Oklahoma Housing Finance Agency has added Freddie Mac to its line of Homebuyer Downpayment Assistance products. Using Freddie Mac HFA Home Possible, eligible buyers may receive $1,500 or $2,500 to be used for closing costs, depending on income. They will also receive 3.5 percent of OHFA Homebuyer Downpayment Assistance toward the total loan amount. Neither has to be repaid.
“For many Oklahomans, the primary barrier to purchasing a home is the lack of upfront funds to pay for closing costs or make a downpayment,” said Deborah Jenkins, OHFA executive director. “This partnership will make a huge difference for buyers who need an additional push.”
Potential homebuyers must first qualify with one of OHFA’s mortgage lenders who will determine loan qualification. Buyers may purchase in any of Oklahoma’s 77 counties. Homes must be used as the buyer’s primary residence. First time, current and previous homebuyers are eligible.
For a listing of lenders, detailed purchase and income limits, visit www.ohfadownpayment.org.
The 2015 Oklahoma Housing Needs Assessment found that 20 percent of homeowners spend more than 40 percent of disposable income on housing expenses. The OHFA Homebuyer Downpayment Assistance Program helps ease that burden for income qualifying homebuyers.