If the applicant has owned a mobile home in the past regardless of how it was titled, ... To educate borrowers about the home buying process and provide additional educational ...
“We open the doors to
an affordable place to call home.”
Closed Loans to Ohio homebuyers:
Over $9 billion in mortgages and over 140,000 Ohio households funded through OHFA
Ohio Heroes program
.25% Rate Reduction on current rate for:
(Documented exceptions considered)
OHFA Credit Score Requirements:
600 without OHFA financial assistance
620 with OHFA financial assistance
2006-07 average = 690
2009 average = 650
2010 first quarter average = 670
Grants for Grads
Purpose of Program:
Offer financial incentive to recent college graduates toward the purchase of a home in Ohio.
Encourage our home grown talent to stay in Ohio.
The Grants For Grads Program provides down
payment assistance equal to 2.5% of the home
purchase price in the form of a forgivable second
CURRENT MORTGAGE RATE: 5.0%
First time homebuyer
– no ownership interest in primary residence in
prior three years
Single family home purchases only
Borrower to occupy home in 60 days of closing and use as a primary residence
Ohio Resident at time of High School Graduation
Graduate from an Ohio High School, or
Proof of parent’s residency at time of high school graduation
GED not eligible at this time
Graduate from any accredited college or university
Receive one of the following degrees within the 18 months from a college or university:
Proof of graduation
- Diploma from high school and college/university
What about a degree from a “Technical College”?
The Ohio Board of Regents has determined that a degree from an approved Technical College is equal to an associates degree.
Interest rate is same as OHFA unassisted Rate (currently 5.0%)
Homebuyer Education required
Income limit is 140% of area median income
Program cannot be combined with other OHFA down payment programs or Ohio Heroes.
Loan Program Benefits:
2nd mortgage is forgiven over five years
Repayment required if borrower moves out of Ohio within first five years.
Repayment not required if borrower moves out of the house but stays in Ohio.
Repayment not required if borrower sells the house but stays in Ohio.
Mortgage Credit Certificate (MCC) Program
the end of each year after deductions have been taken.
Annual tax credit rates:
(20%) Credit for non-target areas
(25%) Credit for target areas
(30%) Real estate owned (REO)
Credit is valid for each year of homeownership
Annual Interest x % = yearly credit
MCC Program Guidelines follow same guidelines as First
Time Homebuyer Program
MCC Program Exceptions
Ownership status of borrower*
Two options for credit:
Buyers are strongly encouraged to consult a tax professional for advice on claiming the credit.
Rate cannot be 100 basis points or
more above the current Freddie Mac
Primary Mortgage Market Survey
Type: Reservation Commitment
Existing 60 days 30 days
New 90 days 60 days
REO 120 days 90 days
Homebuyer Education Program
To educate borrowers about the home buying process and provide additional educational resources to improve their chances of success as a homeowner.
Who is required to use Homebuyer education?
OHFA borrowers requesting additional financial assistance from OHFA.
Courses offered through HUD-approved housing counseling agencies
OHFA Streamlined education program
HUD approvedCounseling Agencies:
Available for all 88 counties
Counselor will complete counseling and send certificate to OHFA
OHFA will upload the certificate and notify lender
Benefits of Homebuyer Education?
Increase knowledge of responsibilities of Homeownership
Better financial management of homeowner’s resources
Prepare homeowner for potential financial emergencies
Avoid financial crises regarding monthly expenses
Ohio Housing Conference
November 30- December 2, 2010
Columbus Convention Center
The Ohio Housing Finance Agency (OHFA)
The Ohio Capital Corporation for Housing (OCCH)