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Effective 3/30/2009 OHFA will be offering two Down Payment Assistance Options. Qualified buyers can only use one of the two program.
The First is a Grant of 2.50% that can be used towards closing costs or Down Payment. In order to receive this grant the home buyer will pay a rate .50% higher than the OHFA Rate Based program.
The other option is a Loan of up to 3.00 of the sales price of the home that can be paid off on or before July 1, 2010 without any interest cost. The purpose of this loan is to allow a buyer that would otherwise use a portion of the 8,000 Federal Tax Stimulus as their down payment. A homebuyer choosing to use this program will have the option of paying off the loan when they recieve their stimulus Tax Credit Tax refund or letting the loan convert to a self amortizing loan for 15 years at a rate 1.00% higher than their OHFA Rate Based Program. Additional details on this program will be posted as the State of Ohio releases additional information.
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