Which of the following best describes a primary function of the Oklahoma Housing Finance Agency (OHFA)?
Correct Answer
B) Offering the OHFA Advantage program with below-market rates and down payment assistance
The Oklahoma Housing Finance Agency (OHFA) offers the OHFA Advantage program, which provides eligible first-time and repeat homebuyers with below-market interest rates and down payment assistance grants to make homeownership more accessible. OHFA does not license real estate professionals, conduct appraisals, or set rates for private lenders.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
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