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.
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.