Oklahoma Housing Finance
Agency Offers $42.7 million in Below Market Rate Home Loans
OKLAHOMA CITY - Oklahoma Housing
Finance Agency began offering $42.7 million in below market rate
mortgage loans through its OHFA Advantage program, March 28. It’s
the second issue of home loans for the agency this year.
Available
through OHFA are 30-year fixed rate mortgages set at 5.60 percent
and 6.125 percent. By contrast, the
Mortgage Bankers Association lists the current market rate of
30-year fixed rate mortgages at 6.36 percent.
“Potential homebuyers
should act quickly,” said Dennis Shockley, OHFA executive director.
“The $45 million in mortgage loans issued by OHFA Advantage in
January were reserved within 45 days of the opening date.”
The OHFA Advantage program provides low-interest
30-year fixed rate home loans for qualified buyers in all 77
counties. The two most popular loan
products offered through OHFA Advantage provide 3 percent down
payment assistance.
OHFA Advantage offers the following five
loan products:
-
1st Gold -- This
loan has a 6.125% interest rate and 3% down payment assistance.
-
OHFA Shield/ OHFA 4 Teachers –Exclusively
designed for law officers, firefighters and educators, this loan
offers a 6.125%
interest rate and 3% down payment assistance.
-
Market
Best – This loan, used for the purchase of a new or existing
home, offers a 5.60% interest rate.
-
Future Foundation – This loan, used
for the construction of a new home, has a 5.60% interest rate.
-
Manufactured Housing – This loan has
a 5.60% interest rate and can be used for the purchase of new or
existing manufactured housing.
To qualify or for more information,
potential homebuyers should contact a local lender participating in
OHFA Advantage, or call OHFA at (405) 419-8207 or (800) 256-1489,
ext. 207.
As Oklahoma’s
largest provider of affordable housing, OHFA offers nine housing
programs ranging from a homeless program and rental assistance to
housing development and home ownership. For more information about
OHFA and its programs and services, visit
www.ohfa.org.
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Toll Free: (800) 256-1489