Down Payment and Closing Cost Assistance (DPA) - Oklahoma City HOME Program

Down Payment and Closing Cost Assistance - Oklahoma City HOME Program

The Oklahoma City HOME program provides down payment and closing cost assistance (DPA) to income-eligible homebuyers. Assistance is provided as a forgivable second mortgage with no monthly payments.

Award Amount: Up to $18,000 (with separate $5,000 option to buy down interest rate)

Geographic Scope: Oklahoma City

Affordability Period: 10 years - The second mortgage is forgiven after the buyer occupies the home as primary residence for the 10-year affordability period

Income Guidelines (2018):

• 1 person: $54,750
• 2 persons: $62,550
• 3 persons: $70,350
• 4 persons: $78,150
• 5 persons: $84,450
• 6 persons: $90,700
• 7 persons: $96,950
• 8 persons: $103,200

Repayment: If property is sold, sub-leased, refinanced, or transferred before affordability period ends, full or pro-rated refund of assistance funding is required.

Housing Quality Standards: CAA of OKC performs HUD Housing Quality Inspections at no charge. Homes must meet HUD Housing Quality Standards and federal lead-based paint regulations.

Note: Program details including eligibility applicable to current grant contract only. Future contracts may have different requirements.

Application Process

1. Contact CAA of OKC to inquire about eligibility
2. Complete application for Oklahoma City DPA Program
3. Provide income documentation to verify eligibility
4. Property selection and offer
5. Housing Quality Standards inspection conducted by CAA (free of charge)
6. Complete loan application and underwriting
7. If repairs needed, contractor completes work and second inspection performed
8. Closing with second mortgage documentation
9. 10-year affordability period begins upon occupancy as primary residence