Oklahoma County Home Finance Authority – Turnkey Mortgage Origination Program
Note – for details, see the Administrator’s Guidelines under the GUIDELINES Tab
|LOAN TIME LINE REQUIREMENTS||DO NOT RESERVE EARLY. BORROWERS SHOULD BE QUALIFIED BEOFRE RESERVING.
|ELIGIBLE LOAN TYPES||
|INCOME LIMIT CRITERIA||
|HOME ACQUISITION LIMITS||
|HOME BUYER EDUCATION||
|FORMS AND DOCUMENTATION||
|THE MASTER SERVICER|
Current Rate/Offerings – Reservation/locks – AVAILABLE from 9:00am-7:00pm Central (10-8 EDT excluding weekends & holidays)
|Rate/Offerings||FICO||Lock Rate||DPA||Effective Date|
|USDA-RD or VA||640||N/A||w/5%||2/27|
|FHA 660 w/manual underwrite||660||w/4%|
|FHA 640 w/manual underwrite||640-659||w/3%|
|USDA-RD or VA||640||5.500%||w/3.5%||6/4|
|FHA 660 w/manual underwrite||660||w/2.5%|
|FHA 640 w/manual underwrite||640-659||w/1.5%|
|CONVENTIONAL – FREDDIE MAC|
- All Loans are Assisted Rate Loans
- 30 Year, Fixed Rate, Amortized
- Non repayable grant
- based on the final loan amount
- funds requested prior to closing
- manufactured homes not allowed
- manual UW allowed on FHA loans
eHousingPlus is the Program Administrator, and provides some of the following services:
| Administrator Guidelines
The Following Lenders have been approved to originate loans in this Program:
The following is a list of Approved Lenders
- 1st Capital Mortgage
- Academy Mortgage Corporation
- AmeriFirst Financial Corporation
- Associated Mortgage Corporation
- Bank of Commerce
- Bay Equity, LLC.
- BOKF, N.A. d/b/a Bank of Oklahoma Mortgage
- Certainty Home Loans (WR Starkey Mortgage)
- Citywide Mortgage
- Columbus Capital Lending
- DHI Mortgage
- Everett Financial, Inc. dba Supreme Lending
- Fairway Independent Mortgage Corp
- First American Mortgage
- First Commercial Bank
- First Mortgage Company
- Gateway Mortgage Group
- Georgetown Mortgage
- Great Plains National Bank
- Kirkpatrick Bank
- Leader Mortgage Corporation
- MidFirst Bank
- Pacific Union Financial, LLC
- Primary Residential Mortgage, Inc.
- Prime Lending, a Plains Capital Company
- PrimeSource Mortgage Inc.
- Prosperity Bank (formerly F&M Bank)
- Spirit Bank
- Stonegate Mortgage Corporation
- SWBC Mortgage Corporation
- The First State Bank
- US Mortgage Corporation
Interested in becoming a participating lender? Contact us.
- 4/23-AIS Freddie Mac subsidy is revised to flat amount (80% AMI is $1,500) – for details, please see the administrator’s guidelines.
- 12/15 – AIS Subsidy
- 12/1 – Updated Income & Acquisition Limits
- 2/1- Program will offer manual underwrite on FHA products. see guidelines.
- 12/1- MANUFACTURED HOMES are eliminated
12/1 – FHA – no manual underwriting
- 11/2 Program updates to include Freddie Mac HFA Advantage and two levels of Down Payment Assistance, 3.5% and 5%
- 10/1 Acquisition limits increase & Household income is defined as credit qualifying income – see guidelines for details
- 6/9-Updated guidelines – servicer fee
- 4/15 – Income limits change to 85,960
- 10/15 – Guidelines updated
- 7/1/2013 – Mortgagee Letter 2013-14
Program Reservations/Locks are open from 8am to 6pm, Business days.
- 5/13- In anticipation of the upcoming Memorial Day Holiday and month-end closings, we wanted to make you aware of important deadlines for ordering DPA Funds for the Oklahoma County HFA Turnkey Mortgage Loan Program during this period. DPA Wire Requests will not be processed OR wired for closing on Monday, May 27th due to the Memorial Day Holiday. If you have a closing scheduled for 5/28 or 5/29 it is critical that funds are requested in a timely manner. Urgent requests for funds and same day requests cannot be accommodated. Please plan accordingly.
- 3/11 – Rate Increases from 3.75% to 3.875%.2/1
Programs short link is http://ehousingpl.us/ochfa
1 – Updated DPA Funds Request Form and Guidelines
|Rate/Offering||DPA||Lock Rate||Eff. Date|
|Freddie Mac HFA Advantage||3.5%||5.00%||11/6|
14 – Program Start date.
- eHP Lender Program Training
- Required for everyone participating in the program
- offered 24/7
- Click here to attend Program training
- eHP System Training*
- After you complete the online Lender Program Training, information is provided as to what happens next.
- Click here to register for system training
Should you have any questions on training, please contact email@example.com
* System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.