Submitted by: Fannie Mae
Categories: Community Development
Posted: Feb 27, 2001 – 11:00 PM EST
Feb. 27 /CSRwire/ - Low- and moderate-income first-time home buyers living in Tulsa County will now have access to low interest mortgage financing, and down payment and closing cost assistance through a $21 million mortgage revenue bond (MRB) purchase agreement between the Tulsa County Home Finance Authority and Fannie Mae (FNM/NYSE), the nation’s largest source of financing for home mortgages.
Fannie Mae purchased the $21 million in tax-exempt bonds issued by the Tulsa County Home Finance Authority. The bond proceeds will be made available through participating lenders to qualifying home buyers. Mortgage loans will be offered at a fixed rate of 6.85 percent for 30-year terms with a down payment and closing cost assistance grant equal to 4 percent of the loan amount. For example, on a $70,000 loan, home buyers can receive $2,800 in assistance.
The details of the initiative vary for targeted and non-targeted areas. Maximum purchase price and income limits are higher in "targeted areas" which are U.S. Department of Housing and Urban Development (HUD) designated underserved census tracts. In targeted areas, the maximum annual income of eligible home buyers is $54,120 for a single or two-person household and $63,140 for families of three or more. In non-targeted areas, the maximum annual income of eligible home buyers is $45,100 for a single or two-person household and $51,865 for families of three or more. In targeted areas, maximum home costs range from $135,1797 for an existing home and $110,741 for a newly constructed home. In non-targeted areas, maximum home costs are $110,601 for an existing home and $90,606 for a newly constructed home. Limits are higher for owner-occupied homes with two-to-four units. Except in targeted areas, eligible borrowers cannot have owned a home in the last three years.
"We really want to get the word out that this is a great opportunity for low- and moderate-income residents of Tulsa County to take advantage of the lowest interest rate financing available in a long while, along with a grant of 4 percent of the loan amount for down payment assistance," explained Commissioner Dick. "Through this agreement with our lender partners and Fannie Mae, we are able to offer these attractive mortgage terms to area families who might otherwise be unable to purchase a home."
"Our MRB investments have enabled Oklahoma housing finance corporations to stretch their scarce resources and extend homeownership opportunities to thousands of first-time home buyers," said Rex Smitherman, director of Fannie Mae’s Oklahoma Partnership Office. "Homeownership is an important goal for most families and Fannie Mae is delighted to be able to help so many Tulsa County low- and moderate-income families achieve their dream."
Since 1987, Fannie Mae has purchased more than $15 billion in MRBs from virtually every state and local nonprofit housing finance agency, making homeownership possible for approximately 250,000 low- and moderate-income home buyers.
For more information on the Tulsa County Home Finance Authority’s below market mortgage rates and down payment assistance, interested borrowers should call one of the following participating lenders:
First Mortgage Co. LLC Mercury Mortgage Co.
(918) 496-2241 (918) 665-9600
Harry Mortgage Co. Mortgage Clearing Corp.
(918) 492-9777 (918) 749-2274
The partnership with the Tulsa County Home Finance Authority is part of Fannie Mae’s "HouseOklahoma" investment plan, a five-year, $4 billion initiative to finance affordable housing for 58,000 families throughout the State of Oklahoma.
For more information, please contact: