Open Door First-Time Homebuyer Program

Neighborhood Housing Services Oklahoma has partnered with F&M Bank to assist first-time homebuyers in Oklahoma, Canadian, Logan, and Kingfisher counties who want to become homeowners but may face financial obstacles.  

For eligible homebuyers, the program offers:

  • Must be first-time homebuyer, or haven’t owned a home in the past 3 years
  • $0 Down. No down payment needed
  • No PMI Requirement– The program eliminates the need for Private Mortgage Insurance.
  • 100% financing provided
  • Receive a grant of up to $6,000 for closing costs
  • Available for home purchases up to $250,000
  • Credit Score minimum of 620

*Subject to credit approval and all eligibility requirements including but not limited to: Certificate of completion of (in person or by phone) Pre-Purchase Counseling must be received from one borrow and provided prior to entering into sales contract. Homebuyer Education Course (in-person or virtual) must be completed within current or previous calendar year of the purchase closing date. Required program courses and counseling through NHS/NFO. 1st Lien – F&M 1st Mortgage, Max LTV 80% and Max CLTV 100%. 2nd Lien – NHS/NFO 2nd Mortgage (Community Seconds/Affordable Seconds), Max LTV 20% of sales price.  A 2nd Mortgage Lien will be filed at closing. Grant funds will be table funded at closing. 3rd Lien – F&M Bank Grant subsidy up to $6,000 available to eligible borrowers on a first-come, first-serve basis until funds run out. Borrower will be required to sign a 5-year Real-Estate Retention Agreement at closing and will be filed as a third lien. Borrowers must escrow for taxes and insurance for the term of the loan. Eligibility guidelines subject to change. Refer to Fannie Mae and/or investor’s most up-to-date guidelines
NMLS #401420