Cleveland County Home Loan Authority

First Home Program

The Cleveland County Home Loan Authority First Home Program is designed to increase homeownership opportunities for low-to-moderate income individuals and families in Cleveland County, Oklahoma.

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Oklahoma

First Home Program Advantages

Below Market Rate

Offers a below-market 5.84% rate, with a forgivable second mortgage at 0% interest over 5 years.

Down Payment Assistance

Offers 3.5% for your down payment, making homeownership more affordable.

Flexible Usage

Funds can be used for down payment, closing cost, or prepaid items.

First Home Program Loan Requirements

Here’s what you’ll need to get started.

  1. Credit Score Minimum credit score of 620
  2. Income Limit FHA, VA and USDA loans
  3. Debt-to-income ratio AUS approval
  4. Occupancy required Within 60 days of closing
  5. Homebuyer Education Informative homeownership course required

Qualifications

The home loan that unlocks opportunities

Qualifications

The home loan that unlocks opportunities.
  • Cleveland County, Oklahoma
  • Purchases only
  • Must be a first-time homebuyer*
  • Single Family, Condominiums or Townhomes

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*unless you purchase a home in a targeted census tract or if you are a Veteran.

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First Home Program FAQs

The program provides down payment and closing cost assistance to help first-time homebuyers in Cleveland County (Oklahoma) achieve homeownership.

The program is available to first-time homebuyers or those who haven’t owned a home in the last three years. Applicants must meet income limits, credit requirements, and other eligibility criteria. The exemptions to the first-time homebuyer requirements are to purchase a home in a targeted census tract or if you are a Veteran.

Qualified buyers can receive 3.5% down payment of the total loan amount for down payment and/or closing costs, making homeownership more affordable.

Eligible properties include single-family homes, townhomes, and condominiums located within Cleveland County, Oklahoma. The property must be used as the buyer’s primary residence.

Yes, buyers are required to occupy the purchased home as their primary residence within 60 days of closing.