HOME REHABILITATION STREAMLINED
203(k) AND ENERGY EFFICIENT
MORTGAGE LOANS (EEM)
OHIO HOUSING
FINANCE AGENCY
888.362.6432 | MYOHIOHOME.ORG
STREAMLINED 203(k)
The Ohio Housing Finance Agency’s (OHFA) Streamlined 203(k) allows
you to combine your mortgage loan and repair costs into one long-term,
fixed-rate mortgage to finance both the purchase and the rehabilitation
of the property. The total mortgage amount is based on the projected
value of the property after all of the repairs and updates have been
completed, including the labor costs. The Streamlined 203(k) product is
available to finance modest repairs up to $35,000. The property must be
a one- to four-family home that has been completed for at least one year.
Cooperative units are not eligible.
ENERGY EFFICIENT MORTGAGE LOANS
Examples of eligible improvements under the
Streamlined 203(k) loan:
• Repair/replacement of roofs, gutters and downspouts
• Repair/replacement/upgrade of existing HVAC
systems
• Repair/replacement/upgrade of plumbing and
electrical systems
• Repair/replacement of flooring
• Minor remodeling, such as kitchens, which does not
involve structural repairs
• Painting, both exterior and interior
• Purchase and installation of appliances, including
free-standing ranges, refrigerators, washers/dryers,
dishwashers and microwave ovens
• Accessibility improvements for persons with
disabilities
• Lead-based paint stabilization or abatement of leadbased paint hazards
• Repair/replace/add exterior decks, patios and
porches
• Basement finishing and remodeling, which does not
include structural repairs
• Basement waterproofing
• Septic system and/or well repair or replacement
Examples of improvements made under an EEM
loan:
• Replacing a furnace/cooling system
• Fixing or replacing a chimney
• Insulating an attic, crawl space, and/or pipes and air
ducts
• Replacing doors or windows
• Installing active and passive solar technologies
As the single largest housing expense after a mortgage payment, your
utility costs can have a direct impact on how large a mortgage you can
afford. You can save money on the cost of utilities by purchasing new
energy-efficient heating and cooling systems or by weatherizing and
insulating older homes. These investments can end up saving you money
through lower utility bills.
AM I ELIGIBLE?
You may qualify for an OHFA First-Time Homebuyer loan if:
• you have not owned or had an ownership interest in your primary
residence in the last three years
• your credit score is 640 or higher
• you meet income and purchase price limits*
The Streamlined 203(k) and EEM can be combined with an OHFA FirstTime Homebuyer or Next Home mortgage loan.
HOW DO I APPLY?
OHFA works with lenders, credit unions and mortgage companies across
the state. Visit our website to find an OHFA-approved lender in your area,
along with tips to help you with the application process. Or call us toll-free
at 888-362-6432.
*Income and Purchase Price Limits
Income and purchase price limits vary by Ohio county and community. For income and
purchase price limits in your area, visit our website at MYOHIOHOME.ORG.
OHFA is an Equal Opportunity Housing entity. Loans are available on
a fair and equal basis regardless of race, color, religion, sex, familial
status, national origin, military status, disability or ancestry.
We Open the Doors to an Affordable Place to Call Home
57 East Main Street | Columbus, OH 43215
888.362.6432 | MYOHIOHOME.ORG
John R. Kasich, Governor, State of Ohio
Douglas A. Garver, Executive Director