OHFA Home Purchase Options At-A
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)
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