Homebuyers Assistance

Homebuyers Assistance Program

The City of Stillwater is excited to aid in the effort to expand homeownership opportunities for low to moderate income households and for first-time homebuyers inside Stillwater city limits.

The program provides financial assistance of up to $5,000 for down payment and/or closing costs to qualified low to moderate income homebuyers, to low to moderate income homeowners for specific repairs, or to first time homebuyers who are purchasing a home within Stillwater’s city limits. 

Down Payment/Closing cost assistance for Low to Moderate Income buyers of up to $5,000

  • Recipient/s must complete an application and be deemed income eligible

  • Recipient must live in the home for seven years as their primary residence

  • A deed restriction will be filed and then released if the contract is not violated within the period of affordability (7 years)

  • Download the application

Down Payment/closing cost assistance for first time buyers to Stillwater of up to $5,000  Funds are not currently available.

  • Recipient must live in the home as their primary residence for a period of 7 years.

  • A deed restriction will be filed at closing, if contract obligation is completed, the deed will be forgiven at the end of year 7.

  • Download the application

Home Repairs component up to $5,000  Funds are not currently available.

  • Recipient/s must complete an application and be deemed income eligible

  • Recipient must live in the home for seven years as their primary residence

  • A second mortgage will be filed at the time of repairs and would be released at the end of year 7 if there were no violations to the 2nd mortgage.

  • Download the application

For questions and more information, contact Homebuyers@stillwater.org  or call 405.742.8345.

Free Homebuyers Education Classes

Considering purchasing your first home? The City offers free classes to prepare first-time homebuyers for purchase and ownership of their new home.

This class covers the pros and cons of homeownership, saving and preparing for purchase, and what to expect up to closing day.  Below are a few of the subjects covered:

  • Terms used and what they mean (capacity, character, escrow, ratios, etc.)
  • Types of insurance available and what you need
  • Types of loans, what is best for you
  • Choosing a lender, real estate agent, inspector and more
  • Expenses that come with owning a home
  • Planning how much home you can afford
  • Choosing a location, type of home and what your home must have.
  • Closing documents

Due to COVID-19, the Homebuyer Education Class has switched to an online format. Those wishing to participate can request a digital copy of the training materials by filling out the form below. After studying the materials, email homebuyers@stillwater.org to request the 25 question exam.

A certificate of successful completion is issued with a score of 80% or more. Anyone wishing to take part in the City of Stillwater Down Payment assistance is required to take and pass this education component.

Sign up for free

To request the training materials, sign up using the online form, email, or call.

Content last reviewed 11.20.2020