First-Time Homebuyer Program provides a secure option for borrowers
COLUMBUS, OH – September 13, 2010 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) today reduced mortgage interest rates on loans through its First-Time Homebuyer Program to the lowest rates in the Agency’s history. Even more Ohio families can now purchase a home using OHFA’s fixed-rate financing option.
“This rate change will provide Ohio’s homebuyers with affordable and secure financing,” said Doug Garver, OHFA Executive Director. “We are pleased to offer more options for low-to moderate-income borrowers while encouraging sustainable homeownership.”
The rates today are 4.25 percent without down payment assistance and 4.75 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 conventional loans and 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 an option for a down payment assistance grant equal to two and one half percent of the purchase price of the home.
Traditionally, borrowers qualify for the program by being a first-time homebuyer, not owning their principal residence for at least three years, or purchasing a home in a targeted area.
A change to the Internal Revenue Service tax code provided a temporary exception to program guidelines, allowing veterans who have received an honorable discharge from the military to 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.
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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 an active partner in the interagency team which coordinates the Save the Dream Ohio initiative designed to stop preventable foreclosures.