F.H.A Loans. Debt ratio: 41% of gross monthly income (No longer includes child care as a debt). Type of Available Rates Mortgage Insurance

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1 Description of Program Down Payment Gift Funds Eligible Properties Maximum Loan Amount F.H.A Loans Federal Housing Administration loans are governmentsponsored programs that allow minimal down payments and lenient qualifying guidelines. The program was developed to promote home ownership with very little money down. The minimum down payments is determined by the acquisition price, which is the sum of the sales price plus the 3% allowable closing costs. Can be used for down payment, closing costs, prepaid, and/or buydowns. Must be owner occupied. 1-4 family houses. F.H.A. approved condos, or F.H.A. approved P.U.D.s. 1 Family/$154,896 2 Family/$198,288 3 Family/$239,664 4 Family/$297,840 (as of 1/03) These loan amounts are for, the limit is lower in Champaign County Underwriting Ratios Housing ratio: 29% of gross monthly income Debt ratio: 41% of gross monthly income (No longer includes child care as a debt). Type of Available Rates Mortgage Insurance Seller Contributions Payment Reserves Geographic Restrictions Fixed and adjustable rates are available F.H.A.'s mortgage insurance is called M.I.P. The up-front expense on a house is 1.5%, which can be financed. In addition, there is a monthly fee of.5% added to the payment. For a condo, there is no up-front M.I.P., but there is the same charge for the monthly. Seller may pay up to 6% of the sales price for closing costs and prepaids. Closing costs may also be financed. No reserves required None. However one borrower may have only one fully financed F.H.A. loans. See the following page for lenders that offer F.H.A. loans. 1C

2 Lenders that offer F.H.A. Loans Name and Address of Company Cornerstone Bank 28 E. Main St Fifth Third Bank 965 N. Bechtle Ave Huntington Mortgage Group 10 N. Ludlow Street Dayton, OH Liberty Savings Bank 1108 Bechtle Ave, Springfield, OH National City Mortgage 333 N Limestone Security National Bank 40 S. Limestone St Wells Fargo Home Mortgage 823 N. Limestone St Loan Officers Phone numbers Counties where service is available Joel Wollum (937) or Clark (800) Becky Mitchell Ellen Williams Linda McGrath Dave Kearney Albert Thomas John Dorko Sherry Crutcher Mike Mertz David Lee Charles Wallace Rick Whitaker Bob Logan Richard Allender Mike O Brien Dixie Fisher Marianne Mitchell Steve Runkle Jackie Folck Janet Noss Matt Clark Ammie Spahr Melissa Woods Regina Timmons Dave Wills, manager (937) Office (937) Pager (937) (937) (937) (800) (937) (937) (937) Ext. 12 Ext. 14 Ext. 17 Ext. 15 Ext. 11 No Restrictions Clark Clark County Clark County Clark, Greene and Fayette Counties 2C

3 O.H.F.A. Loans Description of Program Down Payment Gift Funds Eligible Properties Ohio Housing Finance Agency (O.H.F.A.) loans are statesponsored programs that offer a lower rate, due to a subsidy generated by the sale of revenue bonds on a periodic basis. O.H.F.A. loans are for persons who have not owned a home for the previous three years. (Proof of this is required in the form of federal tax returns showing no mortgage interest deduction over the past three years.) Because the revenue bonds are sold periodically, O.H.F.A. money is not always available. In addition, individual lenders have to "Bid" on the money in order to be able to participate in the program. (Check with your lender to determine availability and at what rate.) Because this is a subsidized loan, O.H.F.A. loans have a "recapture" rule that stipulates if the loan is paid off within the first nine years, under certain circumstances, part of the proceeds from the sale of the home will have to be returned to the state. O.H.F.A. loans are very similar to F.H.A. loans in many respects. The minimum down payment is 3% and expanded options are available for the source of these funds. Check you re your lender for help on any question). Can be used for down payment, closing costs, prepaids, and/or buy downs. Must be owner occupied. 1-4 family houses, approved condos, or approved P.U.D.s. Geographic Restrictions O.H.F.A. loans are available in all counties of the state of Ohio. However, the counties are divided into two categories; targeted areas and non-targeted areas. Generally speaking, these loans are meant to stimulate the economic development of under privileged areas. Therefore, allowable sales prices are higher in these under-privileged (called "target") areas. Check with the lender as to the specifics of the area in which you are interested. Maximum Sales price Varies for each bond issue and county Underwriting Ratios Housing ratio: 29% of gross monthly income Debt ratio: 41% of gross monthly income (No longer includes child care as a debt. 3C

4 Types of Available Rates Credit Counseling Mortgage Insurance Seller Contributions Payment Reserves Fixed rates only None required O.H.F.A.'s mortgage insurance is called M.I.P. The up-front expense on a house is 1.5%, which can be financed. In addition, there is a monthly fee of.5% added to the payment. For a condo, there is no up-front M.I.P., but there is the same charge for the monthly. Seller may pay up to 6% on F. H.A. and up to 4% on V.A.of the sales price for closing costs and prepaids. Closing costs may also be financed. No reserves required See following page for lenders who offer O.H.F.A. loans 4C

5 Name and Address of Company Fifth Third Bank 965 N. Bechtle Liberty Savings Bank 1108 Bechtle Ave, Springfield, OH New Carlisle Federal Savings Bank 400 N. Main St. New Carlisle, OH Wells Fargo Home Mortgage 823 N. Limestone St. Springfield OH Lenders that offer O.H.F.A. Loans Loan Officers Phone numbers Counties where service is available Becky Mitchell (937) Office No Restrictions (937) Pager Dave Kearney Albert Thomas John Dorko Sherry Crutcher Mike Mertz David Lee Charles Wallace Rick Whitaker Bob Logan Carl S. Gilbert Julie Stickler Jerome Vinson Katima Deam Cheryl Hesson Matt Clark Ammie Spahr Melissa Woods Regina Timmons Dave Wills, manager (937) Ext. 12 Ext. 14 Ext. 17 Ext. 15 Ext. 11 Champaign and 5C

6 V.A. Loans Description of Program Down Payment Gift Funds Eligible Properties Maximum Loan Amount Underwriting Ratios Type of Available Rates Credit Counseling Mortgage Insurance Seller Contributions Payment Reserves Geographic Restrictions Veteran Administration loans are government-sponsored programs for veterans of military service and their spouses. To be eligible for a V.A. loan, you must have a Certificate of Eligibility, which determines the maximum loan for which you are eligible. The Certificate of Eligibility is normally issued shortly after discharge from the military. If you do not have a Certificate of Eligibility, and would like to apply for a V.A. loan, contact your lender or the Veteran's Administration. None required within V.A. guidelines. Can be used for down payment (if any), closing costs, prepaids, and/or buydowns. Gift must come from an immediate family member. Must be owner occupied. 1-4 family houses, V.A. approved condos, or V.A. approved P.U.D.s. Determined by borrower's eligibility. Maximum currently at $240, for a veteran with full eligibility. P.I.T.I. plus total debt (including child care) should not exceed 41% of the total gross monthly income. Residual income will also be evaluated per regional tables. Fixed only at this time. Adjustable rates may be available at a later date. Originator is to review V.A. form "Counseling Checklist for Military Homebuyers" with veteran at application. V.A. charges a funding fee from 1.25% to 3.00%, which may be added to the loan amount. (The amount of the funding fee is determined by the percent of down payment and the type of service performed by the veteran while he/she was in active duty). Seller may pay up to 4% of the sales price for closing costs and prepaids. No reserves required None. See next page for lenders that offer V.A. Loans 6C

7 Name and Address of Company Cornerstone Bank 28 E. Main St Fifth Third Bank 965 N. Bechtle Huntington Mortgage Group 10 N. Ludlow Street Dayton, OH KeyBank 34 N Main St. Dayton, OH Liberty Savings Bank 1108 Bechtle Ave, Springfield, OH National City Mortgage 333 N Limestone Wells Fargo Home Mortgage 823 N. Limestone St Lenders that offer V.A. Loans Loan Officers Phone numbers Counties where service is available Joel Wollum (937) (937) (937) Becky Mitchell Ellen Williams Linda McGrath (937) Office (937) Pager (937) (937) Eric A. Schumann (937) (800) Ext Dave Kearney Albert Thomas John Dorko Sherry Crutcher Mike Mertz David Lee Charles Wallace Rick Whitaker Bob Logan Richard Allender Mike O Brien Dixie Fisher Marianne Mitchell Steve Runkle Matt Clark Ammie Spahr Melissa Woods Regina Timmons Dave Wills, manager (937) (800) (937) Ext. 12 Ext. 14 Ext. 17 Ext. 15 Ext. 11 No Restrictions Clark, No restriction Clark County Clark County 7C

8 95% Loans with 3/2 Split Down Payment Description of Program Down Payment Gift Funds Closing Costs Eligible Properties Conventional, conforming loan where the lender makes a loan of 95% of the sales price, the borrower has 3% of his/her own funds, and the remaining 2% comes from an eligible source. 5% of the sales price; however, only 3% of the down payment must be borrower's own funds. The remaining 2% can come from a gift from an immediate family member, a grant or unsecured loan from a non-profit or public agency. lender contribution, or from an employer. The borrower's 3% must be verifiable in a savings or checking account for a two month period of time prior to the application for the loan. Can be used for 2% of the down payment, closing costs, prepaids, and/or buydowns. Gift must come from an immediate family member. Check with your lender for a "Good Faith Estimate" of closing costs. The seller can pay the closing costs, up to 3% of the sales price. The closing costs can also be paid by a gift from an immediate family member, a grant from a public agency, an unsecured loan from a non-profit entity, or lender contribution. Must be owner occupied, 1-2 family houses, F.N.M.A. approved condos, or F.N.M.A. approved P.U.D.s. Maximum Loan Amount $203, Maximum Income Limit $42,100 Underwriting Ratios Housing ratio: 33% Debt ratio: 38% Type of Available Rates Credit Counseling Mortgage Insurance Seller Contributions Geographic Restrictions Fixed rates only. Credit counseling certificate must be obtained prior to closing. Exception if borrower has previously owned a home, has 5% of his/her own money, and two months P.I.T.I. in reserve. Private mortgage insurance is required. The Premiums can be paid monthly only, or paid up front (at closing) with an additional reduced portion paid monthly. Check with your lender as to which option is best for your situation. Seller may pay up to 3% of the sales price for closing costs and prepaids. None. See the following page for lenders that offer 95% Loans with 3/2 Split Down Payment 8C

9 Lenders that offer 95% Loans with 3/2 Split Down Payments Name and Address of Company Cornerstone Bank 28 E. Main St Fifth Third Bank 965 N. Bechtle Home City Federal Savings Bank 63 W Main St KeyBank 34 N Main St. Dayton, OH Liberty Savings Bank 1108 Bechtle Ave New Carlisle Federal Savings Bank 400 N. Main St. New Carlisle, OH Wells Fargo Home Mortgage, 823 N. Limestone Loan Officers Phone numbers Counties where service is available Joel Wollum Becky Mitchell (937) or (800) (937) Office (937) Pager Clark No Restrictions Shaun Phillips (937) Eric A. Schumann (937) (800) Ext Dave Kearney Albert Thomas John Dorko Sherry Crutcher Mike Mertz David Lee Charles Wallace Rick Whitaker Bob Logan Carl S. Gilbert Julie Stickler Jerome Vinson Katima Deam Cheryl Hesson Matt Clark Ammie Spahr Melissa Woods Regina Timmons Dave Wills,Manager (937) Ext. 12 Ext. 14 Ext. 17 Ext. 15 Ext. 11, No restriction Champaign and 9C

10 97% Conventional Loans Description of Program Conventional, conforming loan with a down payment as low as 3% of the sales price. Must be for owner occupied primary residence. Borrower cannot own additional real estate at the time of the closing. The loan term may be either 25 or 30 years. Down Payment 3% of the sales price. Down payment must be borrower's own funds (no gifts, grants, or loans). Funds must be verifiable in a savings or checking account for a two month period of time prior to the application for the loan. Gift Funds Can be used for closing costs, prepaids, and/or buydowns. Gift must come from an immediate family member. Closing Costs Check with your lender for a "Good Faith Estimate" of closing costs. The seller can pay the closing costs, up to 3% of the sales price. The closing costs can also be paid by a gift from an immediate family member, a grant from a public agency, or an unsecured loan from a non-profit entity. Eligible Properties Must be owner occupied, 1-2 family houses, F.N.M.A. approved condos, or F.N.M.A. approved P.U.D.s. Maximum Loan Amount $252,700 Maximum Income Limit $42,100 (100% area median income) Underwriting Ratios 30 year term: Housing ratio: 28% Debt ratio: 36% Type of Available Rates Fixed rates only. Credit Counseling Credit counseling certificate must be obtained prior to closing. Mortgage Insurance Private mortgage insurance is required. The premiums can be paid monthly only. Seller Contributions Seller may pay up to 3% of the sales price for closing costs and prepaids. Payment Reserves One month P.I.T.I. is preferred, but not always required. Geographic Restrictions None. See the following page for lenders that offer 97% Loans 10C

11 Lenders that offer 97% Conventional Loans Name and Address of Company Cornerstone Bank 28 E. Main St Fifth Third Bank 965 N. Bechtle KeyBank 34 N Main St. Dayton, OH Liberty Savings Bank 1108 Bechtle Ave. Springfield, OH National City Mortgage 333 N Limestone New Carlisle Federal Savings Bank 400 N. Main St. New Carlisle, OH Wells Fargo Home Mortgage, 823 N. Limestone St Loan Officers Phone numbers Counties where service is available Joel Wollum (937) or Clark (800) Becky Mitchell (937) Office (937) Pager Eric A. Schumann (937) (800) Dave Kearney Albert Thomas John Dorko Sherry Crutcher Mike Mertz David Lee Charles Wallace Rick Whitaker Bob Logan Richard Allender Mike O Brien Dixie Fisher Marianne Mitchell Steve Runkle Carl S. Gilbert Julie Stickler Jerome Vinson Katima Deam Cheryl Hesson Matt Clark Ammie Spahr Melissa Woods Regina Timmons Dave Wills, manager Ext# (937) (800) (937) Ext. 12 Ext. 14 Ext. 17 Ext. 15 Ext. 11 No Restrictions Clark County Champaign and 11C

12 203 (K) Loans Description of Program This is a government sponsored program to enable the purchase of a 1-4 family residence that needs repair work and close on the loan prior to the rehabilitation taking place. It is available for investors and contractors as well as owner occupants.. Down Payment The minimum down payment is determined by the acquisition price, which is the sum of the sales price plus the closing costs. If the acquisition price is less than $50,000.00, the down payment will be 3%. If the acquisition price is $50, or higher, the down payment will be 3% of the first $25, and 5% of the remainder. (Check with your lender for help on that calculation. It can be tricky). Gift Funds Can be used for down payment, closing costs, prepaids, and/or buydowns, with no limit on the amount. Gift must come from an immediate family member. Maximum Loan Amount : 1 Family/$104,950 2 Family/$118,200 3 Family/$143,600 4 Family/$165,700 Underwriting Ratios Housing ratio: 29% of gross monthly income Debt ratio: 41% of gross monthly income (No longer includes child care as a debt). Type of Available Rates Fixed and adjustable rates are available Credit Counseling None required Mortgage Insurance Called M.I.P., it is charged at a rate of.5% on a monthly basis. There is no up front M.I.P. on these loans. Seller Contributions Seller may pay up to 3% of the sales price for closing costs and points. Closing costs may also be financed. Payment Reserves Geographic Restrictions No reserves required None: however there are rules as to how many fully financed F.H.A. loans one borrower may have in a certain area. Check with lender for details. See the following page for lenders that offer 203(K) Loans 12C

13 Lenders that offer 203 (K) Loans Name and Address of Company Huntington Mortgage Group 10 N. Ludlow Street Dayton, OH Wells Fargo Home Mortgage 823 N. Limestone St Loan Officers Phone numbers Counties where service is available Ellen Williams (937) Clark Linda McGrath (937) Matt Clark Ammie Spahr Melissa Woods Regina Timmons Dave Wills, manager (937) Ext. 12 Ext. 14 Ext. 17 Ext. 15 Ext C

14 USDA, Rural Development Guaranteed Housing Loans Description of Program Eligible Areas Income Limits Loan Limits Underwriting Guidelines Types of Available Rates Property Standards Credit History Guarantee Fee Additional Information Guaranteed Rural Housing Loans are government-sponsored loans that allow homeowners to purchase a home with no downpayment and no mortgage insurance. Properties must be located in rural areas. Eligible area maps can be obtained from Rural Development. Household income cannot exceed 115% of median income. Income limits vary by county and number of members in household. No loan limits for the Guaranteed Rural Housing Program. Housing ratio: 29% of gross monthly income Debt Ratio: 41% of gross monthly income Closing costs, prepaids, and guarantee fee may be financed if appraisal supports loan amount. No minimum reserve requirements. Gift funds may be utilized. Seller contribution is permitted. 30 year fixed rate loans only. Competitive interest rates. 2-1 Buydowns and OHFA Bond loans can be utilized to lower interest rate. Guaranteed Rural housing loans can be utilized to lower interest rate. Guaranteed Rural housing loans can be utilized with MCC s and CHIP programs to enhance repayment ability. Homes must meet FHA standards and Rural Development thermal criteria. Single family properties only. Site cannot exceed 30% of appraised value. Typically no more than 5 acres. Rural Development can finance new construction or existing homes. No existing manufactrued homes allowed. Credit is evaluated to determine the applicants have shown a history of making payments as agreed. No minimum credit scores. Lack of credit history is not a problem. Rural Development charges the lender 1% of the loan amount to guarantee the loan Additional information about the Guaranteed Rural Housing program can be obtained by contacting a participating lender or Rural Development directly at (614) See the following page for lenders that offer USDA, Rural Development Guaranteed Housing Loans 14C

15 Name and Address of Company Lenders that offer USDA, Rural Development Guaranteed Housing Loans Huntington Mortgage Group 10 N. Ludlow Street Dayton, OH New Carlisle Federal Savings Bank 400 N. Main St. New Carlisle, OH Wells Fargo Home Mortgage, 823 North Limestone St Loan Officers Phone Numbers Counties where service is available Ellen Williams Linda McGrath Carl S. Gilbert Julie Stickler Jerome Vinson Katima Deam Cheryl Hesson Dave Wills(Manager) Matt Clark Ammie Spahr Melissa Woods Regina Timmons (937) (937) (937) ext#11 ext#12 ext#14 ext#17 ext#15 Clark Champaign and Champaign and 15C

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