Monthly Archives: June 2018

//June
25 06, 2018

Grants for Grads

June 25th, 2018|Buying a home|

The Ohio Housing Finance Agency’s (OHFA) Grants for Grads provides a discounted mortgage interest rate for recent graduates as an additional incentive for you to make Ohio your home. Grants for Grads includes 2.5% or 5% down payment assistance. Down payment assistance is forgiven after five years as long as you remain in the state of Ohio. If you sell your home and move out of Ohio within five years, you must repay some or all of the assistance provided.

Eligibility Requirements

You may qualify for an OHFA homebuyer program if you meet the criteria listed below:

  • You have not owned or had an ownership interest in your primary residence in the last three years.
  • You meet income and purchase price limits.
  • You meet credit score requirements.
  • Conventional, USDA, VA and FHA 203(k) Loans: 640 or higher
  • FHA 203(b) Loans: 660 or higher
  • You meet debt to income ratios for your loan type.

Qualified buyers are required to complete free homebuyer education. OHFA’s streamlined education program allows you to complete a course offered by any U.S. Department of Housing and Urban Development (HUD)-approved counseling agency in Ohio. Please note, OHFA homebuyer education is not completed until after homebuyer has submitted their loan application with their loan officer.

First Ohio Home Finance is a participating lender in the Grants for Grads program and can help you with the loan process and guide you through the Grants for Grads program. Depending on the location you are looking to buy a house in, your […]

12 06, 2018

Refinancing 101

June 12th, 2018|Refinance|

Refinancing Available to You!

If your monthly mortgage payment is burning a hole in your pocket, or you have an adjustable-rate mortgage and want to switch to a fixed rate, or you just need some extra cash, refinancing your mortgage can be a great option to consider.

There are two ways to refinance a mortgage:

Rate-and-term financing: Usually, the remaining mortgage amount is refinanced for a lower interest rate or a shorter loan term. For example, switching from a 30-year loan to a 15-year to save money and build equity quickly.

Cash-out refinancing: A cash-out refinance is when you refinance your mortgage for more than you owe and take the difference in cash. It’s called a “cash-out refi” for short.

If you’re still unsure if you’re ready to refinance, check out the steps below to make sure you’re ready.

Run a Credit Check

Having okay credit doesn’t mean you can’t refinance, but having good or excellent credit will get you a lower interest rate for your new loan. Run a credit report before you apply to make sure there are no glaring issues that may hinder a loan or lower rate.

Find a Lender

At First Ohio Home Finance, we can help you during each step of the refinance process.We’re knowledgeable about different loan programs, we know the current rates, and we’re patient in answering your questions.

Apply for the Loan

The next step is to fill out the loan application and review the loan estimate you should have received from your lender. This estimate compiles the details of your loan offer. Your lender will ask you to provide proof of your income and check […]

5 06, 2018

3 Things to Know About Getting a VA Loan

June 5th, 2018|Buying a home, Mortgage 101, Tips & Advice|

Veterans Affairs mortgages, better known as VA loans, make it easier for veterans to get financing to buy a home. VA loans do not always require a down payment and are available to military veterans and active military members. These home loans are made through private lenders and are guaranteed by the Department of Veterans Affairs, so they do not require mortgage insurance. There’s no minimum credit score requirement.

 

The VA loan remains one of the few mortgage options for borrowers who don’t have the money for a down payment. VA loans are somewhat easier to qualify for than conventional mortgages. The U.S. Department of Veterans Affairs is not a direct lender. The loan is made through a private lender and partially guaranteed by the VA, as long as guidelines are met.

If you think you may be eligible for a VA loan, here are some things you must know about the program.

Qualifications For A VA Loan

Most members of the regular military, veterans, reservists and National Guard are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability also can apply. Active-duty military personnel generally qualify after about six months of service. Reservists and members of the National Guard must wait six years to apply, but if they are called to active duty before that, they gain eligibility after 181 days of service.

Associated Costs

Although the costs of getting a VA loan are usually lower than they are for other types of mortgages, they still carry a one-time funding fee that varies, depending on the down payment and the type of veteran. […]

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