FIRST-TIME HOMEBUYER PROGRAM
Effective 04/06/2009 @ 12:01am
Mortgage Rates
5.50% for loans without 2.5% assistance grant*
6.00% for loans with 2.5% assistance grant
5.25% for Ohio Heroes without 2.5% assistance grant*
5.75% for Ohio Heroes with 2.5% assistance grant
30-year fixed rate FHA/VA/USDA-RD/conventional loans are eligible
2-1 buydowns are permitted-please see the Underwriting Guidelines
(UG) for specific product information
*The second mortgage rate for borrowers who utilize OHFA’s Housing Tax Credit Advantage (HTCA) Program will be 1% higher than their unassisted rate.
Fees
1% origination fee
$150 transfer fee to Servicer (US Bank fee)
$79 tax service fee (US Bank fee) (not to exceed $90)
.25% Adverse market fee (conventional loans only)
Qualified Borrowers
A first-time buyer is someone who has not owned or had an ownership interest in his/her principal residence in the last three years or a qualified military veteran. Target Area Loan Applicants do not have to be first-time buyers. Everyone must meet certain household income limits.
Acreage Limitation
Up to two acres inside a municipal corporation
Up to five acres outside a municipal corporation
(Unless additional acreage is required by local health or safety code)
Qualified Properties
Existing house: one-unit single-family dwelling and duplex up to four units–see UG
Spec/Nearly completed house: one-unit single-family dwelling
Modular/Manufactured house: one-unit single-family dwelling–see UG
Properties must meet certain sales price limits
Critical Dates
April 6, 2009–October 5, 2009- Origination period: Loans must close during this period. October 19, 2009- Deliver mortgage file to master servicer by this date.
Note: The recapture tax provision applies to all loans in this program. View this IRS link for an explanation on recapture of federal subsidy.
If you are a first time homebuyer and are in need of an EXPERIENCED realtor, please call Charlene Fay at
513-602-9000 or visit CincinnatiAreaListings.com and start your search today!
