Lovingly called OHFA, the Ohio Financing Agency’s First Time Home Buyer Program has helped to fuel some of the greater Cincinnati housing recovery. Many moons ago I provided information about the program Recently the agency took the opportunity to pat itself on the back and published the following statistics about OHFA.
- Recent statistics show that 55,000 homes were sold in Ohio from January to July of this year.
- Of those 55,000 homes, nearly 40 percent of the homes sold during that time were purchased by first-time home buyers.
- Loans closed by the Ohio Housing Finance Agency accounted for nearly 11 percent of the homes sold in Ohio to first-time home buyers.
- OHFA is always working to make the loan process more efficient and accessible for low- to moderate-income Ohioans.
- Home buyers can obtain a lock on their mortgage interest rate for up to 180 days while construction of a new home is being completed.
Plus many buyers don’t know that:
- The Agency also offers programs for buyers needing financial assistance for down payment or closing costs and for buyers who have recently received a college degree.
- Buyers who are veterans or in the medical, public safety, law enforcement or teaching fields may qualify for OHFA’s Ohio Heroes Program offers a .25 percent reduction on our current interest rate for those who are employed full time* in one of these fields and hold a state license or certification in that profession as long as the borrower lives in the home.
All in all, OHFA has provided a much needed boost to the greater Cincinnati real estate market and if you need the names of lenders or help finding a property to purchase- help is only a phone call away!