OHFA - Rate Change Notice

Mortgage Rates


Fees
 $150 transfer fee to Servicer (US Bank fee)
 $ 79 tax service fee (US Bank fee not to exceed $90)
   1 percent origination fee
   Loan Level Price Adjustment applies to Conventional Loans

Additional fees may apply to certain products.

Origination Fee/Service Release Premium (SRP) Schedule
Loans delivered to US Bank (Servicer) within 30 days post-closing (203k only loans 45 days post-closing) with US Bank exceptions satisfied and loans cleared for purchase -- 1 percent Origination; 1.25 percent SRP (Paid by US Bank at loan purchase)

Loans delivered to US Bank (Servicer) after 30 days post-closing (203k loans after 45 days post-closing) or without cleared exceptions within those timeframes -- 1 percent Origination; 1.00 percent SRP (Paid by US Bank at loan purchase)

Qualified Borrowers

  • A first-time buyer is defined as someone who has not owned or had an ownership interest in his/her principal residence within the last three years or is a qualified military veteran.

Not a first-time homebuyer or a military veteran?

  • Target area loan applicants do not have to be first-time buyers.
  • All buyers must meet certain household income limits.

Acreage Limitation

  • Up to two acres inside a municipal corporation
  • Up to five acres outside a municipal corporation
  • Additional acreage permitted if required by local health or safety code)

Qualified Properties

  • Existing house: one-unit single-family dwelling and duplex up to four units, please see the underwriting guidelines for specific product
  • Spec/nearly completed house: one-unit single-family dwelling
  • Modular/Manufactured house: one-unit single-family dwelling, please see the underwriting guidelines for specific product
  • Properties must meet certain purchase price limits

Effective Dates

  • Origination period (Sept. 8, 2011 - March 8, 2012): Loans must
  •  close during this period.
  • Deliver mortgage file to master servicer by April 5, 2012.

Note: The recapture tax provision applies to all loans in this program. View this IRS link (http://www.irs.gov/pub/irs-pdfp523.pdf) for an explanation on recapture of federal subsidy. OHFA will reimburse borrower for amount of recapture tax paid to the IRS.

For more information, contact Dana Smith at dsmith@ohiohome.org, (888) 362-6332 or visit ohiohome.org.