Many state, county and local government programs offer financing for qualifying low-to-moderate income families wishing to purchase their first home. Loan assistance programs like Mortgage Credit Certificate (MCC) offer a partial tax credit for interest on the loan.
In Oklahoma, down payment assistance is available for new and existing homes. Eligible loan types include FHA or Conventional. Assistance can only be applied to 30-year fixed rate mortgage loans. Purchase price and income limits vary based on the selected product. For more details visit https://www.ohfa.org/.
These programs typically offer:
- More relaxed qualifying guidelines
- Lower upfront fees
- Lower interest rate
- Fixed rate