Ohio Housing Finance Agency drops interest rates for first time homebuyer program

Posted: 9/21/2010

Columbus Board of REALTORS®

Interest rates are dropping for the Ohio Housing Finance Agency (OHFA) First Time Homebuyer Program! New rates went into effect Monday, Sept. 13, 2010.

First-Time Homebuyer Program
Effective Date: Sept.13, 2010 12:01am

Mortgage Rates

4.25% for loans without 2.5% assistance grant
4.75% for loans with 2.5% assistance grant
4.00% for Ohio Heroes without 2.5% assistance grant
4.50% for Ohio Heroes with 2.5% assistance grant
4.25% for Grant for Grads 2.5% assistance grant

30-year fixed rate FHA/VA/USDA-RD loans are eligible
2-1 buy downs are permitted**
**Please see the underwriting guidelines for specific product information

Fees

$150 Transfer fee to Servicer (US Bank fee)
$79 Tax service fee (US Bank fee, not to exceed $90)
1% origination fee
Additional fees may apply to certain products

Effective Dates
Loans must close between September 13, 2010 - February 14, 2011. Mortgage file must be delivered to servicer by February 21, 2011.

Note:
The federal recapture tax provision applies to all loans in this program. View the IRS explanation on recapture of federal subsidy. Please remember, OHFA will reimburse for any recapture tax payments for all loans reserved after March 1, 2006.

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