The best deal for first time buyers

With interest rates on the rise lately, the best deal for first time buyers today is the Ohio Housing Finance Agency bond loan program. It’s got the lowest FHA rate- 4.25% with 1 origination point. There are income & sales price maximums based on the county they’re purchasing in.

There is even an option for the homebuyer to receive a 2.5% of the sale price grant to pay for closing costs and/or downpayment. The fixed rate for those homebuyers that need the downpayment assistance is 4.75%.

The seller can still contribute up to 6% of the sale price towards buyers closing costs as per FHA guidelines. The OHFA program can be used on FHA or 0 down /NO PMI USDA rural housing loans. 

For those recent college grads (graduated within 18 months of purchase) OHFA has the Grants for Grads program. The 30 year fixed rate is 4.25% with 1 point & the buyer receives a forgiveable after 5 years in the home 2.5% of the sale price  grant to be used for downpayment and/or closing costs.

For Ohio’s HEROES- police, fire, certified medical staff,  & teachers- OHFA’s Ohio Heroes program is a great option with a reduced fixed rate of 4% without downpayment assistance and 4.5% with downpayment assistance

Check out the OHFA website for all the information about OHFA’s great first time buyer programs!

http://www.ohiohome.org/programs.aspx

Even if the homebuyer doesn’t qualify for OHFA because they’ve owned a home before or income is too high- FHA interest rates are still below 5%!

For a loan application or preapproval 24/7 go to

www.firstplacebank.com/lizschneider or call 440.452.3894.

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About lizschneider66

Mortgage consultant with over 18 years experience. First time buyers, move up buyers, construction, FHA/VA, Jumbo loans, investment property purchases, & refinances- I will find the solution to financing the American dream of homeownership! Subscribe to my blog and never miss any mortgage industry news.
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