Effective July 1, 2015, three changes made to the Ohio Housing Finance Agency (OFHA) “bond” program that opened up more opportunity for first-time home buyers to become eligible. The OHFA program offers competitive rates and down payment assistance to qualifying Ohioans.
Only borrowers whose names appear on the mortgage AND living in the home will have their income counted towards the household income cap. (Previously, the income of all parties living in the home was counted towards the household income cap.)
Historically the borrower had to live in the property for the life of the loan with an OFHA loan. As of July 1, 2015, OFHA documents state the borrower must live in the home for a minimum of one year. This change in policy was also made retroactive and anyone currently with an OHFA loan will be held only to the one year standard.
Grants for Grads Eligibility
Eligibility for the Grants for Grads program has been extended to those who have graduated from an accredited college from 24 months to 48 months.
What is OFHA?
As the state’s affordable housing leader, the Ohio Housing Finance Agency (OHFA) provides opportunities for Ohioans to pursue affordable housing. The agency offers a variety of programs to help first-time homebuyers (and others) find quality, affordable housing that meets their needs.
Thousands of low- and moderate-income Ohioans have purchased homes of their own thanks to OHFA. Their 30-year, fixed-rate mortgage loans make it affordable for qualifying buyers to realize the dream of homeownership.
First-Time Homebuyer Program
To qualify for OHFA’s First-Time Homebuyer program, you must meet at least one of the four qualifying categories below:
1. Have never owned real estate
2. Have not owned or had an ownership interest in your principal residence in the last three years
3. Be an honorably discharged veteran
4. Purchase a home in a target area
Want to find out if you qualify for an OHFA program? Contact a Sibcy Cline Mortgage Loan Officer, a participating OHFA lender.