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!
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.