April 17, 2010

Oklahoma Housing Finance Agency Expects Spring Land Rush of First-Time Homebuyers

OKLAHOMA CITY – Next week, school children from across the state will re-enact the historic Oklahoma Land Run of 1889. The Oklahoma Housing Finance Agency hopes its $31 million home loan issue, set for availability on April 28, will lead to another rush for homeownership in Oklahoma.

“This may be the best opportunity to acquire property since the 19th Century land runs,” said OHFA executive director Dennis Shockley.

Qualified first-time homebuyers now have added incentive to purchase a home this spring. Rates are 5.83 percent.  To meet the needs of future homebuyers in Oklahoma, OHFA has increased down payment assistance a half point to 3.5 percent.

“OHFA Advantage loans are stable and our lenders are reliable,” said Shockley. “The lenders who work with us through the OHFA Advantage program are committed to seeing Oklahomans achieve the American Dream of homeownership.”  

Potential homeowners have the opportunity to couple OHFA Advantage loans with the up to $8,000 tax credit made possible by the American Recovery and Reinvestment Act of 2009.

“A family purchasing a $100,000 home through OHFA Advantage, for example, would receive $3,500 in down payment assistance and be eligible for the $8,000 tax credit,” Shockley said.

The OHFA Advantage program provides low-interest 30-year fixed rate home loans for qualified buyers in all 77 counties. Last year, 977 families purchased their first homes. More than $84.7 million in home loans were made with an average purchase price of $86,699.

In related news, the Agency will host a Homebuyer Expo at the Coca Cola Bricktown Events Center, Sat., June 27 from 10 am until 2 pm. OHFA is currently accepting exhibitor contracts for the free to the public event. To exhibit, call (405) 419-8222 or visit www.ohfa.org/homebuyerexpo.htm.
To qualify or for more information, potential homebuyers should contact a local lender participating in OHFA Advantage. A list of participating lenders can be found at www.ohfa.org. Potential homebuyers can also call OHFA at (405) 419-8207 or (800) 256-1489, ext. 207.