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Opportunity Loan Refinance Program 
OPPORTUNITY LOAN REFINANCE PROGRAM DISCONTINUED
We are unable to continue the Opportunity Loan Refinance Program due to the expiration of our contract for Mortgage Pool Insurance and due to limited access to the capital markets.
All applications for the Opportunity Loan Refinance Program must be submitted to MGIC for underwriting by December 1, and must receive underwriting approval by December 31.
OHFA will continue to evaluate other options to help borrowers in adjustable rate mortgages to refinance their loans.
OHFA’s Opportunity Loan Refinance Program assists homeowners whose current mortgages no longer meet their financial needs. The program offers an affordable 30-year, fixed-rate financing alternative at a competitive rate.
Is the Opportunity Loan Right For Me?
Do you have an adjustable rate mortgage (ARM) that’s about to reset? Did you finance your home with an interest-only or a high-rate loan? Has an unplanned event like a medical emergency, divorce, or change in employment made it difficult to pay your mortgage? The Opportunity Loan Refinance Program may be able to help you obtain a new mortgage that better meets your needs.
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Do I Qualify?
OHFA’s underwriting guidelines for the Opportunity Loan Refinance Program take into consideration circumstances such as temporary loss of income or adjustment to your mortgage interest rate that may have affected your payment history. You must, however, meet certain minimum requirements including:
- Loan-to-Value
Loans may not exceed 100% of the current appraised value. - Qualifying Income
You must be able to afford the payment of the Opportunity Loan, including principle, interest, taxes, and insurance. - Income Limits
Household income may not exceed 125% of the county's median gross income. Check income limits by county. - Residence Criteria
You must live in the home being refinanced. Eligible properties include single-family detached housing, condominiums, townhouses, modular, and planned unit developments. Two to four-unit properties and mobile or manufactured homes are not currently permitted. - Borrower Education
Opportunity Loans require a minimum of four hours of HUD-approved counseling. Typically, counseling 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, visit www.hud.gov.
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Loan Process
To obtain a mortgage through the Opportunity Loan Refinance Program, you must work with a participating lender and follow the program’s loan process. Keep in mind that your loan will require a full appraisal to determine the current value of your home.
Lending institutions throughout Ohio work with OHFA to offer the Opportunity Loan Refinance Program, and your lender can assist you in determining which home loan best fits your needs. Find a lender.
To prepare to meet with your lender, download the Opportunity Loan Refinance Program Loan Process and Checklist from our download center.
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Additional Financial Resources
If you qualify for the Opportunity Loan, you may be able to take advantage of the following options:
- Second Mortgage Option
The Opportunity Loan Refinance Program offers additional financial assistance through a second mortgage option. The second mortgage can be used to help pay for loan closing costs or fees associated with your existing mortgage, such as escrow payments, pre-payment penalties, late fees, attorney fees, or other financing charges. The 20-year, fixed-rate second mortgage is available at an amount up to 5% of the appraised value of your home. - Reimbursable Expenses
With proper documentation, you may be reimbursed for out-of-pocket expenses for an appraisal, credit report, or any up-front hazard insurance payments.
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Other Options
More than 5,000 Ohioans face losing their homes each month. Don’t be one of them. If you find you do not qualify for the Opportunity Loan Refinance Program, many other options may be available to help you avoid foreclosure. Learn more...
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Downloadable Information
You can download the Opportunity Loan Refinance Program Brochure, Fact Sheet, and Loan Process and Checklist from our download center.
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Questions?
Your lender and/or real estate agent can guide you through the refinancing process and answer any questions you may have regarding the Opportunity Loan Refinancing Program. You can also check out our homeownership FAQs.
If you need additional information, please contact:
Office of Homeownership
Ohio Housing Finance Agency
57 East Main Street
Columbus, Ohio 43215
888.362.6432
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The Ohio Housing Finance Agency is an Equal Opportunity Housing entity. Loans are available
on a fair and equal basis regardless of race, color, religion, sex, familial status, national origin, military status, disability or ancestry.
