Ohio Housing Finance Agency
Mortgage Revenue Bond Program
Just in from Ohio Housing.......
If you are a first time home buyer and think you can't buy a house because you don't have money for a downpayment...well there is help out there from the Ohio Housing Finance Agency.
Who qualifies as a first time home buyer for this program? Anyone who has not owned a home in the past 3 years and your household income does not exceed the parameters for your specific area of the state. ( this information can be found on OHFA's website) The First-Time Homebuyer Program mortgage rates are 5.875% unassisted (you have downpayment money) and 6.375% assisted you need downpayment assistance).
The Heroes Program rates will change to 5.625% unassisted and 6.125% assisted. A hero is someone who works as a firefigher, police officer, teacher, active military, reserve and veterans and certain members of the medical community (visit the OFHA website for specifics).
The assistance is a 2.5% down payment/closing cost assistance grant. Borrowers must complete Home Buyer Education in order to qualify.
Please let us know if you have any questions or if we can direct you to a lender familiar with this program. We have had a lot buyers benefit from this program in the past and hope to help many in the future. Once you have your financing in order, we at the Cunnigham Real Estate Group at EXIT One Realty can assist you in finding your new home Thank you