Oklahoma County Home Finance Authority

Oklahoma County Home Finance Authority Turnkey Mortgage Origination Program

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 including Oklahoma City
LOAN TIME LINE REQUIREMENTS
  • DO NOT RESERVE EARLY:  Must complete Underwriter Certification by 15th day
    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
  • FHA, VA, or Rural Development
DPA
  • 3.50% of the final loan amount (see rates)
INCOME LIMIT CRITERIA
  • Household income = 1003 Credit Qualifying Income (not co-signor’s)
  • Maximum Income Limit = $85,960
HOME ACQUISITION LIMITS
  • $214,925
HOME BUYER EDUCATION
  • The Authority recommends but it is not required.
FICO/DTI REQUIREMENT
  • FICO – Mid score must be 640 or higher
  • DTI – Max DTI ratio is 45%
  • For borrowers with NO FICO score, manual underwriting is permitted
CO-SIGNERS
  • Permitted for FHA loans, use FHA guidelines
  • May NOT have a 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
  • Take application for the program
  • Reserves first mortgage in eHousingPlus system
  • Responsible meeting Time Lines
  • Process, Underwriter, Certify, Fund, Close and Sell qualified loans to the Program Master Servicer, Responsible for servicing loans in accordance with Agency requirements until 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 Rates

  • 4.500%  Effective 07/02
  • 30 Year, Fixed Rate, Amortized

DPA

  • 3.50 % Down Payment Assistance
    • based on the final loan amount
    • funds requested prior to closing
eHousingPlus is the Program Administrator, and provides some of the following services:
        Administrator Guidelines Administrator's Guidelines

  • Provides the web-based program loan reservation and management system, Administrator’s Guidelines, Program forms, Lender Program and System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews Compliance Files, Timelines, Works with the Agency and Master Servicer on Program Goals.
  • Need help, Click here

 Program Sample Forms form   

The Following Lenders have been approved to originate loans in this Program:

The following is a list of Approved Lenders

  • Associated Mortgage Corporation
  • Bank of Commerce
  • BOKF, N.A. d/b/a Bank of Oklahoma Mortgage
  • Bay Equity, LLC.
  • Citywide Mortgage/CWM Partners dba Citywide Mortgage
  • DHI Mortgage
  • Fairway Independent Mortgage
  • First American Mortgage
  • First Mortgage Company
  • First Commercial Bank
  • Gateway Mortgage Group
  • Georgetown Mortgage
  • Great Plains National Bank
  • Interbank
  • Leader Mortgage Corporation
  • MidFirst Bank
  • Prime Lending
  • PrimeSource Mortgage Inc.
  • Prosperity Bank
  • Stonegate Mortgage
  • SWBC Mortgage Corporation
  • WR Starkey Mortgage

Interested in becoming a participating lender? Contact us.

Program Updates
  • 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  NEW!
    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%.2/11 – Updated DPA Funds Request Form and Guidelines

1/14 – Program Start date.

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EhousingPlus University

eHP Lender Program Training- Required for everyone participating in the program and is offered 24/7. Click here to attend

eHP System Training*- After you complete the online Lender Program Training, information is provided as to what happens next. To register for eHP System training, Click here. Please make sure you sign up for system training; do not wait until the last minute and put your loan closing at risk.

Should you have any questions on either training, please contact jennifer@ehousing.cc or natalie.giuma@ehousingplus.com

To read more about eHP Program Training, click here.

* 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.