OHFA Opportunity Loan

The Opportunity Loan is a refinance program that provides an affordable 30-year, current 7.5% fixed-rate financing alternative to borrowers who have a current mortgage that is no longer suitable for their financial situation.

SECOND MORTGAGE OPTION:
To assist with closing costs, the Opportunity Loan offers additional financial assistance. This 20-year fixed-rate second mortgage is available at an amount up to five percent of the appraised value of the home. The second mortgage may also be used to pay fees associated with an existing mortgage, including escrow payments, pre-payment penalties, late fees, attorney fees or other financing charges.

BORROWER EDUCATION:
A minimum of four hours of HUD-approved counseling is required. Typically, this includes two hours during an initial meeting and an additional two hours of one-on-one counseling. All counseling must be completed before closing the loan. OHFA also requires counseling if a mortgage payment under the newly refinanced loan is 30 or more days late. For a list of available counselors, please visit www.hud.gov.

ADDITIONAL INFORMATION:

• With proper documentation, applicants may be reimbursed for out-of-pocket expenses for an appraisal, credit report or any up-front hazard insurance payments.
• A full appraisal is required to determine the current value of the home.
• Mortgage insurance is required for loans that have a greater than 80 percent loan-to-value ratio.

ELIGIBILITY:

• Applicant must qualify using the expanded underwriting guidelines. Due to recently-expanded underwriting guidelines, certain credit issues on current mortgages in the last 12 months may be acceptable.
• Applicant's household income may not exceed 125 percent of the county's area median gross income. Please visit www.ohiohome.org for more information, as income limits vary by county.
• Applicant must live in the home that is being refinanced. Eligible properties include single-family detached housing, condominiums, townhouses, modular and planned unit developments.
• Two to four unit properties, mobile or manufactured homes are currently not permitted.

The Ohio Housing Finance Agency is an Equal Opportunity Housing entity. Loans are available on a fair and equal basis regardless of race, color, ancestry, national origin, religion, sex, military status or disability. Please visit www.ohiohome.org for more information.