COLUMBUS – May 29, 2012 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) today announced a limited time offer for first-time homebuyers interested in purchasing a newly constructed home. Effective May 15, 2012 through August 31, 2012, OHFA is waiving the current .25 percent additional rate charge for its New Home Sweet Home program.
OHFA’s New Home Sweet Home program is an extended lock option for homebuyers who purchase a new home and want to use OHFA’s first-time homebuyer programs. The program allows homebuyers to obtain a conditional loan reservation which provides a lock on their mortgage interest rate for up to 180 days while a builder completes the construction of the home. Typically, the interest rate at the time of reservation is set at .25 percent higher than OHFA’s standard rate. However lenders can offer a rate lock at OHFA’s standard interest rate without the additional interest charge with the special offer.
“Summer is often the time when many future homebuyers begin the process of building a new home,” said OHFA Executive Director Doug Garver. “This is the perfect time to offer this incentive to encourage first-time homebuyers to take advantage of the New Home Sweet Home program and construct the home of their dreams with the help of OHFA’s competitive interest rate.”
Government-insured 30-year fixed rate loans including traditional FHA, VA and USDA-RD loans are eligible for the New Home Sweet Home program. Participating borrowers must not have owned a home in the previous three years, be a military veteran or purchase a home in a federally designated targeted area. Certain income and purchase price limits apply and all homes must be used as a primary residence. For more information, visit www.ohiohome.org.
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About the Ohio Housing Finance Agency
OHFA is a self-supporting quasi-public agency governed by an eleven member board. The Agency uses federal and state resources to provide housing opportunities for families and individuals through programs designed to develop, preserve and sustain affordable housing throughout the state of Ohio. OHFA is also an active partner in the interagency team which coordinates the Save the Dream Ohio Initiative designed to stop preventable foreclosures.
Email: aalston (at) ohiohome (dot) org