Is ThIs Program
rIghT For me?
am I eLIgIBLe?
The Program
second morTgage oPTIon:
To assist you with closing costs, the Opportunity Loan
offers additional financial assistance. This 20-year fixed-
rate second mortgage is available at an amount 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 loan is
30 or more days late. For a list of available counselors,
please visit www.hud.gov.
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 appraisal 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.
Due to recently-expanded underwriting guidelines,
certain credit issues on your current mortgage in the last
12 months may be acceptable.
Your household’s income may not exceed 125 percent
of the county’s area median gross income. Please visit
www.ohiohome.org for more information, as income
limits vary by county.
You must live in the home that is being refinanced.
Eligible properties include single-family detached
housing, condominiums, townhouses, modular and
planned unit developments.
Two to four unit properties, mobile or manufactured
homes are currently not permitted.
While we strive to assist as many borrowers as
possible, applicants must qualify using the expanded
underwriting guidelines.
A participating lender will assist yo