Tuesday, February 3, 2009

OHFA follow-up

As you saw in my post a few days ago the Ohio Housing Finance Agency (OHFA) brought back its down payment assistance grants. I just received the news about their interest rates. Currently, a 30 year fixed rate OHFA loan has an interest rate of 6.375% whereas an FHA loan is 5.5% and a conventional loan is 5.25%. The FHA loan requires a 3.5% down payment and a conventional loan needs a 5% down payment. So, if you have any money saved up, those may be better options for you.

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