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.

Oklahoma/Canadian counties HOME program is forgiven after 5 years, so a homebuyer 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.

Oklahoma/Canadian counties HOME program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: FTHB waiver for displaced homemakers/single parents per HUD. On credit, the program states: 640 minimum FICO recommended; lender overlays apply. A homebuyer education course is required, through HUD-approved housing counseling agencies; CAA homebuyer education; 8-hour pre-purchase counseling required. Residency requirement: Property within Oklahoma County (outside OKC city limits) or Canadian County, OK; owner-occupied. Citizenship or immigration status: U.S. citizen or qualifying permanent resident per HUD HOME. First-time homebuyer. Property within Oklahoma County (outside OKC city limits) or Canadian County, OK as primary residence. Income at or below 80% OKC MSA AMI ($50,150-$94,550). Minimum $1,000 borrower contribution. HUD-approved 8-hour pre-purchase education required. HUD HOME property standards inspection. 5-year affordability period.

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.

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.

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.

Oklahoma/Canadian counties HOME program serves homebuyers purchasing in Multiple County, Oklahoma. The program targets specific areas: Oklahoma County (suburban portions outside OKC city limits) and Canadian County, OK.

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