OHIO HOUSING FINANCE AGENCY OFFERS NEW CONVENTIONAL LOAN
My Ohio Mortgage Conventional Loan Joins Existing First-Time Homebuyer Program

FOR IMMEDIATE RELEASE
April 25, 2005

Columbus, OH -- Lieutenant Governor Bruce Johnson today announced the availability of My Ohio Mortgage, a flexible mortgage option that can be customized to fit the needs of borrowers seeking the purchase of a home.

As a component of the first-time homebuyer program, My Ohio Mortgage will enable the Ohio Housing Finance Agency (OHFA) to provide personalized financing services to moderate- and low-income Ohioans. The program will be administered by OHFA, a division of the Ohio Department of Development (ODOD).

“This is an exciting opportunity to help Ohio’s families purchase their first home,” said Johnson, who also serves as Director of the ODOD. “When you give people the tools and knowledge to buy their first home, you are giving them a chance to invest in and strengthen their future.”

My Ohio Mortgage is designed to provide underwriting flexibility to lenders and to provide the options that many borrowers need to qualify for loans. Lenders can customize basic loan features such as loan-to-value ratio, borrower contribution and housing expense-to-income ratio to create a loan tailored to meet the borrower’s needs.

“This product will provide a new focus for our affordable housing initiatives,” said OHFA Executive Director Doug Garver. “The flexibility available to us through My Ohio Mortgage will help many hard-working Ohio families overcome some of the major obstacles to homeownership, such as having enough in savings to cover the initial down payment.”

The My Ohio Mortgage conventional loan is offered through participating lenders in Ohio’s 88 counties. Buyers qualify for the program based on household income and the purchase price of the home. To obtain a list of participating lenders and the income and purchase price limits for each county, visit OHFA’s Web site at www.ohiohome.org, or contact OHFA toll-free at 1-888-643-2636. OHFA has established an automated system to assist callers 24 hours a day.