This weeks mortgage message- Ohio Housing Finance Agency Loans (OHFA)

This week’s mortgage message discusses OHFA loans.

 

First time buyers (a buyer that hasn’t owned a home in the previous 3 years) can utilize OHFA financing to buy an owner occupied property in conjunction with FHA, VA, USDA Rural Housing or conventional loans.

 

*Minimum credit score is 640 for all programs.

*Properties are limited to 2 acres within municipal corporation or 5 acres outside a municipal corporation unless additional acreage is required by local health or safety code.

*There is a down payment assistance grant equal to 2.5% of the required down payment available. Buyers who choose this option must complete homebuyers counseling.

*OHFA offers a .25 pt reduction in interest rate to OHIO Heroes- police, fire, EMT’s, paramedics, certified, accredited or licensed healthcare workers, teachers, active military and veterans.

*OHFA also offers Grants for Grads for Ohio residents that graduated from an Ohio High School and who have received an associate, baccalaureate, masters, doctoral or other postgraduate degree within 24 months of application to OHFA. The grant in the amount of 2.5% of the down payment required has the principal of the grant forgiven 20% each year as long as the borrower resides in the property. Income guidelines are slightly higher than on regular OHFA program.

*OHFA has maximum household income and sale price maximums. Household includes all that will be living in the property- even if they’re not on the loan. OHFA considers household income when qualifying for the program- not for qualifying for the loan.

*Follow this link to find this information based on household size income & sale price maximum’s  according to the  county in which the borrower is purchasing a home.

 

http://www.ohiohome.org/homebuyer/countyinfo_locator.aspx

 

If you have any clients that would qualify for this program, please refer them to me  for a no cost preapproval.

I look forward to making your client’s dreams of homeownership a reality.

Advertisements

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.
This entry was posted in Uncategorized and tagged , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s