COLUMBUS, OH – October 8, 2012 – (RealEstateRama) — Today, the Ohio Housing Finance Agency (OHFA) announced the lowest fixed mortgage interest rates in the Agency’s history for its First-Time Homebuyer Program.
“The new rates put first-time homebuyers in an even better position to purchase a home with affordable and secure financing,” said Doug Garver, Executive Director of the Agency. “OHFA is pleased to continue to provide the financial support Ohio families need to open the doors to a new home.”
Effective today, the rates are three percent without down payment assistance and three and a half percent with down payment assistance. Visit OHFA’s website at www.ohiohome.org to view a complete listing of available mortgage rates for various loan products. The rates are subject to change at any time.
The First-Time Homebuyer Program offers low, competitive mortgage rates to homebuyers through conventional loans along with FHA, VA and USDA-RD government loans. OHFA works with lenders throughout the state to make these loan options available to borrowers. Each of the 30-year, fixed-rate loans is available to consumers based on their household income. The program offers an option for a down payment assistance grant equal to two and one half percent of the purchase price of the home.
Borrowers can qualify for the program by being a first-time homebuyer, not owning a principal residence for at least three years or by purchasing a home in a targeted area.
Consumers interested in the First-Time Homebuyer Program may visit www.ohiohome.org for more information and a list of participating lenders in each county.
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About the Ohio Housing Finance Agency
OHFA is a self-supporting quasi-public agency governed by an eleven-member board. The Agency uses federal and state resources to provide housing opportunities for families and individuals through programs designed to develop, preserve and sustain affordable housing throughout the State of Ohio. OHFA is also the administrator of the state’s foreclosure prevention program, Restoring Stability: A Save the Dream Ohio Initiative.
Email: aalston (at) ohiohome (dot) org