OHFA Loans

Account Description

·    The Ohio Housing Finance Agency (OHFA) makes affordable housing opportunities available for low- to moderate-income Ohioans, including first-time homebuyers, renters, senior citizens and other people with special needs. 

·    OHFA’s programs also support developers and property managers of affordable housing throughout the state.

 

OHFA offers different Homebuyer Programs.  

 

  1. First-time Homebuyer Program (FTHB)
    Eligibility for 1st time homebuyer is someone who has:

·    Never owned or had an interest in residential property.

·    Not had an ownership interest in their principle residence w/the past 3 years prior to the date the new mortgage is executed.

·    Is buying residential property in a target area. (Previous Homeownership Limited to Purchasing in a Target area)

 

  1. Target Area Loan Program

·    Target Area is an economically distressed area.

·    The program helps revitalize federally-designated target areas by making affordable first time homebuyers loan product and competitive interest rates to any qualifying buyer(s) purchasing a home in these targeted areas.

·    To confirm a subject property is in a Target Area go to www.ffiec.gov/geocode/default.htm and enter the address.

 

  1. Ohio Heroes Program

·    The Ohio HEROES program will provide affordable, fixed-rate financing to low-and-moderate income households in which at least one member is active military personnel or military veteran, firefighter/emergency medical technician-paramedic, healthcare worker, police officer or teacher.

 

  1. Grants for Grads

·    Eligibility for Grants for Grads

·    2.50% of purchase price as a grant.  Issued as a second mortgage with a 0% interest rate with no payment due.

·    Cannot use OHFA’s Down Payment assistance with Grant for Grads.

·    The loan is forgivable after five years. However, if you move out of Ohio prior to the five-year mark, you are responsible for paying a portion of the grant back.

 

  1. Loan Assistance Options (Grant Funds)

·    2.5% of purchase price

·    Assisted mortgage rate slightly higher (.5% higher than current interest rate)

·    Loan must have an LTV of 95% or greater

·    Must complete Homebuyer Counseling prior to issue of commitment letter approval

 

Eligibility

·    Primary Residence Owner Occupied

·    Homebuyer Education course is required.  (Usually takes one hour over the phone.)

·    Single-family dwelling, Duplexes, 2-4 Unit properties, condo, PUD

·    See OHFA website for max income http://www.ohiohome.org/homebuyer/incomelimits.pdf  

 

Loan Limits

·    See OHFA website http://www.ohiohome.org/homebuyer/purchaseprice2010.pdf

 

Penalties/Restrictions

·    No Prepayment Penalty

Account Features

Account Disclosure/Statements

Assistance

*Speak with a Mortgage Loan Specialist for full details, exceptions may apply.