First-Time Homebuyer's Program
A home is usually a family’s most important asset and most significant investment. Homeownership can increase family stability and self-sufficiency and result in safer, more stable communities. In order to increase homeownership, improve a family’s assets, and stabilize neighborhoods, CAP’s First-Time Homebuyer program offers both pre- and post-purchase housing counseling, debt management and credit repair advice, down payment assistance, and predatory lending education.
As a HUD-certified housing counseling agency, CAP has extensive experience in providing both pre- and post-purchase housing counseling and financial management education. All services are offered in both English and Spanish and are designed to help low- and moderate-income clients prepare for successful home purchase and ownership.
Many of our clients require assistance beyond education and counseling services. Despite fully understanding the process of buying a home and managing their finances, many low- to moderate-income families are still unable to save enough money to cover their down payment and closing costs and/or they do not qualify for a conventional mortgage. CAP responds to this situation by offering clients the opportunity to qualify for up to $5,000 in down payment and closing cost assistance.
If you have not owned a home in the last three years, you can qualify as a "first-time homebuyer.” Our homebuyer education and counseling process begins with an orientation session during which we introduce you to CAP's program and work with you to help determine if you are ready to purchase a home.
Eligibility Requirements
To qualify for down payment/closing cost assistance up to $5,000 you must:
- Complete CAP's Homebuyer Education Program
- Purchase a home within the City of Tulsa as your primary residence
- Qualify for bank financing to purchase your new home
- Have a total annual household income that does not exceed the following guidelines:
| Number of Persons in Household | Total Annual Income Must Not Exceed |
|---|---|
| 1 | $33,250 |
| 2 | $38,000 |
| 3 | $42,750 |
| 4 | $47,450 |
| 5 | $51,250 |
| 6 | $55,050 |
| 7 | $58,850 |
| 8 | $62,650 |
To get started, or for more information, call 382-3247.
