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:
AA 30-year additional mortgage at market rates
BA second mortgage or grant that may be forgivable after the homeowner occupies the home for a specified period, reducing the effective upfront cost of homeownership✓ Correct
CA personal loan from OHFA at prime rate
DA gift that must be declared as income in the year received
Explanation
OHFA's down payment assistance programs typically provide funds as deferred second mortgages (forgiven after a required occupancy period) or grants. These reduce the out-of-pocket costs for qualifying first-time homebuyers without significantly increasing their monthly payment obligation.
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