Down Payment Assistance Program

Down Payment Assistance Program is a forgivable loan for homebuyers in Oklahoma City, Oklahoma. City of Oklahoma City municipal down payment assistance grant program. Up to $14,999 grant for first-time homebuyers within OKC city limits. CDBG/HOME/local-funded; no repayment required. Grant-based down payment and closing cost assistance for first-time homebuyers purchasing a primary residence within City of Oklahoma City limits. Up to $14,999 grant — no repayment required. Funded by City of Oklahoma City CDBG/HOME/general fund and administered through the Planning Department's Housing & Community Development division. Funding comes from Federal, HUD, HOME, CDBG, and City.

Down Payment Assistance Program is a forgivable loan, so the balance is forgiven once the program's conditions are met. Repayment is triggered by No repayment — grant and subject to owner-occupancy compliance period. The assistance is recorded in N/A (grant) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Down Payment Assistance Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 640 minimum FICO recommended; lender overlays apply. A homebuyer education course is required, through HUD-approved housing counseling agencies in OKC including NHS Oklahoma, CAA, and other HUD-certified counselors. 8-hour pre-purchase homebuyer education required. Residency requirement: Property within City of Oklahoma City corporate limits, owner-occupied as primary residence. Citizenship or immigration status: U.S. citizen or qualifying permanent resident per HUD HOME. First-time homebuyer (no homeownership in past 3 years). Property within City of Oklahoma City corporate limits as primary residence. Income $54,750-$103,200 by household size (80% AMI OKC MSA 1-8 person). Minimum $1,000 borrower contribution. HUD-approved 8-hour pre-purchase homebuyer education required. Property must pass HUD/City of OKC property standards inspection.

Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size. Household income $54,750 (1 person) to $103,200 (8 person) per HUD HOME 80% AMI Oklahoma City MSA. 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.

Down Payment Assistance Program caps the purchase price as follows: Per HUD HOME 95% area median sales price for Oklahoma County. Eligible property types include Single-family detached, condo, townhouse, 1-2 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

Down Payment Assistance Program names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Down Payment Assistance Program serves homebuyers purchasing in Oklahoma City, Oklahoma. The program targets specific areas: City of Oklahoma City Neighborhood Revitalization Strategy Area (NRSA) census tracts may receive enhanced assistance.

Applications for Down Payment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply via City of Oklahoma City Housing & Community Development; first-come first-served per annual allocation. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.