1st time homebuyers can get added assitance when working with OHFA and HUD

The Ohio Housing Finance Agency announced that a new incentive from the U.S. Department of Housing and Urban Development and the Federal Housing Administration will allow qualifying Ohioans to purchase HUD-owned homes with a $100 down payment. In addition, buyers will have the opportunity to obtain an FHA mortgage through OHFA, and receive a $2,500 sales allowance that they can put toward home repairs, closing costs or their mortgages.One of OHFA’s most popular programs is its First-Time Homebuyer Program, which offers purchasers conventional loans or FHA, VA and USDA-RD government loans with competitive interest rates. (Income and property limits may apply) A First-Time Homebuyer is defined by OHFA as homebuyers who not had an ownership interest in they primary residence for the past three years. This program is also available to any owner occupant homeowner who purchases in a target area. The 30 yr fixed rate program offers down-payment assistance with the option of a second mortgage in an amount up to 4 percent of a home’s purchase price, or a grant in an amount equal to 3 percent of a home’s purchase price.First-time home buyers who are “Ohio Heroes” – active military personnel, military veterans, firefighters, emergency medical technicians, paramedics, health-care workers, police officers or teachers – can receive a 30-year fixed-rate mortgage at a quarter of a percent less than OHFA’s rate for the First-Time “The current interest rate on a mortgage through the First-Time Homebuyer Program, with no down payment assistance, is 6.125 percent.

OHFA works with over 200 lenders including The Arlington Bank. If you have any questions regarding this program, target areas, income or property limits please contact Brent Diebert at: BrentDiebert@ArlingtonBank.com

Comments are closed.