ONAC Down Payment Assistance Program

As of September 24, 2024, ONAC is no longer accepting applications for down payment assistance. If we are successful with an application to the Federal Home Loan Bank of Topeka for additional funding, we will open the application up again.

Beginning in the fall of 2021, ONAC will offer 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. 

Up to $5,000 in down payment assistance will be available to participants, 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.

More specifics about the program:

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. 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.  

Through this program, the FHLB Topeka requires that ONAC serve special populations. All applicants must meet the 80% or below AMI requirement plus one of these additional FHLB Topeka special population requirements: survivor of interpersonal violence; military veteran; household member recovering from alcohol or drug abuse; household member with a mental or physical disability receiving SSDI; abatement of hazardous materials; and those age 55 and older. More information is available in the first question of the application. Additionally, ONAC committed to serve participants who meet the FHLBank Topeka eligibility criteria below. 

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.

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, this year or last year, ONAC may accept a certificate showing completion of those trainings, from the entity providing those trainings, to meet the Homebuyer Education requirement. 

ONAC will also offer free credit counseling/financial coaching to participants, available by phone and teleconference (not required for assistance). Additionally, ONAC will offer financial education (not required for assistance). For those accepted into the program, ONAC offers assistance to find or sustain employment and/or job training (not required for assistance). 

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.

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. Here is the overview of the program.  

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. 

Oklahoma Native Assets Coalition 
(405) 720-0770

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