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Ohio Offers $75 Million in Mortgage Financing
COLUMBUS, Ohio -- Some $75 million in state funding for mortgage financing is available to qualified, first-time homebuyers through the Ohio Housing Finance Agency, state officials announced today."This assistance will help hundreds of qualified homebuyers get into their first home," says Bradley, chair of the OHFA Board.The funds are available through the Single Family Mortgage Revenue Bond Program. Homebuyers can choose between two mortgage interest rates including an unassisted mortgage rate or a slightly higher rate, which includes downpayment assistance. This mortgage money is available through more than 50 lenders with over 400 loan origination offices located throughout the state, Bradley says.Down payment assistance is offered statewide as a grant of up to 2% of the loan amount. OHFA's Single Family Mortgage Revenue Bond Program allows Ohio to issue tax-free revenue bonds and use the proceeds for low-interest mortgages for first-time homebuyers and persons purchasing a home located in federal designated target areas."This bond program is just one way the Department of Development is able to help build strong communities," notes State Development Director Bruce Johnson. "Since 1983, more than 85,000 Ohioans have purchased homes through this program."To qualify for this program, applicants must be first-time homebuyers, persons not owning their principal residence in the last three years or persons buying in target areas as designated by the U.S. Department of Housing and Urban Development. Applicants must also meet federal income and sales price guidelines.Visit the Ohio Housing Finance Agency: www.homebuyerohio.com"