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If you think all the news regarding real estate is “bad” – how about a little GOOD NEWs? There are great programs out there – you just need to know where to look and how to get involved… Don’t be afraid to ask someone in the real estate community – I’d be glad to talk with you or find a program that may help you!

The OHFA’s Second Mortgage Down Payment Loan program. During the first five months of 2008, over 660 homebuyers, or approximately 30 percent of the participants in OHFA’s First-Time Homebuyer Program, have used a down payment loan to help them purchase their home.

The Second Mortgage Down Payment Loan program allows potential homeowners to receive up to 4 percent of the purchase price of the home on a 20-year mortgage with a rate of up to 2 percent above the First-Time Homebuyer Program rate. This program is just one of the options available through OHFA to help first-time homebuyers and those purchasing homes in targeted areas and can be combined with a first mortgage through the First-Time Homebuyer or Ohio Heroes programs.

Since March, OHFA has helped over 550 Ohioans purchase a home through the Ohio Heroes program. This program helps those homebuyers who are active military personnel, military veterans, firefighters, emergency medical technicians-paramedics, healthcare workers, police officers or teachers to receive a 30-year fixed-rate mortgage at a quarter of a percent less than OHFA’s rate for the First-Time Homebuyer program.

The First-Time Homebuyer Program offers low, competitive mortgage rates to homebuyers through conventional loans or FHA, VA and USDA-RD government loans. OHFA partners with lenders throughout the state to make these attractive loan options available to borrowers. Each of these 30-year, fixed-rate loans is available to consumers based on their household income. As part of the program, homebuyers in need of down payment assistance can choose to use either the down payment loan or a grant in an amount equal to three percent of the purchase price of the home. OHFA increased the maximum sale price permitted in the program effective June 1. Contact www.ohiohome.org for more information.