Our Homebuyer Assistance programs provide down payment and closing cost assistance (DPA) to income-eligible individuals and families. We have two DPA programs available that cover two separate areas:
Down payment and closing cost assistance is provided in the form of a five-year forgivable second mortgage with no monthly payments. The second mortgage is forgiven after the buyer occupies the home as the primary residence for a full five-year period. If the property is sold, sub-leased, refinanced or transferred to another person before the fifth year is up, a full or pro-rated refund of the assistance funding is required.
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HUD sets the Housing Quality Standards. These standards are required to be met on every house or project that receives federal assistance. CAA of OKC performs Housing Quality Inspections at no charge for this program. Homebuyers should not use the Housing Quality Inspections as a substitute for a full-house inspection conducted by a licensed professional.