The Cleveland County Home Loan Authority is pleased to announce that effective immediately; up to $10,000,000 in First Mortgage loans at a fixed interest rate of 4.95% with 3% Down Payment Assistance will be made available for the purchase of homes in the Cleveland County area. The 3% assistance will be made available in the form of a Second Mortgage loan and will be provided at 0% interest rate and will be forgiven over a five (5) year period.
There is also available, $10,000,000 for unassisted loans at a reduced interest rate of 4.5%.
Cleveland County Home Loan Authority Trustees Rusty Sullivan, Rod Cleveland and George Skinner announced these adjustments to their tax-exempt single family bond program today. “This should provide an opportunity to many first time home buyers to get a very competitive rate on their mortgage. Cleveland County is a great place to leave, and we need to let everybody know that we have programs available to assist first time home buyers. We want people to choose Cleveland County to buy their first home,” Cleveland said.
The program is part of an initiative program undertaken by the United States Department of Treasury and United States Government sponsored enterprises. The Cleveland County program was established as a means of financing the acquisition of qualifying new and existing single family residences located in the Cleveland County area.
The purpose of the program is to provide low and moderate income qualifying homebuyers in Cleveland County, access to competitive loan rates for the purchase of their home. Family income and acquisition cost of a residence are subject to certain limitations and, except in certain instances, homebuyers must not have had a present home ownership interest within three years prior to purchasing a home.
Loans are available within Cleveland County on a first-come, first-serve basis. Homebuyers can choose between loans at a fixed interest rate of 4.50% for a thirty-year term or loans at a fixed interest rate of 4.95% with 3% down payment assistance for a thirty-year term. Loans may be obtained through participating lenders at American Southwest Mortgage Corp., Arvest Mortgage Co., Inc., Citywide Mortgage, L.P., First American Bank, McClain Bank, Republic Bank & Trust or Universal Mortgage Corp. For further information, consult one of the participating lending institutions.