OHFA Dream Loan Program

What is OHFA Dream Loan Program?

OHFA Dream Loan Program is a grant for homebuyers in Statewide, Oklahoma.

• OHFA Dream is OHFA's bond-funded (Mortgage Revenue Bond) first-mortgage program with a 3.5% down payment and closing-cost assistance grant. Because the program is funded by tax-exempt bonds, it has IRS first-time-homebuyer and recapture-tax rules but offers higher income/purchase-price limits than OHFA Gold. The grant equals 3.5% of the first-mortgage amount, never has to be repaid, and is layered with a 30-year fixed FHA, VA, USDA-RD, or conventional (HFA Preferred / HFA Advantage) first mortgage.
• 3.5% down payment / closing-cost assistance grant (no repayment) layered on a competitive 30-year fixed bond-funded first mortgage. Designed for first-time homebuyers (waived in IRS-designated targeted areas). Higher purchase-price and income limits than the OHFA Gold non-bond TBA.
• Funding comes from Bond and State.

How much assistance does it provide?

OHFA Dream Loan Program provides assistance worth 3.5% of the purchase price, as set by the program.

• Buyer contribution: No published borrower minimum contribution; loan-product overlays may apply (e.g., FHA $0, conventional 1%-3% per AUS).
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

OHFA Dream Loan Program is structured as a grant, so it is not repaid.

• Repayment is triggered by None — grant and no repayment required.
• The assistance is recorded in 1 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

OHFA Dream Loan Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

OHFA Dream Loan Program limits household income to $150,000.

• The limit applies to total household income, not only the borrower’s.
• 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?

OHFA Dream Loan Program caps the purchase price at $453,100.

• Eligible property types include Single-family detached, Townhome, Condominium (warrantable), 2-4 unit (per first-mortgage product), and PUD.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

OHFA Dream Loan 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.

Where does it apply?

OHFA Dream Loan Program serves buyers purchasing in Statewide, Oklahoma.

• The program targets specific areas: IRS-designated targeted areas across Oklahoma allow waiver of first-time-homebuyer rule and offer higher income/purchase-price limits.

How do you apply?

Applications for OHFA Dream Loan Program go through the administering agency, 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 HUD-approved homebuyer education provider; OHFA online course via Framework or eHome America accepted.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Lender reservation through OHFA's eHousingPlus origination portal, 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.