Finance
Oklahoma Housing Finance Agency (OHFA) programs are designed to assist:
ACommercial real estate developers in Oklahoma City
BFirst-time homebuyers and low-to-moderate income buyers with down payment assistance and favorable mortgage rates✓ Correct
CInvestors acquiring large apartment complexes
DForeign investors in Oklahoma real estate
Explanation
The Oklahoma Housing Finance Agency (OHFA) offers programs including down payment assistance, below-market interest rates, and homebuyer education to help first-time and low-to-moderate income buyers achieve homeownership in Oklahoma.
People Also Study
Related Oklahoma Questions
- An Oklahoma homebuyer's loan officer tells them their gross monthly income is $6,000 and their maximum housing payment (front-end ratio) should not exceed 28%. The maximum monthly PITI payment is:Finance
- Oklahoma's Housing Finance Agency (OHFA) Homebuyer Down Payment Assistance program provides funds for down payment and closing costs. These funds are typically structured as:Finance
- An Oklahoma borrower with a 780 credit score, 20% down payment, and stable income would most likely qualify for:Finance
- Oklahoma's Mortgage Finance Authority (MFA) programs assist:Property Ownership
- An Oklahoma buyer's monthly gross income is $6,200. The lender allows a 36% total DTI. The buyer has $450/month in existing debt. What is the maximum monthly housing payment?Real Estate Math
- USDA Rural Development loans in Oklahoma are designed to assist buyers in:Finance
- An Oklahoma home is listed at $375,000. The seller offers to pay 2 discount points to buy down the buyer's interest rate. Each point costs 1% of the loan amount. If the loan is $300,000, what is the cost of 2 points?Real Estate Math
- An Oklahoma property is purchased for $180,000 with a 10% down payment on a 30-year loan at 6% annual interest. Using a monthly payment factor of $5.99 per $1,000 for a 30-year loan at 6%, what is the monthly principal and interest payment?Real Estate Math
Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Math Concepts
Study This Topic
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →