Oklahoma/Canadian counties HOME program

What is Oklahoma/Canadian counties HOME program?

Oklahoma/Canadian counties HOME program is a deferred second loan for homebuyers in Multiple County, Oklahoma.

• Community Action Agency-administered HUD HOME Consortium funded DPA program for first-time homebuyers in suburban Oklahoma County and Canadian County. Up to $14,999 deferred 5-year forgivable second mortgage.
• Up to $14,999 in down payment and closing cost assistance for first-time homebuyers purchasing within Oklahoma County (outside OKC city limits) and Canadian County. Structured as a 0% interest, deferred-payment second mortgage forgiven over 5 years. HUD HOME Consortium pass-through administered by Community Action Agency.
• Funding comes from Federal, HUD, HOME, and Consortium.

Do you have to pay it back?

Oklahoma/Canadian counties HOME program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Pro rata recapture if owner sells, refinances, or vacates within 5-year affordability period.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Oklahoma/Canadian counties HOME program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Oklahoma/Canadian counties HOME program limits household income to 80% of the area median income, which varies by county and household size.

• Household income $50,150 (1 person) to $94,550 (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.

What kind of home can it be used for?

Oklahoma/Canadian counties HOME program caps the purchase price at $280,000.

• Eligible property types include Single-family detached, condo, townhouse, 1-4 unit owner-occupied.
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

Oklahoma/Canadian counties HOME 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?

Oklahoma/Canadian counties HOME program serves buyers purchasing in Multiple County, Oklahoma.

• The program targets specific areas: Oklahoma County (suburban portions outside OKC city limits) and Canadian County, OK.

How do you apply?

Applications for Oklahoma/Canadian counties HOME 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 housing counseling agencies; CAA homebuyer education; 8-hour pre-purchase counseling required.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply via CAA; first-come first-served per annual HOME Consortium allocation, 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.