Program Description
My Ohio Mortgage is a Fannie Mae conventional loan product that offers moderate and low-income homebuyers with low downpayment options and flexible terms to assist with the purchase of a home.
Program Highlights
- Minimum homebuyer out of pocket of $500
- Fixed interest rate
- 1 percent origination; zero discount points
- Loan-to-value up to 100 percent
- Less than perfect credit histories and nontraditional credit accepted
- Section 8 homeownership vouchers accepted as income
- Community Solutions option with additional flexibility for teachers, police officers, firefighters and health care workers
Eligible Buyers
First-time homebuyers (persons not owning or occupying their principle residence in the last three years), or anyone purchasing a home in a targeted area.
Targeted Area
An economically distressed area as designated by the U.S. Department of Housing and Urban Development. For a list of Ohio targeted areas go http://www.odod.state.oh.us/ohfa/
Maximum Family Income Limits
| |
Non-Target |
Target |
| 1-2 Person Households |
$64,000 |
$76,800 |
| 3 or more Person Households |
$73,600 |
$89,600 |
Maximum Sales Price Limits
Columbus (Delaware, Franklin, Licking, Madison, Morrow, Pickaway counties)
| New and Existing Homes |
Non-Target |
Target |
| 1-Family |
$247,264 |
$302,212 |
| 2-Family |
$278,497 |
$340,385 |
| 3-Family |
$338,361 |
$413,553 |
| 4-Family |
$390,416 |
$477,176 |
Contact
For more information on participating lenders visit Ohio Housing Finance Agency?s website at
www.ohiohome.org or call 1-888-OHFA-NFO (643-2636)