Tim's Blog

OHFA Lowers Rate effective 9/14/2007 (However not the best for your client)

Tim Bradford (AllOhioMortage - Personal Website) — Sun, 04 Nov 2007 22:46:43 -0600

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
Effective 09/14/2007 @ 8:00 am
Mortgage Rates
6.25% for loans without assistance grant
6.65% for loans with 2% assistance grant
8.25% for 4% Second Mortgage

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
$150 transfer fee to master servicer
$20 OHFA review fee
$79 tax service 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)
Everyone must meet certain household income limits

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
Spec/Nearly completed house: 1-unit single family dwelling
Modular /Manufactured house: 1-unit single-family dwelling, please check Underwriting
Guidelines for specific product
Properties must meet certain sales price limits