State Programs Offer First-Time Homebuyer Help as Federal Program Ends

By Charles Bassett, NEWS 9

OKLAHOMA CITY -- The federal first-time homebuyer's tax credit ends today, but there are still city and state programs available in Oklahoma to help potential homebuyers with money for down payments.

The federal program offered $8,000 to first-time homebuyers who qualified and got a contract signed by the end of the day, April 30. That program was extended for one year for members of the military only.

But the Oklahoma Housing Finance Agency, The Oklahoma City Housing Authority, The City of Norman and The City of Edmond all have programs in place to assist first-time home buyers with down payments and closing costs. The City of Edmond is out of money for its program, but will have funds in October. The City of Norman is also out, but will have money in August.

Oklahoma City and the state have funds right now, but interested participants are encouraged to check with their own municipality. In some cases, people could qualify for both.

The funds are given as a forgivable loan and a portion of the money is deducted based on the number of years the borrower lives in the home. For example, if an individual qualifies for a $5,000 loan. The money will be provided up front and $1,000 of the loan would be forgiven every year the person is in the home. If the person remains in the home for five years, the loan would be paid in full.

Learn more about the programs and offers, tonight on NEWS 9 at 5 p.m.