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 candidates. The assistance can be applied for low to moderate income homebuyers, first-time homebuyers, and low to moderate income homeowners for specific repairs.
Low to Moderate Income Buyers
Down Payment/Closing cost assistance for Low to Moderate Income buyers of up to $5,000. Listed below are the requirements:
- Recipient 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).
Application for Homebuyer Assistance Program - Low to Moderate Income Packet (PDF)
First-time Buyers in Stillwater City Limits
Down Payment/closing cost assistance for first time buyers to Stillwater of up to $5,000
- Recipient must live in the home as their primary residence for a period of 7 years.
- Must live within the Stillwater City limits.
- A deed restriction will be filed at closing, if contract obligation is completed, the deed will be forgiven at the end of year 7.
Application for Homebuyer Assistance Program - First Time Buyers (PDF)
Home Repairs Component
For low to moderate income homeowners for specific repairs.
- Recipient 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.
Application for Homebuyer Assistance Program - Home Repairs (PDF)
For questions and more information, email home buyer's assistance or call (405) 742-8345.