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The Ohio Housing Finance Agency can
help your homeownership dreams become a reality through its First-Time
Homebuyer Program.
OHFA's First-Time
Homebuyer Program provides borrowers with the flexibility of
choosing a mortgage product that best meets their needs by offering
competitive, fixed interest rates on 30-year conventional loans and FHA, VA, and USDA
Rural Development government mortgages. 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.
No, there are several options available for those people
who have purchased homes in the past.
The First-Time
Homebuyer 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
census tracts, street, township, village or other designation.
Your lender and real estate agent can guide you through
the homebuying process and should be able to answer any questions
you may have regarding the program. If you need additional information,
call the Office of Homeownership at (614) 466-3821 or 1-888-362-6432.
OHFA's program funds are originated through a network of
participating lenders with more than 400 offices statewide. Contact
a participating
lender in your area.
You may, depending on the specific program. OHFA 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 3% 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. If you do not qualify
for this assistance, your lender can work with you to identify other
down payment assistance options or discuss the minimum amount needed
to purchase a specific home.
OHFA's Homebuyer Programs are 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. To qualify, homebuyers must also meet established income
limits and home sales
price limits. Sales price limits vary according to whether a
home is new or existing, or if it is in a target or nontarget area.
No, the Homebuyer Programs are 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 anywhere in Ohio.
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 census tracts, street, township, village or other
designation.
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.
Everyone must meet certain home sales
price limits to qualify for the program. Maximum sales prices
vary according to location and are based on whether a home is new
or existing or if it is in a targeted or nontargeted area.
Homebuyers must meet certain
income limits to qualify for the program. These limits vary
according to location and are based on whether a home is in a targeted
or nontargeted area.
Homebuyers apply for and receive mortgage loans through
a network of participating
lenders covering all 88 counties in the state. OHFA does not
offer loans directly to homebuyers.
Your lender and real estate agent can guide you through
the homebuying process and should be able to answer any questions
you may have regarding the program. If you need additional information,
call the Office of Homeownership at (614) 466-3821 or 1-888-362-6432.
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
The lender may also require that you pay an application
fee at the time of application.
Your lender and real estate agent can guide you through
the homebuying process and should be able to answer any questions
you may have regarding the program. If you need additional information,
call the Office of Homeownership at (614) 466-3821 or 1-888-362-6432.
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