New OHFHA program information for first time home buyers.

The following was taken from an email received directly from OHFA.

OHIO FIRST-TIME HOMEBUYER PROGRAM
Effective 03/02/2009 @ 12:01am

Mortgage Rates
5.625% for loans without 2.5% assistance grant
6.125% for loans with 2.5% assistance grant
5.375% for Ohio Heroes without 2.5% assistance grant
5.875% for Ohio Heroes with 2.5% assistance grant
30-year fixed rate FHA/VA/USDA-RD/conventional loans are eligible
2-1 buy downs are permitted, please see the Underwriting Guidelines for
specific product

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
Non-target areas: First-time buyer (persons not owning and occupying their principal residence in past three years)
Target areas: Anyone may purchase, but must reside in the property
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, please see the Underwriting Guidelines for specific product
Spec/Nearly completed house: one-unit single-family dwelling
Modular/Manufactured house: one-unit single-family dwelling, please see the Underwriting Guidelines for specific product
Properties must meet certain sales price limits

Critical Dates
March 2, 2009 to September 2, 2009- Origination period: Loans must close during this period.
September 16, 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.

Home Buyer Experts (HBE) is a buyers only agency with 100% of it's team working for the Real Estate Buyer.

If you are buying a home in the next 6 months and want to learn more about the process from an Exclusive Buyer Agent (EBA). Call HomeBuyer Experts at 330-328-3170 or you can email us.

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