OHFA loan update

The Ohio Housing Finance Agency has lowered their rates. They offer 30 year fixed rate conventional and FHA loans with a 3.5% down payment and VA loans with 0 down. They offer job loss protection at no additional cost. They require a home buyer counseling class, which has gotten great reviews by some of my buyers.

The rates are now 5.625% or 6.125% with assistance of 2.5% of the purchase price to go to closing costs or the down payment. This is the lowest down payment available now.

There are some limits. For households of 1 or 2 people the maximum income is $65,300 and for 3 or more people the limit is $75,095. Also, the purchase price has to be under $276,750 for a single family residence. Ask your lender for more information.