Special Mortgage Rates for Teachers
Teachers are responsible for shaping the future through the education and encouragement they provide to our young people. All of us can probably remember a time when a teacher made an impact in our lives. For everything they do, educators deserve our unending thanks—not to mention a special rate on their home loan!
Teachers are among the public servants who can qualify for reduced mortgage rates and other perks through the Ohio Housing Finance Agency’s (OHFA) Ohio Heroes program. To qualify for a discounted rate through this program, potential borrowers must meet the following criteria:
- Must meet income and purchase price limits.
- Must meet debt to income ratios for your loan type.
- Must meet credit score requirements.
- Conventional, USDA, VA and FHA 203(k) Loans: 640 credit score or higher
- FHA Loans (Non-203[k]): 660 credit score or higher
- Must work in one of the following careers:
- Veterans, active-duty military members or members of reserve components (including surviving spouses)
- Police officers, firefighters, volunteer firefighters, EMTs and paramedics
- Physicians, nurse practitioners, nurses (RN and LPN) and STNAs
- Teachers (pre-K through grade 12), administrators and counselors
Homebuyers who choose an Ohio Heroes loan can also qualify for down payment assistance through the program. This assistance is forgiven after seven years of homeownership. Should the purchaser sell or refinance the home within seven years, the full amount of the assistance must be repaid.
Of lenders in the state who take part in this program, First Ohio ranks number two for mortgages issued! If you’re an educator and would like to know more about securing a loan through this program, please contact the mortgage experts at First Ohio Home Finance.
