You will contact a participating lender via phone or email to apply for a mortgage loan with them.  Let the lender know at this time that you would like to use the OHFA down payment assistance.  The participating lender will then make sure you qualify for the down payment assistance program as well as the mortgage loan with them.  Our participating lenders are listed on the website for you to explore and chose.   

Basic Criteria for OHFA loan program eligibility:

• Buying a home for your primary residence
• Minimum credit score of 640
• Income that does not exceed $150,000/year
• Total debt to income ratio that does not exceed 45%. 

Homebuyers who receive financial assistance from OHFA to help purchase a primary residence will have a lien in the amount of that assistance placed on the property.  The lien is referred to as a Silent 2nd because there is no interest or fees associated with the amount. OHFA expects the repayment of the 2nd lien when these things occur: 

• Your first mortgage loan reaches maturity or is paid off
• You refinance the home
• You leave the home as your primary residence otherwise change ownership. 

All OHFA financing received for down payment and closing cost assistance must be repaid.  Extenuating circumstances will be reviewed on a case-by-case basis.

Oklahoma homebuyers who purchase a home using  an OHFA loan can receive up to 3.5% of their total loan amount to apply to their down payment and closing cost required for purchase.