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5.750% for loans without down payment assistance
6.150%
for loans with down payment assistance
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.
OHFA's mortgage funds are
available on a continuous basis year-round. Mortgages are originated
through a network of participating lenders with more than 400 offices
statewide.
OHFA offers a variety of home loan options designed to meet the needs of
Ohio's homebuyers. Products in the First-Time Homebuyer Program include
the a Fannie Mae
conventional loan product, My Ohio Mortgage, that offers special features
and more flexible terms to help homebuyers purchase a home.
- 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 Solutions™ option with
additional flexibility for teachers, police officers, firefighters and
health care workers
In addition, OHFA also offers down payment and closing cost assistance to
eligible borrowers, which can greatly reduce their out-of-pocket expense.
Homebuyers can choose between a down payment assistance grant in an amount
equal to 2% of the home's purchase price, or a second mortgage in an
amount up to 4% of the purchase price of the home secured by the first
mortgage single family bond loan.
The 4% down payment assistance
program is a second mortgage with a 20-year term. The interest rate for
the second mortgage will be up to 2% higher than the related OHFA first
mortgage. For example, 5% first mortgage and 7% second mortgage. The 4%
second mortgage down payment assistance may only be used with an OHFA
First-Time Homebuyer Program first mortgage.
The program is available to first-time homebuyers (persons not owning or
occupying their principal residence in the last three years), or anyone
purchasing a home in a targeted area.
A targeted area is
defined as an economically distressed area as designated by the U.S.
Department of Housing and Urban Development. Most counties contain both
target and nontarget areas which may be defined by examples such as census
tracts, street, township, village or other designation. Ohio's
targeted areas are available for downloading. They are in Adobe PDF
file format and must be viewed with Adobe Reader. If you do not have Adobe
Reader, a free version can be downloaded from
Adobe's web site.
Homebuyers must also meet
established income limits and home sales price limits. Maximum sales
prices vary according to whether a home is new or existing, or if it is in
a target or non-target area. Please call 1.800.845.0036 for income limits
and sales price limits applicable to your county.
Note: The sales price limits
on the county pages are for 1-family residences only. If you are
considering the purchase of a 2-unit (duplex), 3-unit or 4-unit home, you
may qualify for the program as long as it is an existing home, does not
exceed the maximum sales price listed, and will be your principal
residence. The sales price limits below include prices for 1-family to
4-family residences.
Click on the name of the file
to download a complete listing of income limits or sales price limits in
Adobe PDF file format.
If you meet the eligibility criteria as defined above, you can begin the
application process. OHFA does not offer loans directly to homebuyers.
Instead, homebuyers apply for and receive mortgage loans through a network
of participating lenders covering all 88 counties in the state.
Apply Online
In order for the lender to process your application for a housing loan,
you will need:
- A signed purchase contract
- Signed and dated copies of
your federal income tax returns. All applicants for the loan must
provide copies for the past three years.
- Recent pay stub
- The names, addresses,
contact persons and telephone numbers of your employer(s)
- Savings and checking
account information including names and addresses of institutions and
account numbers
- Creditor information
including names and addresses of creditors, account numbers and balances
- Landlord information
including names, addresses and dates of rental
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