Homeownership Lease Purchase Program

Our Lease Purchase Program provides low-income enrolled tribal members of the Comanche Nation, who have a minimum household income of at least $25,000, an alternative approach to standard homeownership programs.

Traditional homeownership programs typically require a down payment and credit report to be approved for a home loan, whereas our program helps overcome these obstacles. Through our Lease Purchase Program, we are able to help you become a homeowner without the standard credit score and down payment requirements.

We will offer step-by-step assistance throughout the entire process, including helping you find a home that fits your family’s needs and is up to standard. The program begins with choosing a home and can be selected from our available inventory or the open market. After finding the right home, you will enter into a rent-to-own lease agreement with us that can last up to 30-years. Once the lease period is successfully completed, the deed will be transferred into your name as its official owner.

To make homeownership more affordable, we deduct $50,000 from the home’s cost and eliminate the interest rate. We are responsible for paying all insurance and property taxes, and you are responsible for the home’s maintenance. For example, if we purchase a home for the price of $165,000, it will cost you $319.00 per month over a 30-year period.

We offer our Lease Purchase Program throughout five Southwest Oklahoma counties, including Caddo, Comanche, Cotton, Kiowa and Tillman.

Program Application

To receive assistance from our Homeownership Lease Purchase Program, you must meet the following eligibility requirements.

Be an adult enrolled member of the Comanche Nation.
Meet low-income requirements as determined by HUD and CNHA.
Reside within the service area of Caddo, Comanche, Cotton, Kiowa, and Tillman Counties.
Be free of debt to the Housing Authority and Comanche Nation.
The applicant must have an adequate income to meet a house payment and other household obligations. The minimum income for this program is $25,000

If you are eligible, you will be placed on a waiting list. To remain on the list, you are responsible for updating your application on an annual basis, which is done by completing a Statement of Continued Interest form and returning it to our office.

Complete Application Complete Background Check Complete Zero Income Certification

Program Guidelines

The following program guidelines apply:

Effective June 20, 2017, those selected for a home will have rent payments and the established value of the home is as follows:
- The cost of the home will be set at the appraised value or our principal investment cost, whichever is less.
- The rent payment will be an amount equal to the cost of the home minus $50,000 amortized for up to a 30-year period at a 0% interest rate and will not exceed 30% of your adjusted gross income at the time of move-in.
- The home cost assigned may not exceed the appraised value of the house.
You will be encouraged to periodically file an application with a lender to learn if you would qualify for a home loan, allowing them to assume the loan held by the Housing Authority. This allows our team to provide funds to other eligible participants.
While you are in the Lease Purchase Program, you will be required to participate in the Home Buyer Education and Credit Counseling programs. Upon completing these programs, you will receive a certificate that may be provided to the lender as proof you understand the principles of credit and homeownership.
The Lessee shall be required to make house payments on a timely basis in accordance with the Lease Agreement. If payments are not made and the Lessee fails to comply with the Lease Agreement the Housing Authority will terminate the Lease Agreement and proceed with eviction proceedings as outlined in said agreement.
You will be required to make house payments on a timely basis in accordance with the lease agreement. If payments are not made and you fail to comply with the lease agreement, we will terminate the lease agreement and proceed with eviction proceedings as outlined in said agreement.
Should you experience a loss of income and are unable to meet the required house payment, you will be required to meet with our staff to find a means to resolve the nonpayment problem. You will have three (3) months to resolve the problem. If you are able to resolve the problem and begin making payments, the past due amount will be added to the end of the amortization schedule or house payment schedule. If a solution cannot be found, we will terminate the lease agreement and you will have thirty (30) days to vacate the house. The three (3) month period will not be extended.
Eligible enrolled members of the Comanche Nation of Oklahoma that have not owned a home or participated in a Comanche Nation Housing Authority homeownership program will receive first priority in the New Lease Purchase Program.
Houses that are purchased or built in this program shall be inspected periodically to assure both parties that the home is being cared for and not falling into disrepair.

Property Classifications

HOMEOWNERSHIP PROGRAM PROPERTIES

A) Purchased Homes

Homes that are for sale from private parties or developers that are new or built in the past fourteen (14) years that meet all our applicable codes and requirements. Homes that meet such codes and requirements and are built prior to the 14-year limit may be considered on a case-by-case basis at the discretion of our executive director. Any homes built prior to 1978 must be tested for environmental hazards to include lead-based paint.

B) Owned Homes

Homes that are purchased or built and currently owned by our organization, which we designate as homeownership units.

Application Guidelines

You must file a written application signed by the head of household or spouse for the Homeownership Lease Purchase Program. Applications are available at our office.

All information relative to previous housing, annual family income, net assets and preference rating will be verified, and all verified information will be documented and recorded in your folder.

Verified information will be analyzed and a determination will be made with respect to the following:

Eligibility of applicant as a family.
Eligibility of applicant with respect to income limits for admission.
Eligibility of applicant with respect to net assets.
Preference category or categories to which the family belongs.
Homebuyer payments the family should pay.

You must be an adult enrolled member of the Comanche Nation and meet the low-income guidelines as established by the U.S. Department of Housing and Urban Development.

You must have an adequate income to meet a house payment and other household obligations. The minimum income for this program is $25,000.

Cause for Denial

The following admission restrictions are cause for denial of participation in this program:

Failing to repay previous debts owed to us or any other housing authority. If you or your immediate family members owe money to us or to any Indian or Public Housing Agency, you will not be accepted until the owed monies are paid in full. The payment in full must be verified by the housing agency that was owed the monies. Previous debts shall also include those owed to a local utility company, which would prevent the connection of power or fuel to the unit.
Committing fraud in connection with any HUD program or failing to disclose previously committed fraud in connection with any HUD program.
Providing false information on the application.
Unsuitable past performance as a tenant or homeowner such as a previous eviction for non-payment of rent, breach of lease or use of government assisted unit for illegal purposes. Other than owing past due rent or house payments, reasons for unsuitability will be considered as incidents that have occurred in the past three years.
Documented history of drug or criminal behavior or other acts that would adversely affect the health, safety and welfare of other residents.
Refusing or failing to complete required forms or supply requested information.
Those who appear on HUD’s list of suspensions and limited denials of participation.
Those who fail to complete required forms and supply requested information within 15 business days of the date of application.
Refusal to sign release forms.
Refusal to supply income information.
Misrepresentation of family composition.
Those who fail to display civilized, acceptable and responsible behavior.
Those who fail to supply complete and accurate information.

Restrictions

While in this program, you will not be able to sell the house while leasing the home as we are the actual owner of record.

While in this program, you will not be allowed to sub-lease the home you are residing in as the house belongs to us.

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