In an effort to bridge the gap to homeownership for first-time buyers, Cleveland County has unveiled a significant assistance program. Announced on Thursday, the "First Home Homebuyer Assistance Program" combines a below-market fixed-rate mortgage with down payment assistance, a much-needed leg-up in an era of escalating home prices and rising interest rates, as per OKC FOX.
Allocating $25 million to the initiative, county officials hope to alleviate the financial barrier that nearly 40% of first-time buyers face—amassing enough funds for a down payment. In a statement obtained by OKC FOX, the first loan was approved last Thursday, marking a promising start for the program.
The challenges of selling in the current housing market were highlighted by Noah McConnell, a homeowner attempting to sell his property for a year, as he noted the difficulty first-time buyers face in securing a home. "We’re trying to sell a house, and it’s been on the market for pretty much a full year, just because people are having a hard time buying houses," McConnell told KOCO 5. Confronted by low offers predominantly from investors, McConnell's experience underpins the program's necessity.
Cleveland County's Home Loan Authority (CCHLA) Chair, Rod Cleveland, expressed enthusiasm about assisting residents: "I am thrilled to launch the First Home Program to assist Cleveland County residents with buying a home," he told KFOR News. The program includes providing 3.5% of the mortgage amount upfront for down payment or closing costs. If buyers inhabit their new homes for a span of five years, the loan for that aid is completely forgiven.
While the assistance offers a sigh of relief to potential homeowners, it is bound by the limits of availability. According to Storme Jones, representing Cleveland County, the funds are anticipated to deplete within the first quarter of 2025. "It is a first come, first served program, and we expect the money will probably run out by the first three months of 2025," Jones said in a statement reported by KOCO 5. For those interested, a list of approved lenders is available to facilitate their first home purchase.
