More Help for First-Time Homebuyers (Repeat Homebuyers Will Learn Also)

Do you dream of owning a new home, but worry that you will not qualify for a mortgage?

Do you need downpayment and closing cost assistance?

Do you live in Oklahoma?

Hope has arrived! No, not the hope that was sworn in yesterday. This hope is brought to you by the various community action agencies in Oklahoma. I am writing today about the Tulsa area agency specifically, but similar programs are available throughout the state. See the Oklahoma Association of Community Action Agencies website for details on your local program.

The Community Action Project of Tulsa County provides a tremendous program to educate potential buyers on homeownership and how to prepare themselves for it.

Education consists of:

• Housing Orientation - offered several times per month.
• Financial Readiness Assessment - a housing counselor reviews your credit report, assists with discrepancies and develops a plan of action to build and/or repair your credit.
• Homebuyer Education Seminar - covers budgeting, money management, finding the right loan, finding the right home, insuring your purchase, and the steps to take to ensure a smooth process.

This education can be invaluable to anyone in the market for a new home. How many of us did it exactly right the first time? Do you even remember all of the pitfalls and hurdles? How much has changed since then?

If you are a first-time homebuyer, you can get up to $3500 toward your down payment and/or closing costs! Simply complete the CAP program, purchase a home within CAP's service area, qualify for financing, and meet income guidelines. (Down payment assistance funds are subject to availability and the purchased property must be your primary residence.)

Coupled with the $7500 (maximum) tax credit you can get from the IRS, you can receive up to $11,000 toward your first home if you buy before June 30, 2009!

Call Shelli Davidson at the Community Action Project, 918-382-3240, for more information and scheduling. Classes can fill up fast (and funds for down payment assistance are limited), so call today to reserve your spot. [I understand that the speakers at the next session (January 31, 2009) are full of great information for Tulsa area first-time homebuyers!]

Have you been through this program? How did it help you? Please comment below.

Tim Epps
918-528-4010
Tim@MyFairway.net