence, and meet the program’s price and eligibility guidelines.
• Homebuyer Education: Completion of a homebuyer education course is required to ensure buyers are prepared for the financial responsibilities of owning a home.

3. How to Apply:

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

• Contact a Participating Lender: Reach out to an OHFA-approved lender who will guide you through the application process and verify your eligibility.
• Prepare Documentation: Gather the necessary documents, including proof of employment as a first responder, income verification, tax returns, credit reports, and your homebuyer education certificate.
• Submit Your Application: Work with your lender to complete and submit the application. They will review your information and notify you of your approval status.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete a homebuyer education course. This course provides essential information on budgeting, understanding mortgages, and managing the responsibilities of homeownership.
• Course Options: The course can be completed online or in person. Upon completion, participants will receive a certificate to include with their loan application.

5. Down Payment Assistance:

• Assistance Amount: The program provides up to 3.5% of the home’s purchase price to help cover down payment and closing costs, making the purchase process more accessible.
• Repayment Terms: The assistance is provided as a deferred loan, which means repayment is only required if the home is sold, refinanced, or no longer serves as the primary residence.

6. Finalizing the Loan:

• Loan Approval: After approval, your lender will guide you through the final steps, including reviewing the loan terms, signing documents, and preparing for the closing process.
• Closing Costs: While the program helps cover significant upfront costs, additional closing expenses may still apply. Your lender will provide a detailed breakdown of these costs.

The Oklahoma OHFA Shield Program is committed to recognizing and supporting first responders by making homeownership more accessible and affordable. With financial assistance and expert guidance, this program empowers those who serve our communities to achieve their dream of owning a home. Take the first step toward homeownership with the Oklahoma OHFA Shield Program today.