OHFA First-Time Homebuyer Program
The Ohio Housing Finance Agency (OHFA) recently recognized its 100,000th family for using OFHA First-Time Homebuyer Program.This program makes purchasing a home more affordable for qualifying homebuyers by offering 30-year, fixed-rate mortgage loans at a competitive interest rate.
How the program works
OHFA's current program offers a two-tiered interest rate structure providing borrowers the flexibility of choosing a mortgage rate that best fits their needs. Homebuyers not needing assistance with their down payment and closing costs can take advantage of OHFA's available mortgage rate. For homebuyers who have the need, down payment and closing cost assistance is available with a slightly higher mortgage rate.
What we offer
OHFA offers a variety of home loan options designed to meet the needs of Ohio's home- buyers. Products in the First-Time Homebuyer Program include the traditional FHA/VA/USDA Rural Development loans; and a Fannie Mae conventional loan product, My Ohio Mortgage, that offers special features and more flexible terms to help homebuyers purchase a home.
My Ohio Mortgage highlights
· Minimum homebuyer out of pocket
· 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 SolutionsTM option with additional flexibility for teachers, police officers, firefighters and
health care workers
Eligibility
The program is available to 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.
Homebuyers must also meet federal income guidelines and home sales price restrictions. Maximum sales prices vary from county to county and whether a home is in a target or non-target area.
Franklin County Income and Sales Limits
NONTARGET AREAS TARGET AREAS
Income Limits Income Limits
1 or 2 person family: $64,000 1 or 2 person family: $76,800
3 or more person family: $73,600 3 or more person family: $89,600
Sales Price Limits Sales Price Limits
New and existing homes: $247,264 New and existing homes: $302,212
For income guidelines and sales price restrictionsfor other counties, visit the website listed below.
Participating Lender
All funds, including downpayment assistance, are limited and available on a first-come, first-served basis through lenders located throughout the state. For the participating lenders list, go to www.homebuyerohio.com./homebuyer/LenderListings.aspx?County=franklin
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