Oklahoma City HOME program

What is Oklahoma City HOME program?

Oklahoma City HOME program is a deferred second loan for homebuyers in Oklahoma City, Oklahoma.

• Community Action Agency-administered HUD HOME-funded down payment assistance program for first-time homebuyers purchasing within Oklahoma City limits. Up to $14,999 as 0% deferred 5-year forgivable second mortgage.
• Up to $14,999 in down payment and closing cost assistance for first-time homebuyers purchasing within Oklahoma City limits. Structured as a 0% interest, deferred-payment second mortgage forgiven 20% per year over 5 years if owner remains in the home as primary residence. HUD HOME pass-through administered by Community Action Agency of Oklahoma City and OK/Canadian Counties.
• Funding comes from Federal, HUD, HOME, and City.

Do you have to pay it back?

Oklahoma City 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, transfers title, or vacates property before 5-year affordability period ends and fully forgiven after 5 years owner-occupancy.
• 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 City HOME program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Oklahoma City 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 City 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 City 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 City HOME program serves buyers 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.

How do you apply?

Applications for Oklahoma City 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 in OKC including CAA's own homebuyer education program; 8-hour pre-purchase counseling required.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application submitted by borrower/lender to CAA; first-come first-served subject to annual HOME 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.