The Ohio Housing Finance Agency (OHFA) has moved to assist buyers who wish to purchase a home in Ohio. Having enough down payment funds required for a housing purchase is often a hinderance to those otherwise qualified buyers who may want to purchase a home. Keeping with their motto "We open the doors to an affordable place to call home" OHFA has reintroduced their downpayment assistance grant.
There are two major changes to their previous program:
1. The grant amount is now 2.5% of the purchase price.
2. Borrowers taking advantage of this grant must complete OHFA's new Homebuyer's Education Program prior to the issue of a commitment letter approval.
OHFA assistance on FHA loans carries a 5.875% mortgage rate on 30 year fixed mortgages when down payment assistance is not used. That rate is increased to 6.375% when the down payment assistance is utilized. That's a small price to pay when the biggest hurdle may be down payment cash.
There are also income and sales price limits:
Target areas income cannot exceed $79,440 with a purchase price less than $371,250.
Non-target areas income limit drops to $66,200 with a purchase price less than $303,250.
For specific information as it pertains to you please call us so that we may direct you to one of our partner lenders who are participating in this program. This is an equal opportunity loan program.
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