Opendoor

What is Opendoor?

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

• NHS Oklahoma Opendoor — middle-income/workforce-tier down payment assistance program for buyers in OKC NHS target revitalization neighborhoods. Larger assistance amounts than NHS Homepath; not strictly FTHB-restricted.
• Up to ~$25,000 in down payment and closing cost assistance for buyers in NHS Oklahoma target neighborhoods. 0% deferred 5-year forgivable second mortgage. Targets workforce/middle-income buyers in OKC central-city revitalization neighborhoods. Administered by Neighborhood Housing Services Oklahoma, NeighborWorks affiliate.
• Funding comes from Local, City, NeighborWorks, CDBG, and HOME.

Do you have to pay it back?

Opendoor 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?

Opendoor is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Opendoor limits household income to 140% of the area median income, which varies by county and household size.

• Household income $78,000 (2 person) to $89,100 (3 person) — workforce/middle-income tier ~140% AMI OKC 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?

Opendoor caps the purchase price at $250,000.

• Eligible property types include Single-family detached, condo, townhouse, 1-2 unit owner-occupied.
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

Opendoor 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?

Opendoor serves buyers purchasing in Oklahoma City, Oklahoma.

• The program targets specific areas: Oklahoma City NHS Opendoor target neighborhoods — central-city revitalization corridors.

How do you apply?

Applications for Opendoor 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 Neighborhood Housing Services Oklahoma — HUD-approved housing counseling agency. NHS pre-purchase education plus one-on-one counseling required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply via NHS Oklahoma; first-come first-served per annual 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.