Program Description

The opportunity Loan is a refinance program that provide an affordable 30-year, fixed-rate financing alternative to borrowers who have a current mortgage that is no longer suitable for their financial situation.

Second Mortgage option

• To assist you with closing cost, the Opportunity Loan offers financial assistance. This 20-year fixed-rate second mortgage is available up to five percent of the appraised value of the home. The second mortgage may also be used to pay fees associated with your existing mortgage, including escrow payments, pre-payment penalties, late fees, attorney fees or other financing charges.

Borrower Education

• A minimum of four hours of HUD-approved counseling is required. Typically, this includes two hours during an initial meeting and an additional two hours of one-on-one counseling. All counseling must be completed before closing the loan. OHFA also requires counseling if a mortgage payment under the newly-refinanced loas is 30 or more days late. For a list of available counselors, please visit www.hud.gov.
• OFHA will reimburse you up to $600 to cover the cost of pre-purchase, HUD-approved homebuyer counseling.

Eligibility
Due to recently expanded underwiting guidelines, certain credit issues on your current mortgage in the last 12 months may be acceptable.

• Your household's include may not exceed 125 percent of the county's area median gross include. Please visit www.ohiohome.org for more information, as income limits vary by county.
• You must live in the home that is being refinanced. Eligiable properties include single-family detached housing, condominiums, townhouses. modular and planned unit developments.
• Two to four unit properties, mobile or manufactured home are currently not permitted.
• While we strive to assist as many borrowers as possible, applicants must qualify using the expanded underwriting guidelines.

Additional Information

• With proper documentation, you may be reimbursed for out-of-pocket expenses for an appraisal, credit report or any up-front hazard insurance payments.
• A full approaisal is required to determine the current value of the home.
• Mortgage insurance is required for loans that have a greater than 80 percent loan-to-value ratio.