Jennifer,
Bond money is available on a "first-come, first-serve" basis. When the money is gone, we must wait for another bond issue to take its place.
There is $8,000,000 coming on 11/15/07 and I would expect that to last approximately 60 days. I will send you some more information about the bond program in next e-mail, but it basically gives the buyers 3% of loan amount as assistance. For example, if the loan amount is $100,000, you would receive $3,000 in bond assistance to use towards down-payment and closing costs. This is combined with an FHA loan, which requires a 2.25% down-payment. You can then ask the sellers to pay the remainder of your total costs, as they are allowed to pay up to 6% of your costs to purchase. You may see advertisements stating that you are eligible for 4% bond assistance in the newspaper. This is how it is often advertised; however the bond authority "takes back" 1% for their fee which leaves you with actual assistance of 3%.
When bond money runs out, it usually takes about 2 months for a new bond issue to arrive. It is ordinarily best to at least get qualified and know that you are able to participate and what you can qualify for so that you can at least begin looking at homes and get an idea as to how much you would like to spend on a home purchase and also know monthly payments, cost to acquire home, etc. Attached, please find a pre-qualification application that you can print, complete by hand and return via fax or pdf/scan e-mail.
Should you have questions, please do not hesitate to contact me or Darryl Baskin and we will be happy to help.
Have a great day.
Thank you,
Jeff Sargent
Jeff Sargent
President - Residential Mortgage Division
ONB Bank & Trust Co
8908 S Yale Ave, Suite 250
Tulsa, OK 74137
Office: 918.392.6572
Cell: 918.636.0630
Fax: 918.392.6550
jeff_sargent@onbbank.com
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