Tulsa Oklahoma Bond Money
Tulsa, OK, has a new down payment assistance program called the Tulsa County Home Finance Authority Turnkey Mortgage Origination Program. Paired with an FHA, VA or Rural Development Loan, this program may assist more borrowers in qualifying for 100% Financing. That’s right; own your home, 0% down payment. Tulsa Oklahoma Bond Money is back.
In fact, low down payment loans are coming back entirely (click here to see the latest update).
100% Financing – 0% Down Payment
Housing Agencies provide Down Payment Assistance in the form of grants, zero or low interest loans, or assisted rates. Some cities even have their own home buyer assistance and homeowner rehabilitation programs (click here to see those available in Tulsa, Oklahoma).
The new Tulsa Oklahoma Bond Money Program is a County-wide program and can be used anywhere in Tulsa County limits. The Tulsa County Home Finance Authority sets the interest rate and terms and table funds the down payment assistance. You can only use the Tulsa County Home Finance Authority Turnkey Mortgage Origination Program once, and funds are made available on a first-come, first-served basis from a continuously funded revolving pool.
Reserve your funds as soon as possible. Click here to begin your 100% financing application.
What are the income requirements and how much do you get?
The maximum debt to income ratio allowed is 45%, but a co-signor is allowed. The co-signor cannot reside in the home and they cannot have an ownership interest.
The maximum household income you can make is $82,880, but we only have to count the income of whoever is on the application. There is no minimum income required, but you have to qualify with a house payment that fits your budget. Now here is a cool benefit: if you are hampered with current debt, say student loans, and you need a co-signor, the co-signor’s income doesn’t add to your household income limit.
$214,925.00 is the maximum acquisition amount this particular Tulsa Oklahoma bond money program allows for. And another bonus: there is no requirement that you be a first down home buyer.
What properties are eligible?
- New (never previously occupied), existing, 1-4 unit, condominiums (if HUD approved) and town homes
- Manufactured homes are eligible but with overlays
- Land cannot exceed size required to maintain basic livability
- Residential only – No more than 15% of square footage can be used for business (including child care)
What are the highlights?
- No federal tax transcripts
- No recapture tax
- No first time buyer class required, although it is recommended
- Gift/Grant Letter is the only additional form to closing
- Borrower pays zero Origination Charges, zero Discount Points
How do you pay it back?
The assistance provided is a 3.5% grant and is calculated on the Note amount. The grant can be used for the down payment and closing cost assistance. There is no second mortgage note. And here is the best part:
You never have to pay it back!
What is the fine print?
- The minimum FICO score is 640, 660 on manufactured housing
- Buyer must use as primary residence
- Buyer must occupy within 60 days
- Conventional Loans do not participate
- Construction to Permanent loans not permitted
- Government Paperwork Timelines – Extension fees are costly – only use a mortgage professional with bond money experience
Tulsa, OK Bond Money Update:
Increase in the Funding Fee
Effective with all loans registered on or after June 9, 2014 under the HFA programs, the Funding Fee will be increased to $300.
The response to this mortgage program has been tremendous, and the high volume of applications for underwriting increases every day.
In an effort to decrease turn times, U.S. Bank must increase their staff accordingly. They have reviewed the options and have determined that an increase in the funding fee is the best option at this time to accommodate the related expense.
Check back for further updates!
How to get down payment assistance?
Reserve your funds as soon as possible. Click here to begin your 100% financing application. Your first mortgage funds are locked for you when the reservation is submitted and accepted by the system and a loan number is obtained. Grant funds are automatically reserved with the first mortgage reservation.
Copyright 2014 John Regur All Rights Reserved – Originally Posted at: Tulsa Oklahoma Mortgages – John Regur