In one of its largest single distributions in recent years, the Oklahoma Housing Finance Agency (OHFA) will release $75 million in mortgage revenue bonds on April 27 through its OHFA Advantage program.
The OHFA Advantage program provides low-interest 30-year, 5.65% fixed-rate home loans for qualified buyers in the state's 77 counties. OHFA Advantage also provides 3.5% down payment assistance for mortgage loans combined with Federal Housing Administration (FHA), Veterans Affairs (VA) and U.S. Department of Agriculture-Rural Development (USDA-RD) loan products.
OHFA anticipates releasing a total of $300 million of market-rate home loans this year through utilization of the New Issue Bond Program, which was established under the authority provided by the U.S. Treasury and government-sponsored entities (GSEs).
"With this much money available, I'm thrilled that OHFA can provide continuous lending for the entire state," says Lee Ann Smith, director of OHFA's single-family programs. "This year, there will always be money available to first-time home buyers for home loans and down payment assistance."
SOURCE: Oklahoma Housing Finance Agency