Oklahoma Housing Finance Agency

1
Oklahoma Housing Finance Agency

• OHFA Advantage
• 2007

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OHFA Advantage

• Home Loan Program
• State of Oklahoma
• Fixed Mortgage Rates
• New and Existing Homes

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OHFA Eligibility

• Reside in State of Oklahoma
• Meet Income Limits
• Meet Purchase Price Limits
• Primary Residence
• Meet Standard Underwriting guidelines
• FHA, VA, FNMA, FHLMC USDA

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OHFA Generally

• Purchase Price Limit
• Income
• 2006 New Income Effective 3-28-2006
• Target
• Non-Target

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OHFA Advantage

• Low Interest Rate
• No Origination or Discount Points
• 30 Year Fixed Term
• First Lien
• Assumable (if loan product allows)
• 3 Down payment Assistance
• Deed Restriction

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Market Best

• Lower interest rate
• Money for closing cost
• Future Foundation
• Manufactured Housing

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OHFA 1st Gold

• 3 of Loan Amount
• Applies to Down Payment
• Closing Cost
• Taxes and Insurance
• Principal Reduction
• Deed Restriction at closing filed after the deed
  and before the mortgage
  

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OHFA Shield

• Fire Fighter must be currently employed with a
  fire department of an Oklahoma municipality.
  
• Police Officer must be in law enforcement of an
  Oklahoma municipality.
  
• Cleet certified police officers, patrol officers,
  sheriffs and other government law enforcement
  agency personnel.

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OHFA 4 Teachers

• Teachers must hold a current Oklahoma State
  Department of Education teaching certificate.
  
• Currently under contract with Oklahoma Accredited
  Public School and/or Private/Parochial School.
  
• Other employees who require teaching certificate
  (Elementary Secondary Only)
  

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Veterans 2007

• Tax Relief Heath Care Act of 2006
• Exception to First Time Homebuyer
• Must be a veteran
• Active or serving
• Must be honorably discharged or released
• Need Discharge papers
• Veterans spouse is included in exception

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Veteran Continued

• Veterans previous home cannot be bond funds
• Veteran can use exception only once
• No refinances, only new mortgages
• Veterans are still required to meet income and
  purchase price limit
  
• Must be primary residence
• Veteran defined in 38 U.S.C, Section 101

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How to Apply

• Participating Lenders
• Qualifying for loans
• Finding a home
• Reservation on OHFA system
• Home Closing

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OHFA Guidelines

• Seller based financing not allowed on OHFA
  Advantage
  
• POA for buyers not allowed. Seller POA approved
  case by case
  
• Increases on Loan Amount over 500 need written
  approval by OHFA
  
• Cancel loans to register on new programs

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Guidelines

• 10 Acre Limit
• Multi Section (double wide) FHA, VA
• USDA-RD (Rural Housing) only
• No Conventional Flex Allowed
• No seller based finance allowed
• Home Funds on Market Best only
• Second Mortgages not allowed

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Guidelines

• Allowed cash back at closing
• Earnest money
• Appraisal Fee
• Credit Report
• Code Compliance Fee
• Principal reduction required for additional
  funds
  

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Loan Closing Notes

• Tax Service 65.00. Master Servicer is US Bank
  Home Mortgage.
  
• Executed HUD 1 within 5 days of closing
• Copy of Deed Restriction within 5 days of
  closing.Mail original recorded DRC as soon as
  possible.
  

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Closing Documents

• Declaration of Restrictive Covenant (DRC)
• HUD I Settlement Statement
• Reaffirmation of Mortgagor (Part 5)
• Exhibit D-5
• Tax-Exempt Financing Rider
• Notice of Potential Recapture Tax
• Exhibit M (Part 2)

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Guidelines

• Copies of Code Compliance Documents
• 75.00 CC fee
• 72 Hour Regulation for Review
• Monday 2 pm---Thursday 2 pm
• Tuesday 2pmFriday 2 pm
• Wednesday 2 pm---Monday 2 pm
• Thursday 2 pm---Tuesday 2 pm
• Friday 2 pm----Wednesday 2 pm

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OHFA Advantage

• Market Best
• No Origination or Discount Points
• 1st Gold
• 3 Down Payment Assistance
• No Origination or Discount Points
• www.ohfa.org