Who says money doesn't grow on trees?
Looking for free money to help buy a home? Well here it is! For first time home buyers who have been waiting for the first Oklahoma State Bond of 2008, the wait is over. This is a state-wide issue so it may be used for any home for sale in Oklahoma and it is coming out June 24th. This is a down payment assistance program for first time home buyers. This will provide the buyer with 3% DPA and will be for FHA loans only.
The rate has not been set yet, but I will let you know as soon as it is.
So, you are probably asking yourself how you can get in on the action and it is actually quite simple! First of all, you have to determine if you are eligible for this program. So, ask yourself the following questions:
1. Am I a first time home buyer?
2. Do I want free money?
3. Is my annual income less than $55,300*?
If you answered yes to these questions, then you should definitely check into this program. The process is very simple. It is as easy as 1...2...3.
1. Get prequalified with a participating lender. If you don't know one, I can put you into contact with one.
2. Start house hunting. If you aren't already working with a Realtor, I would love to help you find the home of your dreams. Just call me, email me, or check out the listings on my website.
3. Once you find the right home, write the offer. Make sure your Realtor knows that you are using bond money so the contract can be written properly. Once the bond money is released, it will be awarded on a first come, first served basis to qualified buyers who have an accepted contract on a property.
If you have any other questions, post them here and I will answer them promptly.
*FULL INCOME RESTRICTIONS:
Target Area: 1-2 Persons $66,360 3+ Persons $77,420
Non-Target Area: 1-2 Persons $55,300 3+ Persons $63,595