OHIO HOUSING
FINANCE AGENCY
First Mortgage
Loans
Market Rate
Product:
First-Time
Homebuyer
Ohio Heroes:
(.25% discount on
mortgage interest rate)
Next Home:
PROGRAMS AT A GLANCE
Eligibility
• First-time homebuyer: No
ownership interest in primary
residence in the last three
years, or Veteran
• Target Area purchases
• Veteran or active duty
military or member of reserve
components
• Police or correctional officer,
firefighter, EMT, paramedic
• Licensed or certified direct
patient caregiver
• K-12 teacher or administrator
• College professor (12+ hrs)
Loan Type(s)
Minimum
Credit Score
Debt-to-Income
Maximum
• FHA - includes
Steamlined 203(k)
• VA
• USDA-RD
640
• Credit score up to 659:
45%
• Credit score 660+:
50%
• Fannie Mae
HFA Preferred™
(conventional)
680
• Max DTI 45%
(if LTV >95%)
• FHA - includes
Steamlined 203(k)
• VA
• USDA-RD
640
• Credit score up to 659:
45%
• Credit score 660+:
50%
• Fannie Mae
HFA Preferred™
(conventional)
680
• Max DTI 45%
(if LTV >95%)
• FHA - includes
Streamlined 203(k)
• VA
• USDA-RD
640
• Per Automatic
Underwriting System
(AUS)
• Credit score up to 659:
45%
• Credit score 660+:
50%
• Fannie Mae
HFA Preferred™
(conventional)
680
• Max DTI 45%
(if LTV >95%)
• All borrowers purchasing a
principal residence
We Open the Doors to an Affordable Place to Call Home
Fees
• .5% loan origination fee
• $85. tax service (net
funded)
• $100. OHFA admin fee
• $350. U.S. Bank
funding fee (net
funded)
• .25% Adverse
Market charge (HFA
Preferred™ only)
• U.S. Bank servicer
• .5% loan origination fee
• $85. tax service (net
funded)
• $100. OHFA admin fee
• $350. U.S. Bank
funding fee (net
funded)
• .25% Adverse
Market charge (HFA
Preferred™ only)
• U.S. Bank servicer
• .5% loan origination fee
• $85. tax service (net
funded)
• $100. OHFA admin fee
• $350. U.S. Bank
funding fee (net
funded)
• .25% Adverse
Market charge (HFA
Preferred™ only)
• U.S. Bank servicer
Effective Date: March 20, 2015
Down Payment
Assistance
Eligibility
Loan Type(s)
• FHA [includes 203(ks)]
• VA
• USDA-RD
Down Payment
Assistance: 2.5% of the
purchase price
Grants for Grads:
(.25% discount on mortgage
interest rate)
Closing Cost
Assistance: 1% or 2% of
loan amount
Mortgage Tax Credit
MTC Basic:
Stand alone MTC for
non-OHFA loans
MTC Plus:
Issued with OHFA
Market Rate First-Time
Homebuyer loans
• Using OHFA First-Time
Homebuyer, Ohio Heroes or
Next Home loans
• Fannie Mae HFA Preferred™
(conventional)
• Five-year forgivable second
mortgage (principal reduced
20% per year)
• Some or all repayable if
buyer sells home
• High school diploma or
GED and an associate’s,
bachelor’s, master’s or
doctorate degree within
24 months prior to loan
reservation date
• No ownership interest in
primary residence within last
three years
• Single unit properties only
• Five-year forgivable second
mortgage (principal reduced
20% per year)
• Some or all repayable if
buyer moves out of Ohio
• Using OHFA down payment
assistance with First-Time
Homebuyer, Ohio Heroes or
Next Home loans
• Grant
Minimum Credit Score
• Follows first mortgage
• Lender may charge $75.
processing fee
• Recording fees allowed
640
• Follows first mortgage
• Lender may charge $75.
processing fee
• Recording fees allowed
See Down Payment Assistance
• Follows first mortgage
• N/A
680
Loan Type(s)
Minimum Credit Score
• First-time homebuyer: No
ownership interest in primary
residence in the last three
years, or veteran, unless
purchasing in a Target Area
• Lender selects 30-year fixedrate non-OHFA loan
• 20% credit – Non-target Area
• 25% credit – Target Area
• 30% credit – REO Purchase
N/A
57 East Main Street | Columbus, OH 43215
888.362.6432 | OHIOHOME.ORG
• Any OHFA First-Time
Homebuyer loan, including
down payment assistance,
Ohio Heroes, Grants for
Grads and Target Area
• 40% credit
Fees
640
Eligibility
• First-time homebuyer: No
ownership interest in primary
residence in the last three
years, or veteran, unless
purchasing in a Target Area
Debt-to-Income
Maximum
Government: 640
HFA Preferred™: 680
Debt-to-Income
Maximum
Fees
• N/A
• $500. OHFA loan fee
• Credit score up to 659: 45%
• Credit score 660+: 50%
• Max DTI 45% (if LTV >95%)
•
•
•
•
•
•
John R. Kasich, Governor, State of Ohio | Douglas A. Garver, Executive Director
$250. OHFA loan fee
$250. to Lender (optional)
.5% loan origination fee
$85. tax service (net funded)
$100. OHFA admin fee
$350. U.S. Bank funding fee
(net funded)
• .25% Adverse Market charge
(conventional loan only)