2k Your Way promotion which will cover closing costs, homeowners can either put the 3.5% toward the down payment or principal. Why an Ideal Home Makes Sense for your First HomeWith the program covering your down payment and Ideal Homes & Neighborhoods covering closing costs, you're getting into your first home for very little out-of-pocket expenses until your first payment. Partner that with Ideal Homes & Neighborhoods’ extensive peace-of-mind and 10-year structural warranties, and you’re also not putting money into house repairs that you might be making on a pre-owned home. According to Ideal Homes & Neighborhoods’ preferred lender, Johnnell Jones from Citywide Mortgage, this is a win-win-win for eligible first-time homebuyers.While home prices are up throughout the country, Norman and its surrounding areas have been even more affected, Johnnell explained. “The housing market remains competitive and homeowners who have low interest rates on their mortgages are not moving. It left few options for first-time homebuyers in Cleveland County, and has created a competitive rental market where rent prices are soaring.”Eligible Ideal Homes CommunitiesMove-in-ready homes eligible for this program are available in the following communities:Flint Hills in Norman – homes ranging from $280,000 to $345,000Greenleaf Trails in Norman – homes ranging from $340,000 to $380,000Red Canyon Ranch in Norman - homes ranging from $430,000 to $490,000Featherstone in Moore – only one home remains in this community - priced under $340,000Native Plains in Moore - homes range from $380,000 to $490,000Curious about what your monthly mortgage payment might look like with a 5.84% interest rate? Here’s a quick guide:$255,000 Loan – Monthly Payment of $2,020$300,000 Loan – Monthly Payment of $ 2,350$350,000 Loan – Monthly Payment of $ 2,725Quick Facts of the First Home Homebuyer Assistance Program:Interest rate: 5.84% for 30 yearsDown Payment Assistance: 3.5% of the amount of the mortgage, forgiven if you stay in the home for five yearsEligible Loans: FHA and VA government loansHome priced under $510,000Income limits apply. Contact Citywide Mortgage for more information. 405-794-4412This program is first-come, first-served and will end when the bond money runs out. This is expected to happen by March of 2025. Contact us today to see if you qualify—we can’t wait to help you move into your very own Ideal home!","author":{"@type":"Person","name":"Ideal Homes"},"mainEntityOfPage":"https://www.idealhomes.com/blog/the-cleveland-county-bond-program-–-a-perfect-option-for-your-ideal-home"}