Bond money rates are increase by .25% effective tomorrow.  Rates are still below market and a great choice for 1st time home buyers that meet the program requirements.  This is one of two program left that can accomplish a no money down purchase.  

FIRST-TIME HOMEBUYER PROGRAM

Rates, Fees and Program Requirements

Effective 06/17/2008 @ 12:01 am

Mortgage Rates

 6.125% for loans without 3% assistance grant

 6.625% for loans with 3% assistance grant

 8.125% for 4% Second Mortgage

 5.875% for Ohio Heroes without 3% assistance grant

 6.375% for Ohio Heroes with 3% assistance grant

 7.875% for Ohio Heroes Second Mortgage

  30-year fixed rate FHA/VA/RHS-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 (US Bank fee)

 $79 tax service fee (US Bank fee)

 .25% Adverse market fee (Fannie Mae fee conventional loans only) 

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.

 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: one-unit single-family dwelling and duplex up to four units, please check Underwriting Guidelines for specific product

 Spec/Nearly completed house: one-unit single-family dwelling

Modular/Manufactured house: one-unit single-family dwelling, please check Underwriting Guidelines for specific product

 Properties must meet certain sales price limits