Asset Building Initiatives

Asset Building 

What ONAC Can Provide

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ONAC Down Payment Assistance Program

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ONAC Down Payment Assistance Program

ONAC offers a down payment assistance program. This program is primarily funded through a subsidy grant from the Federal Home Loan Bank of Topeka’s (FHLB Topeka) Affordable Housing Program. To receive the FHLB Topeka funds for this program, ONAC will use the eligibility criteria established by the FHLB Topeka. 

Depending upon if participants meet FHLB criteria for participation, participants may be eligible for up to $14,000 in down payment assistance, through ONAC, with funds from the FHLB Topeka (https://www.fhlbtopeka.com/services-andprograms/). This down payment may be stacked with down payment assistance from other sources. 

Application link: https://www.surveymonkey.com/r/ONACDPAP

Here are more specifics about the program requirements:

1. Borrowers will be required to have a household income that is less than or equal to 80% of the Area Median Income (AMI) by county (the county you plan to purchase the home in and reside in), as calculated by the FHLBank’s Affordable Housing Program guidelines. FHLB Topeka counts all income for those age eighteen and older in the household (and they count bonuses, overtime, child support, disability payments, etc.). Please know that 80% AMI by county can vary widely by county. Before you apply, please look here for the income limits by state and county (see the FHLB Topeka Owner-Occupied Income Limits on the FHLB Topeka AHP page, under Resources): https://www.fhlbtopeka.com/ahp.  

2. Borrowers must be Native American with a tribal membership or CDIB card. 

3. No co-borrowers are allowed. 

4. Through this program, the FHLB Topeka requires that ONAC serve special populations. All applicants must meet one of these additional FHLB Topeka special population requirements: household member recovering from physical abuse; household member recovering from alcohol or drug abuse; household member recovering from mental/emotional abuse; household member with a mental or physical disability receiving SSDI; or those age 55 and older.

5. Additionally, ONAC has to serve certain numbers of borrowers purchasing larger units (3 bedrooms or more). Thus, applicants must be purchasing an existing home with three-bedrooms or more. No new construction is allowed. 

6. Applicants must purchase a home in a federally declared disaster area, designated as such from July 2023 to present. More information is available in the first question of the application about which counties in Oklahoma have such a designation. 

7. Borrowers must retain the purchased home as their primary residence for a period of five (5) years (60 months) subject to the terms and conditions of the Real Estate Retention Agreement that will be filed at closing.

8. Obligated borrowers occupying the residence will be required to complete an approved Homebuyer Education program prior to loan closing, evidenced by a signed and dated certificate of completion (ONAC recommends that borrowers complete the Fannie Mae HomeView self-paced course and receive a certificate of completion from Fannie Mae). If the homebuyer has completed homebuyer education through Habitat for Humanity, with a HUD-certified housing counseling agency, NeighborWorks America, eHome America, or through Freddie Mac CreditSmart Homebuyer U, in the last year, ONAC may accept a certificate showing completion of those trainings, from the entity providing those trainings, to meet the Homebuyer Education requirement. 

9. ONAC will offer free credit counseling/financial coaching to participants, available by phone and teleconference (not required for assistance). Additionally, ONAC will offer financial education and mental/behavioral health services (not required for assistance). 

10. Borrowers must be approved for a Qualified Mortgage loan product that is Fixed Rate and Fully Amortizing. Programs with products that meet such requirements include but may not be limited to: Section 184 Indian Home Loan Guarantee Program; Veteran Affairs (VA) Guaranteed Home Loan Program; Federal Housing Administration (FHA) Title II Program; US Department of Agriculture (USDA) Single Family Housing Guaranteed Loan Program (“Rural Development”); Conventional Agency Loan Programs offered through Fannie Mae, Freddie Mac and/or the Federal Home Loan Bank’s Mortgage Partnership Finance programs.

11. ONAC committed to the FHLBank Topeka to have a certain ratio of participants receive mortgage loans from FHLBank Topeka member banks. ONAC is currently allowing applicants from non-member lenders. If ONAC stops meeting that ratio commitment, ONAC will have to restrict the applications only to those with lenders who are FHLBank Topeka members to remain in compliance: https://www.fhlbtopeka.com/about-us/membership/current-members 

12. Applicants must be under contract on a home and be able to close on the home within 60 days of being approved to participate in the program. 

13. The borrower may receive no more than $250 in cash back. The lender may not charge more than 3% in lender fees and a loan discount fee of 3%. The front ratio shall not exceed 38% of gross monthly income.  FHLBank Topeka posts quarterly maximum mortgage rates: https://www.fhlbtopeka.com/ahp 

14. Approved applicants are eligible to receive $14,000 in DPA if they meet all the eligibility guidelines and provide other requested information, as needed, while they wait to close (such as providing the signed certificate, with a wet signature, from their online homebuyer education course, completing an ONAC survey, sending ONAC the appraisal, confirming the property address, sending ONAC the title company and lender contact info, etc.). ONAC will need the lender and title company to work with us to complete the process within the time period and to send ONAC the draft CD for review three days prior to closing for review. There are a number of moving parts with these programs. 

If after reading the overview, you believe you might meet the program criteria, you are welcome to apply. Acceptance into the program will be based on available funding and the eligibility of the applicant, per FHLB Topeka eligibility criteria. 

Contact: Christy Finsel, ONAC Executive Director, at (405) 720-0770 or cfinsel@oknativeassets.org.

ONAC is committed to compliance with all federal, state, and local fair housing laws. ONAC will not discriminate against any person because of race, color, religion, national origin, sex, familial status, disability, or any other specific classes protected by applicable laws.