So you’re thinking about purchasing your first home? Congratulations! Just as exciting as this time may be in your life, we also know it can be a bit overwhelming and confusing. Citywide Mortgage is here to guide you through the process and help you every step of the way.
As a first-time homebuyer, you may qualify for special financing programs. For lending purposes, a first-time homebuyer is defined as a person who has never owned a home before or hasn’t owned one in the last three years. The home must be used as your primary residence.
Down Payment Assistance (DPA) Programs –
Offered by a variety of Oklahoma organizations. You may apply these funds toward your down payment and/or closing costs. Citywide can determine which DPA program is the best fit for your financial situation. Credit, income and purchase price guidelines apply and differ with each program. *Note that DPA programs are offered at slightly higher interest rates than mortgage loans where you use your own down payment funds.
Down Payment Assistance (DPA) Program for Teachers, State of Oklahoma employees and First Responders (firefighter, law enforcement, EMT or paramedic) - Offered by Oklahoma Housing Finance Agency. Credit, income and purchase price guidelines apply. *Note that DPA programs are offered at slightly higher interest rates than mortgage loans where you use your own down payment funds.
Mortgage Credit Certificate –
This tax credit program, available in select Oklahoma counties*, reduces the amount of federal income tax paid, giving you more available income to qualify for a mortgage loan and assist with house payments. Qualified homebuyers receive an annual tax credit up to $2,000. The tax credit continues as long as you own the home. Income and purchase price guidelines apply and differ with each county. Citywide Mortgage is a certified MCC lender and can assist you in filling out the application. *MCCs are available in the following counties: Cleveland, McClain, Pottawatomie, Oklahoma, Adair, Bryan, Cherokee and LeFlore.
City and County Housing Grant Programs –
Check with your Citywide Mortgage loan officer to see what may be available in your area.
Tribal Grants –
Native American tribes may offer grants to their members to help with closing costs. If you have a Tribal Card with a Roll Number, ask your loan officer about the Native American home loan program.
NOTE: Any of these programs are subject to change and/or be discontinued at any time.