STATE DEVELOPMENT DIRECTOR ANNOUNCES INCREASE IN HOME PURCHASE PRICE LIMITS FOR OHIO’S FIRST-TIME HOMEBUYER PROGRAM

FOR IMMEDIATE RELEASE
March 12, 2004

Columbus, OH -- State Development Director Bruce Johnson today announced new, higher home purchase price limits are now in effect for the Ohio Housing Finance Agency’s (OHFA) First-Time Homebuyer Program. OHFA is a division of the Ohio Department of Development.

“Ohioans taking advantage of the First-Time Homebuyer Program will now have more options due to the recent increase in purchase price limits,” Johnson said. “Hopefully, with these changes, more first-time homebuyers will be able to enjoy the benefits of this program.”

With the recent changes, the maximum purchase price of a single-family home financed through the First-Time Homebuyer Program ranges from $189,682 to $319,877, based on the home’s county. The limits may be even higher in federally-designated targeted areas of Ohio.

The new limits are based on federal limits recently released by the U.S. Department of the Treasury. The increases in these limits recognizes the continuing rise in home sales prices, and its impact in denying potential homebuyers the benefit of OHFA’s First-Time Homebuyer program. In some areas of Ohio, sales price limits have remained relatively the same for almost a decade.

OHFA offers low interest rate mortgages on a continuous basis through more than 50 participating lenders with more than 400 originating offices throughout Ohio. As the program targets low- and moderate-income first-time homebuyers, income limits also apply. Information on the new purchase price limits, as well as participating lenders and other program information can be found on OHFA’s Web site at www.HomebuyerOhio.com or by calling 1-888-643-2636.