The Cleveland County Home Loan Authority announced Monday, Oct. 24, that effective immediately up to $3,000,000 in First Mortgage loans at a fixed interest rate of 2.95 percent with Down Payment Assistance will be made available for the purchase of homes in both Cleveland County and McClain County.
The down payment assistance will be made available in the form of a Second Mortgage loan and will be provided at 0 percent interest rate and will be forgiven over a five year period.
Also, the mortgage rate on loans without down payment assistance has been reduced to 2.60 percent.
Cleveland County Commissioners Rusty Sullivan, Rod Cleveland and George Skinner announced these adjustments to their tax-exempt single family bond program Monday.
The program is part of an initiative program undertaken by the United States Department of Treasury and United States Government sponsored enterprises. The program was established as a means of financing the acquisition of qualifying new and existing single family residences located in the Cleveland County area. The purpose of the program is to provide low and moderate income qualifying homebuyers in Cleveland County and McClain County, Oklahoma, access to competitive loan rates for the purchase of their home.
Loans are available within Cleveland County and McClain County on a first-come, first-serve basis. Homebuyers can choose between loans at a fixed interest rate of 2.60 percent without down payment assistance for a thirty-year term or loans at a fixed interest rate of 2.95 percent with down payment assistance for a thirty-year term. Loans may be obtained through lenders of the homebuyer's choice or through existing lender participants American Southwest Mortgage Corp., Arvest Mortgage Co., Citywide Mortgage, L.P., DHI Mortgage, First American Bank, First Mortgage Company, McClain Bank, Republic Bank & Trust or WR Starkey Mortgage. Family income and acquisition costs of a residence are subject to certain limitations.