2009 B State Bond Program coming out on the 25th of August. They are coming out with two different programs.
One is the standard program with 3.5% down payment assistance with a 6.10% rate on a 30 year term. It covers FHA, VA, USDA-Rural Development, & Section 184 Native American Loans.
The other is the Oklahoma Tax Advance Credit Loan which it is still a 6.10% rate on the First Mortgage with NO down payment assistance, but there is a 2nd Mortgage with a 2% rate and a 60 month term. The 2nd Mortgage is 6% of the First Mortgage Total Loan amount or $6000.00 which ever is less. THIS IS NOT AN ADVANCE OF THE TAX CREDIT SO THEY STILL HAVE THE AVAILABILITY OF GETTING THE TAX CREDIT AS LONG AS THE PROPERTY IS CLOSED BY 11/30/2009. This program is only available for FHA insured loans, and the customer must be a First Time Homebuyer even in a targeted area. The only advantage I see to this program is it gives you more assistance if you do not have a seller that is willing to contribute to paying some of the customers closing cost and prepaids. On a $121,500 sale price the 2nd Mortgage Payment is just over $105.00 additional per month, which definitely make it more difficult in qualifying for the over all First and 2nd Mortgage.
WR Starkey Mortgage