My Ohio Mortgage

Program Description

My Ohio Mortgage is a Fannie Mae conventional loan product that offers moderate and low-income homebuyers with low downpayment options and flexible terms to assist with the purchase of a home.

Program Highlights:
· Minimum homebuyer out of pocket of $500
· Fixed interest rate
· 1 percent origination; zero discount points
· Loan-to-value up to 100 percent
· Less than perfect credit histories and nontraditional credit accepted
· Section 8 homeownership vouchers accepted as income
· Community Solutions? option with additional flexibility for teachers, police officers, firefighters and health care
      workers

Eligible Buyers:
First-time homebuyers (persons not owning or occupying their principle residence in the last three years), or anyone purchasing a home in a targeted area.

Targeted Area:
An economically distressed area as designated by the U.S. Department of Housing and Urban Development. For a list of Ohio targeted areas go http://www.odod.state.oh.us/ohfa/

Maximum Family Income Limits: 

                                                Non-Target      Target
1-2 Person Households              $64,000           $76,800       
3 or more Person Households     $73,600           $89,600  
    
Maximum Sales Price Limits: Columbus (Delaware, Franklin, Licking, Madison, Morrow, Pickaway counties)

    New and Existing Homes     Non-Target      Target
    1-Family                             $247,264        $302,212
    2-Family                             $278,497        $340,385   
    3-Family                             $338,361        $413,553
    4-Family                             $390,416        $477,176
 
Contact: For more information on participating lenders visit Ohio Housing Finance Agency?s website at www.ohiohome.org or call 1-888-OHFA-NFO (643-2636)