Oklahoma City HOME Down Payment Assistance Program (CAA of OKC)

Fact (page-stated): the Oklahoma City HOME program provides down payment and closing cost assistance (DPA) of up to $18,000, with a separate $5,000 available to buy down the interest rate, to income-eligible individuals and families. Assistance takes the form of a forgivable second mortgage with no monthly payments, forgiven after the buyer occupies the home as their primary residence for a ten-year affordability period. If the property is sold, sub-leased, refinanced or transferred before the affordability period ends, a full or pro-rated refund is required. Fact: income guidelines run from $54,750 (household of 1) to $103,200 (household of 8). Federal lead-based-paint regulations and local codes must be met, and the home must pass HUD Housing Quality Standards inspection. The page notes program details apply only to the current grant contract and may change with future contracts.