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Tulsa Housing Authority
415 E. Independence Street
Tulsa, OK  74106
(918) 582-0021
 TDD (918) 587-4712
 
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 Contact Us Minimize
Now Hiring

Tulsa Housing Authority
415 E. Independence Street
Tulsa, OK  74106
(918) 582-0021
TDD (918) 587-4712
 
 
 
 

 


  
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 Homeownership

    If you have not owned a home in the last three years, you qualify as a "first time homebuyer." Our First Time Homebuyer Program is designed to inform and educate potential homeowners about home buying and home ownership issues.

    Our program will help you address your credit report issues, learn to budget for housing expenses and shop for lenders. 

    The Home Ownership Program is an eight (8) hour course, divided into three (3) sessions:

    1. Orientation:  An explanation of homeownership will be explained to you and we will answer the questions you have about how we can help you reach your goal of owning your own home.

    2. Homebuyer Education.  Held monthly, this class takes you step-by-step through the process of buying a home and helps you determine if homeownership is right for you. Topics covered are:

    • Advantages and disadvantages of homeownership
    • Key steps and players in the homeownership process
    • What to look for in realtor selection
    • How to select a lender
    • What to expect in the loan process
    • What to look for in selecting a home
    • Choosing a neighborhood that is right for you
    • What to do before you make an offer
    • Underwriting:  The 4 C's of Credit (Capital, Capacity, Credit History, and Collateral)
    • Inspections:  The added protection you need
    • Electrical, Mechanical, Plumbing, Structural and Pest Control issues
    • HOME/COT Housing Standards Inspection 
    • Lead Base Paint Inspection
    • Maintaining the property once you own it
    • Financial obligations and options if you have difficulty making your mortgage payment

         3.    Credit and Budget Counseling. We offer a one-on-one financial evaluation to review your credit report, advise you of any credit problems develop  a lan of action to build or repair your credit and actively assist you in correcting any errors on your credit report. 

    Financial Assistance.  Once you complete the Homebuyers Education classes, Housing Partners of Tulsa, Inc. (HPT) may be able to assist with 5% of the purchase price up to $5,000 toward your down payment and/or closing costs.

    Four Steps to Homeownership

    • Education--Homebuyer Seminar. You will learn all about the process of buying a home.
    • Pre-Purchase Help--we advise you about special mortgage programs and help with down payment and closing costs.
    • One-on-One Financial Evaluation
    • Shop for a Home!

    Eligibility

    To be eligible for assistance, you must be a first-time homebuyer (must not have owned a primary residence in the past three years), you must purchase your home within the city limits of Tulsa, house must pass two inspections if applicable, your debt to income cannot exceed program limits and your household income cannot exceed the program limits.

    Eligible Property

    Single Family Detached Homes, Manufactured Homes, Duplex or Condominium

    Income Limits

    Household Size

    Income Limit

    1

    $33,150

    2

    $37,900

    3

    $42,650

    4

    $47,350

    5

    $51,150

    6

    $54,950

    7

    $58,750

    8

    $62,550

    *Income Limits Based on Total Gross Annual Income for all Household Members

    Debt to Income Limits

    Front end ratio cannot exceed 31% and back end ratio cannot exceed 43%.

    Calculated as:

    ·          Front End Ratio= Monthly Mortgage Payment / Gross Monthly Income

    ·          Back End Ratio= (Monthly Mortgage Payment + Monthly Debt)/ Gross Monthly Income

    Area of Assistance  Tulsa City Limits

    Required Inspections HOME/COT Housing Standards Inspection(Free inspection performed on all houses) and a Lead Base Paint Inspection (Only for houses built before 1978, cost $225.00, and homebuyer is responsible for payment)

    Maximum Home Price  $200,000 (local HUD limit) (Note: Maximum Home Price is set by the City of Tulsa's HOME Funds Program)

    Maximum Assistance  $5,000 (5% of purchase price, minimum of $1,000) (applied as a soft second mortgage) (Client cannot receive money back at closing)

    For additional information, or to register for a class,

    please call (918) 551-5200. 

     

    AN EQUAL OPPORTUNITY EMPLOYER/PROGRAM

    AUXILIARY AIDS AND SERVICES ARE AVAILABLE UPON REQUEST TO INDIVIDUALS WITH DISABILITIES

     

    *This program is financed in whole or in part by funds from the U.S. Department of Housing and Urban

    Development as administered by the City of Tulsa.

     

     

     

     

     

     

     

     

     

     

     

     

     


      
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