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
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