by Erin LaBuda
Effective Monday February 2nd OHFA will begin offering a new bond program with an interest rate (to be announced this Friday) with a 2.5% grant. The grant can be used for down payment and closing costs. This can be used for FHA, VA, and conventional. (RD will also be available once Congress appropriates funding)
 
Home buyer counseling is going to be required for the grant program. This will be done through OHFA’s web site for the borrower’s information booklet, completion of budget, and then a 1 hour phone conversation with a housing counselor.
 
There is 60 million allocated in this issue.
 
Who is eligible? First time buyers (not owned in last 3years), all veterans, and if property is located in a targeted area any owner/occupant