There are several home buyer assistance programs available in the Tulsa Area for low- and moderate-income buyers looking to purchase their primary residence. Some programs can even benefit non-first time homebuyers.
Each program has its unique set of financial, location, and other and/or other eligibility requirements.
Different types of assistance that may be available include:
- Down payment assistance
- Closing cost assistance
- Second mortgage or preferential loan terms
The information presented here was prepared with the assistance of Heather Quintero (previously of SpiritBank). For the most current information, please contact each entity directly.
Feel free to share your questions with your REALTOR® or mortgage loan officer.
Community Action Resource and Development (CARD)
Their website states, “For application or information on Housing Services and Weatherization Programs contact: 522 W. Will Rogers, Blvd., Claremore, OK, 74017 ~ (918) 341-5000.”
The program only assists first time homebuyers (have not owned a home in the past 3 years).
Applicants are required to attend CARD’s Homebuyer Education Class.
Eligible areas include rural areas of Rogers, Tulsa, Wagoner, and Washington counties and in the city limits of Catoosa, Claremore, Coweta, and Bartlesville.
The minimum buyer investment is $1,000.
Buyers are eligible to receive up to $5,000 as a second mortgage, which is forgivable. To receive the full benefits, the house cannot be sold nor the second loan paid off sooner than 5 years.
Housing Partners of Tulsa, Inc.
Program information is available at the Housing Authority of the City of Tulsa’s website. See their Homeownership Options and Housing Partners of Tulsa, Inc. pages. Their website states, “For additional information, or to register for a class, please call (918) 551-5200.”
The program is only for first time homebuyers (have not owned a home in the past 3 years) purchasing a home within Tulsa City limits. The maximum allowed purchase price is $200,000 (amount is set by the City of Tulsa’s HOME Funds Program).
The minimum buyer investment is $1,000.
Buyers are eligible to receive up to 5% of the purchase price (minimum amount of $1,000, maximum of $5,000) as a soft second mortgage, which is forgivable. To receive the full benefits, the house cannot be sold nor the second loan paid off sooner than 5 years.
Their MAP page states, “Please contact Cherokee Nation Commerce Department for more information. Phone: 918-453-5000.”
Cherokee Nation’s MAP is available to qualified Cherokee Nation citizens (or members of other Federally-recognized tribes) who are first time homebuyers (see their site for full definition) with a maximum income of 80% of median income.
Their MAP page states, “Applicants must be willing to reside within the Cherokee Nation’s jurisdictional boundaries and must obtain a loan through an approved lender, preferably a Section 184 or USDA loan.”
Their jurisdiction includes 14 counties: Adair, Cherokee, Craig, Delaware, McIntosh, Mayes, Muskogee, Nowata, Ottawa, Rogers, Sequoyah, Tulsa, Wagoner, Washington. (Cherokee Nation Boundary Map).
A minimum buyer investment is required (amount varies).
Cherokee Nation’s MAP provides down payment and closing cost assistance. The maximum down payment assistance amount is $15,000
Program participants must own and reside in the home for 5-10 years (depending on the assistance amount) or a prorated payback will apply.
Muscogee (Creek) Nation
Creek Nation’s MAP is available to first time homebuyers with a maximum income of 80% of median income published by HUD. Preference is given to Creek Citizens.
Their site states, “To be eligible, clients must meet program guidelines established by the Native American Housing and Self-Determination Act (NAHASDA). If a client is determined eligible they will then be referred to a HUD certified lender.”
The property may be located anywhere in Oklahoma.
The minimum buyer investment and assistance amount vary based on the buyer’s income and the Creek Nation’s preferences.
Program participants must own and reside in the home for 10 years or a prorated payback will apply.
Special Loan Programs
USDA Rural Development
The USDA Rural Development Guaranteed loan is available from most lenders. It provides favorable loan terms (including 100% financing and low PMI) for buyers who qualify based on income and property location.
The USDA Rural Development DIRECT loan is only available to applicants unable to qualify for the Guaranteed loan and is not common. When someone refers to an “RD” or “USDA” loan, they’re likely referring to the Guaranteed loan.
SpiritBank 99% Solution
SpiritBank has an in-house loan program that offers 99% financing (i.e. 1% minimum buyer investment) to low- and moderate-income buyers.
All non-flood zone locations are eligible. The second mortgage is 5% of the amount of the first mortgage and has a slightly higher interest rate. There is no required minimum time period to keep the second mortgage. In other words, you can pay it off as quickly as desired, which then affords you a lower monthly payment for the life of the first mortgage.
This program is very similar to the Rural Development program except it doesn’t have the “rural” location requirement.
Additional homebuyer assistance or financing options may exist from a variety of sources (e.g. employers, raffles/contests, member organizations, etc.) and for your specific situation.
If you don’t qualify for or choose not to receive housing assistance, your family is often allowed to gift (not loan) you thousands of dollars even when using more common mortgage financing (e.g. FHA, Conventional, etc.). For example, your parent gifting you $5,000 may be just what you need to make your ideal purchase a reality now instead of a few years from now.
Please inquire about your specific situation with your REALTOR® and/or mortgage loan officer.