COLUMBUS – January 28, 2008 – The Ohio Housing Finance Agency (OHFA) today lowered interest rates on loans through its First-Time Homebuyer Program. Even more Ohio families can now purchase a home using OHFA’s fixed-rate financing option.
“We are pleased to offer homebuyers increased flexibility with secure financing and even lower rates,” said Doug Garver, Executive Director. “With so many Ohioans now in the market to buy a new home, our loans are a great option for borrowers who may not have been able to afford a home previously.”
The rates today are 5.375 percent without down payment assistance and 5.775 with down payment assistance. These rates are subject to change at any time.
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.
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. OHFA recently announced a change to the Internal Revenue Service tax code that created a temporary exception to program guidelines. Veterans who have received an honorable discharge from the military may utilize the First-Time Homebuyer Program even if they previously have owned a home.
Consumers interested in the First-Time Homebuyer Program should visit www.ohiohome.org for more information and a list of participating lenders in each county.
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.
