First time home buyers grants or assistance

Question

Hi,

my fiance and i are planning to buy our first home soon. we both have brusied credit so we can really get approved for a loan..does anyone know of any grants or assistance programs in oklahoma to help with down payments? any help would be appreciated.

have a nice day.

Answer 1

The FHA has a loan guarantee program under which you may qualify for a no-down payment mortgage.  These guarantees are becoming harder to get due to the recent mortgage problems in the US.  You may be able to check with the OK housing department regarding financial help (though states are cutting back on assistance due to the current financial problems reducing tax receipts).

There are some decent links on the web page below.

Good luck

Answer 2

The grants and "bond money" are available thru the city and county where you live.  Usually 2 out of 12 months there is money.  You never know which office will have it, tho.  The money runs out in one day.  They only have enuf for 20-50 loans.  

The reason i don't want you to get a grant is that you have to pay it all back if you sell in 7 years.  And you have to pay interest.  Skip it.  Everyone sells before 7 years and wishes they hadn't taken the grant. /

Answer 3

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