Cleveland Co. launches first-time homebuyers assistance program
CLEVELAND COUNTY, Okla. (KFOR) - The Cleveland County Home Loan Authority (CCHLA) is offering down-payment assistance and mortgage rate relief for first time homebuyers.
The First Home Homebuyer Assistance Program seeks to help first-time homebuyers achieve
homeownership.
According to CCHLA, the launch is backed by a $25 million commitment in mortgage revenue bonds with below-market fixed-rate mortgage with down-payment assistance. Qualified first-time homebuyers will also receive 3.5% of the total mortgage amount up-front for down payment or closing-cost assistance. If the homebuyers stay in their home for five years, the
loan for that assistance is fully forgiven.
"I am thrilled to launch the First Home Program to assist Cleveland County residents with
buying a home” said CCHLA Chair Rod Cleveland.
The First Home program leaders say, it's tackling first-time homebuyers obstacles preventing them moving into a home with providing assistance.
The First Home program operates on a first-come, first-serve basis and CCHLA officials expect funds will likely be fully allocated before the end of the first quarter in 2025.
Potential first-time homebuyers can find a list of approved lenders here.
Lenders interested in offering the program can obtain detailed information here.