Oklahoma County Home Finance Authority – Turnkey PLUS Mortgage Origination Program 
ADMINISTRATOR GUIDELINES   
PARTICIPATING LENDERS   
PROGRAM FUNDS
  • Program funds are available first-come, first-served from a continuously funded revolving pool.
  • RESERVATIONS LOCKS are available on business days between 9 am & 7 pm (10 am-8 pm EDT);
  • All other functions available 24/7
ELIGIBLE AREAS
  • Oklahoma County
LOAN TIMELINE REQUIREMENTS DO NOT RESERVE EARLY.  BORROWERS SHOULD BE QUALIFIED BEFORE RESERVING.

  • Reservation to UW Certification: 15 days
  • Reservation to Closed AND Delivered:  45 days
  • Reservation to Loan Purchase:  70 days
ELIGIBILITY CRITERIA
  • No First-Time buyer requirement
  • Must be Principal Residence
  • Must occupy within 60 days of closing
ELIGIBLE LOAN TYPES
  • Conventional – Freddie Mac 80% AMI – HFA Advantage 
  • Government – FHA, VA, USDA-RD
DPA
  • Grant
  • Multiple DPA options – see Rates/Offerings Tab for details
INCOME LIMIT CRITERIA  
  • Household income = 1003 Credit Qualifying Income
  • Government = $119,420
  • Freddie Mac 80% AMI = $67,920
HOME ACQUISITION LIMITS  
  • $283,348
HOME BUYER EDUCATION
  • Recommended but not required
FICO/DTI REQUIREMENT
  • FICO – Mid score – see guidelines
  • DTI – Max DTI ratio is 45%
CO-SIGNERS
  • Permitted for FHA loans, use FHA guidelines
  • May NOT have an ownership interest
  • May NOT reside in the residence
FORMS AND DOCUMENTATION
  • Online, once logged in to eHP system. 
THE AGENCY
  • Issues the First Mortgage Program and Down Payment Assistance Program
  • Sets the rate, term, points, and DPA options
  • Lender relationships
  • Markets the Program
THE LENDER
  • Takes application for the program
  • Reserves first mortgage in eHousingPlus system
  • Responsible meeting TimeLines
  • Process, Underwriter, Certify, Fund, Close and Sell qualified loans to the Program Master Servicer, Responsible for servicing loans in accordance with Agency requirements until the loan is purchased by the Master Servicer
THE MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • Contact US Bank Lender Help Desk, Click here.

Current Rate/Offerings – Reservation/locks – AVAILABLE from 9:00am-7:00pm Central (10-8 EDT excluding weekends & holidays) 

Rate/Offerings FICO DPA Lock Rate
 GOVERNMENT  
FHA, USDA-RD, VA 660 0% 5.500%
FHA, USDA-RD, VA 660 2% 6.250%
FHA, USDA-RD, VA 660 3.5% 7.125%
 CONVENTIONAL – HFA Advantage – Freddie Mac 80% AMI  
Freddie Mac 80% AMI 640 0% 5.750%
Freddie Mac 80% AMI 640 2% 6.500%
Freddie Mac 80% AMI 640 3.5% 7.125%
Freddie Mac 80% AMI 640 5% n/a

n/a

 

  • 30 Year, Fixed Rate, Amortized
  • All Loans are Assisted Rate Loans
  • funds requested prior to closing
  • DPA is a Grant