Cleveland County Home Loan Authority and McClain County Economic Development Agency

Home - Available Programs - Oklahoma - Cleveland County Home Loan Authority and McClain County Economic Development Agency

PROGRAM FUNDS	$20,000,000
ELIGIBLE AREAS	Cleveland and McClain counties
ELIGIBILITY CRITERIA	- First-time Homebuyers – All Borrower(s) & Spouses (occupant or non-occupant) - Must be able to permanently reside in the U.S. - Principal residence - Borrower(s) must occupy property within 60 days of closing - IRS filed returns for past 3 yrs – all borrower(s) & spouses
ELIGIBLE LOAN TYPES	FHA, VA or Rural Development (No conventional loans at this time)
AVAILABLE DOWN PAYMENT ASSISTANCE	Assistance payment equal to 3% of the note amount to apply toward down payment or closing costs. Cash back is not allowed.
INCOME LIMIT CRITERIA	Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older. Household Income Limits for Non Targeted Areas: 1-2 person = $58,500; 3 or more = $67,275
HOME ACQUISITION LIMITS	Non-Target - 1-Unit: $236,839 - 2-Unit: $303,203
HOME BUYER EDUCATION	Not Applicable
FICO SCORE REQUIREMENT	Mid score must be 620 or higher
CO-SIGNERS	Cosigners are permitted for FHA loans under very specific conditions. Cannot be named on the Warranty Deed.
LOAN TIME LINE REQUIREMENTS	- Reservation to UW Cert: 30 Days - Reservation to Close and Delivery: 60 days - Reservation to Loan Purchase: 90 days
LENDER PARTICIPATION	click here
FORMS AND DOCUMENTATION	View Forms and Documentation.
OTHER	For additional information, please See Program Guidelines.