Have you ever dreamed of owning a home?
The First Home Program can help first-time buyers purchasing in
Tulsa, OK with down payment and closing cost assistance.
Available on December 6, 2024, The First Home Program provides a qualified borrower with a 30-year fixed rate first mortgage (FHA, USDA-RD or VA loan only) and forgivable down payment and closing cost assistance.
ELIGIBILITY CRITERIA* –
1. Buyers (and spouse if applicable) must be first-time buyers.
2. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
3. Buyers must occupy the property purchased within 60 days of closing.
4. Buyers must live in the property as their principal residence and the property may never be rented.
*Speak with a participating lender for details.
DOWN PAYMENT ASSISTANCE
0.00% Interest, deferred, 5-year forgivable second mortgage, in an amount of 3.5% of the total Note Amount (maximum $17,882). The assistance may be used for down payment and closing cost. The assistance will be due if the first mortgage is prepaid, refinanced, borrower no longer occupies as their principal residence or if the borrower sells, transfers or otherwise disposes of the property, including foreclosure, before the end of the 5-year period.
INCOME LIMIT CRITERIA
Include income for the buyer (and spouse if applicable) and anyone 18 years of age or older who will live in the property.
Non-Targeted Areas
1-2 person households $86,600
3 or more person households $99,590
Targeted Areas
1-2 person households $103,920
3 or more person households $121,240
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
Non-Target Areas $510,939
Targeted Areas $624,481
HOMEBUYER EDUCATION
All buyers (any person on title to the property) must attend an approved homebuyer education course. A non-occupant co-signer does not need to attend. Homebuyer education must be conducted PRE-CLOSING and by HUD-approved counseling agencies including online HUD-approved non-profits using eHomeAmerica (Neighborworks based curriculum).
ELIGIBLE PROPERTY
New or existing, one unit, detached or attached, condos, townhomes.
CREDIT SCORE - FICO must be 620 or higher.
WHAT IS A NON-TARGETED AREA AND TARGETED AREA?
The First Home Program is available in all of Tulsa County. A majority of Tulsa County is considered a non-target area.
However, there are Targeted Areas identified by HUD (by specific census tract number) as being an area of economic distress or have low loan origination. When you purchase a home in a Targeted Area you do not need to be a first-time buyer, the income limits and purchase price limits are higher.
The following census tracts constitute the Targeted Areas for this program: 0004.00, 0005.00,0012.00, 0013.00, 0015.00, 0030.00, 0046.00, 0057.00, 0062.00, 0076.08, 0076.41, 0080.01, 0080.02, 0090.08, 0091.01
What's the next step?
1. Choose a TCHFA Approved Loan Officer, click on the APPROVED LENDERS link at the top of this web page.
2. Work with your loan officer of choice to be pre-approved for a mortgage loan AND the TCHFA First Home Program. Your loan officer will do all the work, the entire process is conducted with the Loan Officer.
The list of approved loan officers will be provided on Nov. 21, 2024.
3. Work with a TCHFA Certified REALTOR Partner. Once you are pre-approved and know what price range to consider, we recommend you work with a licensed REALTOR to guide you with locating your first home.