Osage Financial Resources

Osage Financial Resources, Inc. is a 501(c)3 Non-Profit Organization and Native CDFI, out of Pawhuska, that assists residents of Osage and surrounding counties with; asset building, credit restoration, classes on home purchases, financial education and various loans. As a Native CDFI (Community Development Financial Institution), OFR has to qualify individuals by our income guidelines. These programs are for Native Americans and Non-Native Americans.

What is an IDA?

Individual Development Account – is a match savings account that allows the participant to save their own money and receive a matching amount at the ratio set by that company.

OFR IDA Requirements

  • 18 or older
  • First-time college student, or can’t have completed more than 23 credit hours
  • Resident of Osage County or surrounding counties(Kay, Noble, Pawnee, Tulsa, Washington)
  • Max of 42% Debt-to-Income ratio for Down Payment
  • Must have part-time job for Post-Secondary Education IDA

Osage Financial Resources
IDA Programs

There are two different IDA saving goals that participants can choose from:

Post-Secondary Education IDA – Participants must open their account with a deposit of $100. For the six month IDA, it is $40.00 a month over five months or $18.00 a month over twelve months, for a total of $300.00 of their own savings. This will be matched 8:1. In the end, participants will have $300.00 of their savings, and $2,400 in match from OFR, for a total of $2,700 towards a post-secondary education asset purchase.

Allowable purchases for participants saving for postsecondary education: books, tuition, laptops, and education-related materials and equipment.

Down Payment IDA – OFR is willing to work with participants who would like to save from six months to two years in this IDA program. Participants must open their account with a deposit of $100. Thus, for example, participants saving for a homeownership asset purchase could deposit $200.00 a month over six months, $150.00 a month over eight months, $120.00 a month over ten months, $100.00 a month over twelve months, or $50.00 a month over twenty-four months, for a total of $1,200 of their own savings. This will be matched 3:1. In the end, they will have $1,200 of their savings, and $3,600 in match from OFR, for a total of $4,800 towards a homeownership asset purchase.

Allowable purchases for those saving for homeownership: closing costs, down payment and taxes and insurance on a home, manufactured home, modular home, or mobile home. Lease to purchase homes do not qualify for the Homeownership IDA.

These two programs are for individuals that are looking towards homeownership or furthering their education. It is first-come/first-serve and there are no catches. We have reviewed many IDA programs and there is no program that gives an 8 to 1 match on their Post-Secondary IDA. That helps cover at least a third of a year at Junior College, third of a semester at a university, and, at Tri-County Tech in Bartlesville, covers all cost of 12 programs and pays 60% of the remaining three programs. We have a limited amount of funds/slots so if you are interested please call 918-287-1989 or visit our offices at Stoneridge Estates in Pawhuska.

Osage Financial Resources
Loan Programs

OFR has three loan programs:

Homeownership and Home Improvement

  • The home/home improvement loan is up to $100,000 with a 3% down payment required.
  • Must have at least a 600 credit score to enter program and qualify by our debt-to-income ratio (42%).
  • The interest rate will not go above 6% and the lowest it will go is 4%.
  • Must complete Homebuyer Education class

Credit Builder

  • Is a $500 loan with a 6-month term
  • Must qualify under OFR’s income guidelines
  • Debt-to-Income ratio can’t exceed 50%
  • Complete Financial Education class

These are programs that have the goals of improving or building a credit score, give financial and homebuyer education, improvement on a current home, or purchasing a home. OFR’s Homeownership Program has just started and we are ready to help those that are interested!! Please call 918-287-1989 for more information or you can stop by our
offices at Stoneridge Estates in Pawhuska.

Ryan Malone
Development Services Coordinator
Osage Financial Resources, Inc.
r.malone34@yahoo.com
1825 E. Main Street,
P.O. Box 835
Pawhuska, OK 74056

 

Posted on June 30, 2012 Back to Previous Page