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Payment Assistance Program
Neighborhood Housing Services
of Oklahoma City (NHSOKC) currently offers financial
assistance for first time homebuyers (or those who have not
owned a home in the past three years). This money
helps make home purchases possible when you may lack
sufficient cash to meet your primary lender's (bank or other
financial institution) requirements for down payment or
closing costs OR you need to reduce the amount of your first
mortgage to meet the lender's debt-to-income requirements.
Through the use of federal and local government funds, the
program helps you, the homebuyer, bridge cash gaps in
financing. The level of funding is determined by your
specific financial need.
There are two programs
available at NHSOKC for down payment assistance:
NHSOKC Loan - Buyer
must meet specific qualifications for a loan that is
repayable and recorded as a second mortgage.
City of Oklahoma City
DPA Loan - Buyer must meet specific criteria such as the
purchase must be within a certain city area, family size and
income amount. This loan does not require payments
unless the home is sold and is forgivable in total after a
specific amount of time.
In either case, NHSOKC
conducts one-on-one counseling with clients regarding pre-
and post-purchase issues and foreclosure prevention and
intervention. Participants in the Down Payment
Assistance Program must attend this very informative class.
If you receive an NHSOKC loan, your loan will be serviced
in-house, often with clients coming to our office monthly to
make payments. This enables us to establish a closer
relationship with you and to monitor your progress with
payments and credit management.
*Funds for these programs
very from time to time. Please call us for specific
details regarding availability. |
