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Oklahoma HFA to Make $75 Million Available for First-Time Buyers

""Oklahoma Housing Finance Agency"":http://www.ohfa.org/ (OFHA) announced Monday that it will release $75 million in mortgage revenue bonds on April 27 through the OHFA Advantage program, marking one of the agency's largest single distributions in recent years.

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The OHFA Advantage program provides low-interest 30-year, 5.65 percent fixed-rate home loans for qualified buyers in the state's 77 counties. The program also provides 3.5 percent downpayment assistance for loans

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combined with ""Federal Housing Administration"":http://portal.hud.gov/portal/page/portal/HUD/federal_housing_administration, ""Veterans Affairs"":http://www.va.gov/, and ""U.S. Department of Agriculture-Rural Development"":http://www.rurdev.usda.gov/ loan products.

With the release of the $75 million before the $8,000 first-time homebuyer federal tax credit deadline on April 30, eligible buyers can use OHFA Advantage funds and downpayment assistance to purchase a home and then qualify for the tax credit, the agency said.

This $75 million is just part of the $300 million OHFA anticipates releasing this year through the utilization of the New Issue Bond Program (NIBP) -- a new finance program established under the authority provided by the ""U.S. Treasury Department"":http://www.treasury.gov/ and government-sponsored entities. The purpose of NIBP is to provide lower, long-term fixed-rate bond financing with ""Fannie Mae"":http://www.fanniemae.com/ and ""Freddie Mac."":http://www.freddiemac.com/

""With this much money available, I'm thrilled that OHFA can provide continuous lending for the entire state,"" said Lee Ann Smith, OHFA single family programs director. ""This year, there will always be money available to first-time homebuyers for home loans and downpayment assistance.""

About Author: Brittany Dunn

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