New OHFA loans for recents grads

From Chris Stevens, CBM

We will soon have access to OHFA money so I thought I would go ahead and send this information out. Fingers crossed we are looking at early next month to have this money. If you read this program offers a 2.5% towards the graduate’s down payment or closing costs. The interest rate on this particular program today is 5.50% for a 30 year fixed rate (a bit higher than what a market rate would be but the object is to keep Ohio grads in Ohio).

INFO from OHFA:

GRADUATES CAN NOW OBTAIN FUNDING TO BUY HOMES THROUGH NEW ASSISTANCE PROGRAM
COLUMBUS — Ohio's residents who have earned a college degree now have a new option for getting the financial assistance they need to purchase a home. The Ohio Housing Finance Agency (OHFA) today is announcing the Grants for Grads Program that gives borrowers 2.5 percent of the purchase price of the home to help with down payment and closing costs. Grants for Grads was established through the state's biennial budget in July 2009 as an effort to reduce the number of students leaving the state upon earning their degrees.
"By offering the program, we can better position the state to meet the needs of future graduates as they make plans to build their personal and professional lives in Ohio after college," said Ohio Governor Ted Strickland. "Retaining educated and qualified graduates will also help to attract new jobs and prevent others from leaving the state."
Participants must have graduated from an Ohio high school and apply for the program within 18 months of earning an associate, bachelor's, master's, doctoral or other postgraduate degree. Funding will be awarded as a second mortgage loan that carries a zero percent interest rate and is forgivable after five years. Homebuyers who move out of Ohio prior to the five-year time period would be responsible for paying a portion of the assistance back to OHFA.
"We look forward to working with talented graduates to assist them in achieving their homeownership dream as they begin the next chapter of their lives," said Doug Garver, Executive Director of the Agency. "By working to keep more of our homegrown talent in the state, we can continue to strengthen our communities."
Certain income and purchase price limits do apply and all homes must be used as a primary residence. Additional information for graduates interested in Grants for Grads is available at www.ohiohome.org.


Chris Stevens
Coldwell Banker Home Loans
513-226-2235 (Cell)
1-856-917-1347 (E-Fax)
chris.stevens@mortgagefamily.com