Veteran exemption available through First-Time Homebuyer Program
COLUMBUS, January 15, 2008 – Buying a home now may be an option for more Ohio veterans. A temporary exemption allows veterans who may have owned a home in the past three years to qualify under the Ohio Housing Finance Agency’s (OHFA) First-Time Homebuyer Program. Traditionally, borrowers qualify for the program by being a first-time homebuyer, not owning their principle residence for at least three years, or purchasing a home in a targeted area.
“We are proud to offer this extended flexibility and the opportunity for homeownership to veterans who have served our country,” said Doug Garver, Executive Director for the Agency. “This exception allows us to further our mission of opening the doors to an affordable place to call home for even more Ohioans.”
A change in the Internal Revenue Service tax code in 2007 created an exception to established First-Time Homebuyer Program guidelines. Any veteran who has received an honorable discharge from the military is now able to use the First-Time Homebuyer Program even if they have owned a home previously.
The First-Time Homebuyer Program offers low, competitive mortgage rates to homebuyers through the My Ohio Mortgage conventional loan or FHA, VA and USDA-RD government loans. OHFA partners with lenders throughout the state to make these attractive loan options available to borrowers. Each of these 30-year, fixed-rate loans is available to consumers based on their household income.
The program offers down payment assistance with the option of a second mortgage in an amount up to four percent of the purchase price of the home or a grant in an amount equal to two percent of the purchase price of the home. To learn more about the program or to apply, borrowers should visit a participating lender. To find a list of lenders in each county, visit http://www.ohiohome.org/homebuyer/default.htm Most lenders require a current paycheck stub and three years of signed tax returns, but may request other documentation, including a veteran’s discharge papers.
OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce or their designees, and both serve as ex officio voting members.