Denniston Park NA

Oklahoma County Home Finance Authority (OCHFA) Announces New Mo

Nov 14, 2003

Approximately 300 individuals and families in Oklahoma County will benefit by receiving 5% down payment assistance grants through the Oklahoma County Home Finance Authority?’s new Mortgage Loan program. Within the EZ area, considered a special needs area by the Authority, a 6% down payment assistance grant is available. The program offers a 5.9%, 30 year, fixed rate mortgage for those who qualify. The mortgage rate applies to the first $3 million of mortgage loan funds used. The rates on the remaining $17 million will be set as it is released. The program was created through a bond purchase agreement between the Oklahoma County Housing Finance Authority and Fannie Mae, the nation?’s largest source of home mortgage funds.
?“With this latest bond issue, the OCHFA continues its long-standing support and encouragement of home ownership in Oklahoma County, with a special emphasis on providing assistance to low?– and moderate-income, first-time homebuyers,?” said David Feisal, Chairman of the Board of the OCHFA. This program specifically addresses the largest barrier to home ownership many families face, the lack of a down payment,?” Feisal added.

For more information, contact any one of the 5 participating mortgage lenders:
GMAC Mortgage (405) 748-4646
Bank of Oklahoma (405) 879-8700
Countrywide Home Loans (405) 842-2945
Nat?’l City Mortgage (405) 848-2945
Spirit Bank (405) 942-1200
Or contact Ed McGee, Director of the Oklahoma County Home Finance Authority at (405) 552-5780, ext. 114

Homebuyer annual family income cannot exceed $51,100 for families of one or two persons, and $58,765 for families of three or more. Maximum home cost under the program is $116,126 for an existing home and $119,088 for a newly constructed home.
Eligible homebuyers cannot have owned a home in the last three years, except in the targeted areas. Higher income and purchase price limits are also available in targeted areas. Targeted areas include a majority of the census tracts within the Empowerment Zone boundaries. Those census tracts which are not included as targeted areas are considered special needs areas. The special needs areas are bounded by Interstate 44 to the north and west, Interstate 35 to the east, and Interstate 240 to the south.
?“This program provides mortgage loans at an attractive interest rate and provides down payment and closing cost assistance to area families who home,?” explained Trustee Hershel Lamirand. ?“For example, a first-time homebuyer who receives a $70,000 loan will also receive an additional $3,500 which could be used for down payment and closing costs.
The loans and accompanying down payment assistance will be available immediately on a first-come, first-served basis until all $20 million of available funds has been used for mortgage loans.

For more information, contact any one of the 5 participating mortgage lenders:
GMAC Mortgage (405) 748-4646
Bank of Oklahoma (405) 879-8700
Countrywide Home Loans (405) 842-2945
Nat?’l City Mortgage (405) 848-2945
Spirit Bank (405) 942-1200
Or contact Ed McGee, Director of the Oklahoma County Home Finance Authority at (405) 552-5780, ext. 114


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