Homeownership is Possible with Oklahoma Housing Finance Agency Programs

MOORE – When Marcus Reeves walked into the 2,000 square foot home with two spacious living rooms in East Moore, he knew he wanted to write the next chapter of his family there.

“The first thing that attracted me was the open space. It was like Disney World compared to the last house, ”he said. “I loved my old house, but it was time to move on.”

Reeves and his wife, Shaunt’e, bought their first home in 2008 with the help of the OHFA down payment purchase assistance from the Oklahoma Housing Finance Agency.

After renting an apartment, purchasing the 1,154 square foot home in Del City offered the opportunity to invest in their family’s future.

“We knew it wasn’t going to be our home forever, but we knew it would be an opportunity for us to build toward it,” said Marcus Reeves. “Helping with a down payment offered the opportunity to bring our vision to life. “

With a mortgage payment of just $ 30 more than the couple paid in rent, buying a home made perfect sense.

Over the next 12 years, they wrote the first chapter in their family history. As their children, Marcus, 14, and Mariah, 10, grew up, the Reeves family needed more space.

The COVID-19 pandemic has consistently placed all four of the family and their dog, Rocky, in the house at the same time. Space was tight.

Last fall, their goal was to sell their home and buy a home that better meets their needs. They reviewed their finances and focused on buying a home that would still be within their means.

Before putting the house on the market, Marcus Reeves worked for two months to improve it. He installed new flooring, added ceiling fans, painted walls, and made other updates to maximize its value.

The hard work paid off with a bidding war and an accepted offer 15% above the asking price.

They used the considerable escrow from the sale to pay the down payment and closing costs on their new home. OHFA’s DREAM ZERO loan product offered an interest rate of 2.25%, which will save them money over the life of the loan.

“The down payment assistance not only helped purchase a first home for this family, but also enabled them to be successful in purchasing their second home,” said Deborah Jenkins, CEO of OHFA. “We pride ourselves on providing opportunities for buyers statewide, no matter where they are on their homeownership journey. “

Learning that an OHFA product could make an impact again came as a pleasant surprise to the Reeves.

“OHFA helped us get our first home,” Shaunt’e Reeves said. “We couldn’t have bought this house without OHFA. When we moved into this house, OHFA helped us again by helping us get the lowest interest rate.

With two living areas, the new home offers plenty of space for friends and family to visit. On Friday evenings, they watch movies and play games in the movie theater.

Not only did homeownership boost stability and wealth creation in their own household, it also inspired Shaunt’e Reeves’ mother, Deborah Parker, to become a first-time buyer.

“I wasn’t sure if I could have a home at my age since I’m retired,” Parker said. “I see owning a house as an investment in myself. “

Shaunt’e Reeves guided her mother through every step of the home buying process, including helping her navigate on a smartphone and homebuyers training courses run through Zoom.

“I told my mom that you can always make your dreams come true. She always wanted to own a house. She decided she was going to go, ”she said.

Parker bought a home with a down payment assistance grant from the City of Midwest City, provided by OHFA’s HOME investment partnership program. She has taken virtual homebuyer education classes through Neighborhood Housing Services Oklahoma.

After renting a room in a house for several years, Parker is grateful to finally have a place of her own.

“I love the space in my house,” she said. “He’s got a lot of character. “

Shaunt’e Reeves admits that when she and Marcus bought their first home, they knew little about the process.

“We were just children. We would have fallen in love with anything, ”she said.

As the first member of their family to buy a home, the education classes for home and real estate buyers turned out to be an eye-opening experience.

“I come with knowledge,” Shaunt’e Reeves said. “I know the legality of buying a home, that it is illegal to be directed to a certain area based on your skin color.”

Marcus and Shaunt’e Reeves see owning a home as an example to their family members that anything is possible.

“Goals don’t come out of nowhere,” Marcus Reeves said. “This is a crucial time not only to teach children how to set goals, but to show them. “

Go to www.ohfa.org to learn more about OHFA’s program offerings.

Originally posted on the OHFA website.