Buying a home for the first home can be a little bit intimidating, especially if you aren’t sure about what you should expect from the process. But fortunately, Oklahoma helps make things easier for first-time homebuyers by offering several special state programs that help make buying a home easier.
If you are thinking about buying your first home, you should begin by checking out some of these programs to see if you qualify. Let’s look at some of the state programs that are open to first-time buyers in Oklahoma.
One of the biggest challenges many first-time homebuyers face is coming up with the down payment for a new home. The OHFA Gold program helps first-time buyers with that by providing them with a down payment grant of 3.5 percent. There are maximum household income limits for those who apply for this program, and the home that you purchase must cost less than $214,925 for you to qualify.
OHFA Shield and OHFA 4Teachers
If you are a police officer, a firefighter or a teacher looking to buy your first home, you are likely eligible for either the OHFA Shield or OHFA 4Teachers program. The same terms and qualifications that apply to the OHFA Gold program also apply to these programs, but they are specifically tailored for educators and first responders.
The OHFA Mortgage Credit Certificate (MCC) program won’t help you come up with a down payment for your first home, but it will help you keep more money into your pockets later. In this program, you can receive a mortgage credit certificate that allows you to claim 40 percent of your mortgage interest on your taxes each year. This will help with your annual tax liabilities and allow you to keep more money each year.
While all of these state programs are great for first-time homebuyers, Phillips Real Estate understands that buying your first home can be stressful. We strive to help first-time buyers figure out which programs they qualify for and can answer any questions you might have about buying a home. Plus, the biggest part of buying a home is finding the right one, and our real estate experts can help you find a property that meets your budget and your needs. Reach out to us at 405-368-9409 today to speak with an agent.