Whether you are buying or refinancing a home then that means you’ll be carrying a mortgage. When considering what type of mortgage, and what lender to go through, there are an almost infinite number of possibilities, but one option stands above others if the mortgage is being created in Ohio. If you are one of Ohio’s hard working public servants you should be recognized for the good you do for Ohio communities, and one reward for your work is the Ohio Heroes Loan. Whether you are a policeman, firefighter, teacher, veteran, paramedic or healthcare provider serving our public you are all heroes and Ohio wants to give back to those heroes for your efforts. The Ohio Housing Finance Agency (OHFA) provides qualified members of our society with the option to accept a discounted mortgage rate when the time is right.
Who Qualifies for an Ohio Heroes Loan
To find out if you qualify, you can use the OHFA’s online eligibility check page or read through the following requirements:
- Credit score of 640 or above (660 if applying for an FHA 203(b) loan)
- Required income and home price limits are met
- No ownership interest in your primary home over the past three years
And you meet one of the following:
- Military service (veteran, active or reserve component)
- Police officer or corrections officer
- Paramedic or emergency medical technician (EMT)
- Licensed or certified direct caregiver
- K-12 teacher, school administrator or college professor
How to Apply
To get started, all applicants for the Ohio Heroes Loan must first be preapproved with us. We will then take you through the process of completing the loan program. Feel free to stop in and see us, Union Home Mortgage – Tim Bullock Team 61 N. Cleveland Massillon Rd. Suite B Akron, OH 44333 or call us at, (330) 576-4619.
Down Payment Assistance
Along with the loan, help is also available with the necessary down payment that may be required. While the Ohio Heroes Loan can be created as a conventional, VA, USDA or FHA loan, it’s possible to add down payment assistance along with your choice in loan type. If you meet the eligibility requirements for the Ohio Heroes Loan then you also meet the minimum requirements for the down payment assistance program. You can choose to receive either 2.5 percent or 5 percent of the home’s purchase price and that money can be applied to the down payment, closing costs or other incidental fees and costs. It’s important to note that if you resell or refinance the house within 7 years from closing then the down payment assistance you chose must be repaid in full, but if you stay current on the loan for 7 years then the down payment assistance is forgiven.
If buying a home in Ohio is on your radar, and you meet the above criteria, then you are a true hero and you deserve the help OHFA and Union Home Mortgage has to offer. By combining the Ohio Heroes Loan with the other programs set up to help you succeed then you can maximize the money you have, and create a better future for yourself and those you served here in Ohio.
At Union Home Mortgage Corp we offer borrowers a variety of loan options to choose from. Along with a large selection of loan programs, we work hard to provide “raving fan customer service” by passing on industry knowledge to our clients. Our Loan Officers are here to help each and every borrower understand their options and find the best loan program for their individual needs.