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Below is the OHFA (Ohio Housing Finance Agency) notice of Rate Change. Before you take your buyers to this program, call your preferred lender (Hopefully me) and have them compare the pricing with their current FHA, VA or Conventional products. Right now I am advising my clients against the OHFA program because other identical loans are available without some of the paperwork, restrictions and fees. FIRST-TIME HOMEBUYER PROGRAM Rates, Fees and Program Requirements Mortgage Rates 30-year fixed rate FHA/VA/USDA RD/conventional loans are eligible 2-1 buy downs are permitted, please check Underwriting Guidelines for specific product Fees 1% origination fee Qualified Borrowers Non-targeted areas: First-time buyer (persons not owning and occupying their principle residence in past three years) Targeted areas: Anyone may purchase, but must reside in the property (view targeted areas) Acreage Limitation Up to two acres (unless additional acreage is required by local health or safety code) Qualified Properties Existing house: 1-unit single family dwelling and duplex up to four units Below is the OHFA (Ohio Housing Finance Agency) notice of Rate Change. Before you take your buyers to this program, call your preferred lender (Hopefully me) and have them compare the pricing with their current FHA, VA or Conventional products. Right now I am advising my clients against the OHFA program because other identical loans are available without some of the paperwork, restrictions and fees. FIRST-TIME HOMEBUYER PROGRAM Rates, Fees and Program Requirements Mortgage Rates 30-year fixed rate FHA/VA/USDA RD/conventional loans are eligible 2-1 buy downs are permitted, please check Underwriting Guidelines for specific product Fees 1% origination fee Qualified Borrowers Non-targeted areas: First-time buyer (persons not owning and occupying their principle residence in past three years) Targeted areas: Anyone may purchase, but must reside in the property (view targeted areas) Acreage Limitation Up to two acres (unless additional acreage is required by local health or safety code) Qualified Properties Existing house: 1-unit single family dwelling and duplex up to four units |
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