OHFA First Time Homebuyer Program Offers Low Interest Rates on Mortgages
September 22nd, 2010 categories: For Buyers
Interest rates are dropping for the OHFA First Time Homebuyer Program! The new rates went into effect Monday, September 13, 2010. This is great news for home buyers in the greater Cincinnati area.
First-Time Homebuyer Program:
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
Make sure you are a qualified buyer and purchasing a qualified property within the acreage limitation.
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.
OHFA has helped lots of first time homebuyers and if you need to talk a OHFA qualified lender-let me know and I will have one contact you.
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