Programs for purchasing homes
The City of Oklahoma City, through federal funding, offers two loan programs to help people purchase homes:
- The HomeOwnership Opportunity Program (HOP)
- The Down Payment and Closing Cost Home Buyer Program
What are HOP loans?
The City sometimes has vacant single-family residential houses which need rehabilitation. HOP makes these houses available to qualified home buyers through non-assumable 3% interest loans. Monthly payments are based on your income at the time of application, your current debts and the cost to repair the house.
The maximum loan amount is $33,500. To qualify for a HOP loan, your income must not exceed limits as noted below.
What is the “Down Payment and Closing Cost” Home Buyer Program?
This program helps families whose incomes meet guidelines to buy homes by providing interest-free loans for down payments and closing costs up to $6,000. Applicants for this program must use the house as their primary residence.
To qualify for the Down Payment and Closing Cost Program, your income must not exceed limits as noted below.
Programs for Inner-City Enhancement
What programs are available for repairing homes?
There are two types:
- Owner-Occupied Rehabilitation Loans
- Exterior Maintenance Grants
What loans are available to assist homeowners with interior and exterior repairs?
Owner-Occupied Rehabilitation Loans are for people who own and live in a house in need of repair. A property inspection by the City’s housing rehabilitation staff is required to determine rehab work requirements.
The maximum loan amount is $33,500 and is available in two forms:
- Senior Loans for home owners 62 years and older-or home owners of any age who are defined as disabled by the Social Security Administration whose income meets guidelines.
- General Loans which are non-interest-bearing and have monthly payments based on ability to repay.
What about grants for fixing exterior code violations?
The City’s Exterior Maintenance Program provides grants of up to $2,500 to help people whose houses are in violation of the City’s exterior property maintenance code.
Loans mentioned elsewhere in this brochure have to be paid back, but grants do not. To qualify for this program, your property must be in relatively sound condition and the code violations must be visible. You must also own and live in the house in need of repair and your income must not exceed limits noted below.
Size of Family |
Senior Loan |
General Loan |
|---|---|---|
| 1 | $22,620 | $30,150 |
| 2 | $25,860 | $34,500 |
| 3 | $29,100 | $38,800 |
| 4 | $32,340 | $43,100 |
| 5 | $34,920 | $46,550 |
| 6 | $37,500 | $50,000 |
| 7 | $40,000 | $53,450 |
| 8 | $42,660 | $56,900 |
Want to know more?
If you have questions, need additional information or want to apply for any of these programs, please contact:
The City of Oklahoma City
Neighborhood Services Department
Housing Programs Division
420 W. Main, Suite 1040
Oklahoma City, OK 73102
Phone: 297-2846
E-mail: housing.rehab@okc.gov