OHIO HOUSING FINANCE AGENCY ANNOUNCES HISTORIC LOW INTEREST RATES FOR OHIO’S FIRST-TIME HOMEBUYERS

FOR IMMEDIATE RELEASE
January 29, 2004

Columbus, OH -- Lieutenant Governor Jennette Bradley announced today that mortgage interest rates for funds offered through Ohio’s First-Time Homebuyer’s Program have been lowered for qualified homebuyers to record lows. The Ohio Housing Finance Agency, within the Ohio Department of Development, administers the First-Time Homebuyer’s Program.

“I am thrilled that we can offer such historic mortgage interest rates to first-time homebuyers in Ohio,” said Bradley, chair of the OHFA Board. “Theses favorable rates will make the American Dream of homeownership a reality for more Ohioans.”

Perspective homeowners not using downpayment assistance may qualify for a mortgage rate starting at 4.875 percent, down from 5.50 percent. Buyers using downpayment assistance may qualify for a new rate as low as 5.375 percent, down from 5.90 percent. Downpayment assistance is offered through OHFA’s Single Family Mortgage Revenue Bond Program as a grant of up to two percent of the homes purchase price and is available on a first-come, first-serve basis.

“The First-Time Homebuyer’s Program continues to help thousands of Ohioans get into their first home,” said State Development Director Bruce Johnson. “In addition, by offering this program, we continue to help strengthen Ohio’s housing market, which has enjoyed remarkable performance over the last few years due to record-low interest rates.”

Homebuyers can secure the lower rates at more than 50 lenders representing approximately 400 loan originating offices throughout Ohio. To qualify, applicants must be first-time homebuyers, persons that have not owned their residence in the last three years or persons buying homes in designated targeted areas. Applications are subject to federal income and purchase price limits that vary from county to county.

OHFA’s Single Family Mortgage Revenue Bond Program is funded through the sale of tax-free revenue bonds whose proceeds make low-interest rate mortgages available for first-time homebuyers. Since its inception in 1983, OHFA has assisted more than 85,000 Ohioans in purchasing their first home through this program. In 2003, more than 1,200 families became homeowners through OHFA’s First-Time Homebuyer’s Program.

For more information about the program and participating lenders, potential homebuyers may contact OHFA toll-free by phone at 1-888-643-2636 or visit www.Homebuyerohio.com.