(STILLWATER, OKLA. / Dec. 13, 2011) — Are you ready to own a home? If so, the City of Stillwater is ready to help with its Homebuyer Assistance Program.

According to Grants Coordinator Valerie Silvers, the program has two distinct components: the Homebuyer Education Classes and Homebuyer Assistance for down payments and closing costs.

Those interested are encouraged to pre-register now for the Saturday, Jan. 7, 2012 class.

"The Homebuyer Education Class is a good way for residents to learn from experts about mortgages, loan applications, insurance, taxes and so much more. It's popular and usually fills to capacity," said Silvers.

Raeann Meyer, with Banc First, said she is an incredible fan of the program. "I encourage—even require in many instances—every potential homebuyer to take the Homebuyer Education Class, simply because it's that good."

The City of Stillwater receives funding for the program through a grant from the Oklahoma Housing Finance Agency, which it uses to provide up to $5,000 in down payments or closing cost for 20 first-time homebuyers and to help fund the classes. The city has offered the program since 1999 and has helped more than 270 families buy homes by assisting with down payments or closing costs.

Fisher Provence Realtors' Page Provence said, "Many first-time homebuyers are not able to pay rent and save for the down payment at the same time, so it's a huge plus knowing that if they qualify for the assistance they may be able to buy that first home."

Download brochure | Download application

Silvers said some qualification criteria that applicants must meet to receive the financial assistance include:

• The homebuyer must fall within income guidelines and their debt to income ratio must meet certain limitations as well.
• The house must be located within the city limits of Stillwater.
• The purchaser must be a first time homebuyer.
• The house must be purchased for owner-occupancy, not for investment or rental property.
• Assistance will not be provided if there are co-owners who do not live in the home as their primary residence.
• Attendance at a Homebuyer Education Class.

The Homebuyer Education Classes, which are free and open to the public, will be held from 9 a.m. to 3:30 p.m.on Saturday, Jan. 7, 2012 at Stillwater Public Library, 1107 S. Duck St.

The Homebuyer Education Classes are delivered by local professionals—lenders, home inspectors, realtors, credit counselors, insurance agents, escrow and title people, OSU Extension and City of Stillwater staff.

Topics covered during the class include:

• Preparing for homeownership
• Loan applications
• Financing
• Purchase contracts
• Home inspections
• Homeowners insurance
• Mortgages
• Credit counseling
• Home maintenance
• Money management techniques
• What to look for in a home
• Tax information and more 

Silver said, "Because the class fills up quickly, we encourage interested homebuyers to pre-register early."

Classroom materials and lunch are provided to each registered adult participant.

"The qualification process is quite simple and worth investigating," said Silvers. "This is one of the most rewarding parts of my job, because it enables me to assist young couples and families with purchasing their first home."

For more information or to pre-register for the Homebuyer Education Class, contact Silvers at (405) 742-8345 or vsilvers@stillwater.org. Applications are available online at stillwater.org.

The City of Stillwater Homebuyer Assistance Program is funded in part by U.S. Department of Housing and Urban Development (HUD) as administered by Oklahoma Housing Finance Agency (OHFA) on behalf of the State of Oklahoma.

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City of Stillwater: Homebuyer Education Class from City of Stillwater, OK on Vimeo.

Watch: Meet a local family who used the Homebuyer Assistance Program.

On the Net:

• City of Stillwater Homebuyer Assistance Program: http://stillwater.org/community.php
• Oklahoma Housing Finance Agency: http://www.ohfa.org/
• U.S. Department of Housing and Urban Development: http://www.hud.gov

Program partners:

Are you ready to own a home?
10 questions to help you find out!

1. What does my credit look like?
   
   
2. How can I make my credit work in my favor?
   
   
3. Can I qualify for financing and where do I start?
   
   
4. Do I have money for a down payment and the closing costs?
   
   
5. What other costs are associated with owning a home?
   
   
6. How do I know how much home I can afford?
   
   
7. What is earnest money?
   
   
8. Do I have a savings account? Why is that important?
   
   
9. Does the lender required home inspection cover all I need to know?
   
   
10. Why should I hire my own realtor?

The City of Stillwater Homebuyer Assistance Program includes free classes and financial assistance (up to $5,000 for qualified applicants) for anyone thinking about buying a home.