City of Stillwater Homebuyer Assistance Program

What is City of Stillwater Homebuyer Assistance Program?

City of Stillwater Homebuyer Assistance Program is a forgivable loan for homebuyers in Stillwater, Oklahoma, administered by City of Stillwater Development Services Department.

• The City of Stillwater Homebuyer Assistance Program (HBA) provides up to $5,000 in down payment and/or closing cost assistance to eligible buyers purchasing within Stillwater city limits. Two tracks serve homebuyers: Path 1 targets low-to-moderate income households (80% AMI Payne County) with no income-capped purchase price limit beyond the local median; Path 3 assists anyone purchasing their first home in Stillwater city limits regardless of income, subject to a $250,000 purchase price cap. Both tracks use a 7-year forgivable second mortgage with annual residency certification; full forgiveness accrues in years 5–7.
• Up to $5,000 forgivable second mortgage.
• Zero interest.
• 7-year affordability period with prorated forgiveness from year 5.
• Free city-provided homebuyer education course.
• Two eligibility tracks: LMI or First-Time in Stillwater.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from City of Stillwater (income limits reference HUD/OHFA LMI tables for Payne County; likely CDBG).

How much assistance does it provide?

City of Stillwater Homebuyer Assistance Program offers up to $5,000 in assistance.

• Award tiers: Path 1 (LMI): Income at or below 80% AMI Payne County; purchase price capped at Stillwater Board of Realtors median. Path 3 (First Time in Stillwater): No income limit; must be first-time buyer within Stillwater city limits; maximum purchase price $250,000.
• Amounts are the program's published maximums, not an offer — City of Stillwater Development Services Department determines any individual award.

Do you have to pay it back?

City of Stillwater Homebuyer Assistance Program is forgiven after 7 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, refinance, assignment, ceasing to occupy as primary residence, rental or lease of any portion (including short-term), or HBA policy violation before end of 7-year affordability period.
• The assistance is recorded in Second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Stillwater Homebuyer Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

City of Stillwater Homebuyer Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Path 1 — HUD FY2025 Low (80%) Income Limits, Payne County: 1-person $46,600; 2-person $53,250; 3-person $59,900; 4-person $66,550; 5-person $71,900; 6-person $77,200; 7-person $82,550; 8-person $87,850. Income of all household members 18+ included (minors excluded). Path 3 has no income limit.
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

City of Stillwater Homebuyer Assistance Program caps the purchase price at $250,000.

• Eligible property types include Single Family, Condo, Townhouse, and Manufactured.
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

City of Stillwater Homebuyer Assistance Program is a federal program, so it is not limited to Oklahoma.

How do you apply?

Applications for City of Stillwater Homebuyer Assistance Program go through City of Stillwater Development Services Department, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through ["City of Stillwater free online homebuyer education course. Register at https://stillwaterok.gov/413/Homebuyers-Education-Class or email homebuyers@stillwaterok.gov. Certificate valid for 1 year from date of completion."].

2. 2

   Contact City of Stillwater Development Services Department to reserve funds

   Funds are reserved through First-come, first-served, subject to funding availability. Approved properties must close within 45 days of assistance approval., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.