Save the Dream Ohio and Ohio Housing Finance Agency. and OHFA Homeownership Programs. Ohio Award: $570.4 Million to prevent foreclosure

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1 Save the Dream Ohio and Ohio Housing Finance Agency Homeownership Programs Ohio s Foreclosure Prevention Effort and OHFA Homeownership Programs Presentation to Ohio Benefits Bank Conference September 17, 2013 Ohio Award: $570.4 Million to prevent foreclosure Ohio received over $570 million from the U.S. Department of Treasury s Hardest Hit Fund (HHF) program in three funding rounds to implement a foreclosure prevention effort. Program launched September 27, Ohio is one of 18 states plus District of Columbia receiving funds in the HHF program. Save the Dream Ohio Programs: and amount of assistance per household: Homeowners with an involuntary hardship and meet program criteria may be eligible to participate. Homeowners can receive assistance from more than one program and are subject to the maximum assistance amount of $35,000 per household; the maximum per program amount a homeowner may receive depends on the individual program. Ohio has six homeowner foreclosure prevention programs: Rescue Payment Assistance: up to $25,000 To bring delinquent s current including escrow shortages and corporate advances paid to third parties Mortgage Payment Assistance: up to $25,000 Up to 18 months of payments for qualified homeowners $3,000 reserved from maximum assistance for payment changes 1

2 Save the Dream Ohio Programs: Mortgage Modification with Contribution Assistance or Recast: up to $35,000 Reduce delinquent and principal balance to help homeowners qualify for an affordable modification or pay down principal (recast) without changing the interest rate or term. Lien Elimination Assistance: up to $25,000 Lenders agree to accept funds, liens are released and lenders agree to waive deficiency judgment or other future obligations. Transition Assistance: up to $7,500 Provides an alternative to foreclosure by offering assistance in connection with an approved short sale or deed in lieu. Lenders agree to extinguish liens, waive deficiency judgment or other future obligations. $5,000 paid to homeowner $2,500 paid to subordinate lienholder(s) to extinguish subordinate liens Requirements Income The current gross household income must be equal to or less than 125% of the area median for a 5 person family from the county with the highest area median in Ohio, currently $112,375. Eligible property includes: 1 4 units, condominiums and manufactured housing if titled as real estate. Maximum first amount cannot exceed $432,500. Program Additional eligibility criteria such as sustainability may apply to each program. Hardship Requirements Hardship Criteria: Hardship due to involuntary unemployment or 10% loss or reduction in income. Homeowner must meet minimum eligibility requirements bankruptcy, occupancy, income, home type, and first debt. Significant medical expenses of 7.5% of gross annual income for all unreimbursed expenses accrued prior to 2012 and 10% of gross annual income for all unreimbursed expense accrued after 2012 (excluded from Mortgage Payment Assistance) and; Relocation for employment that meets the requirements of IRS Publication 521 which states the new main job is at least 50 miles farther from former residence than old main job (included in Transition Assistance only). The hardship must have occurred on or after January 1,

3 How to Apply: Save the Dream Ohio Welcome Center or apply online at : Welcome Center staff will help homeowners solve issues related to Save the Dream Ohio program Welcome Center staff can provide resources to non qualified homeowners Welcome Center phone number: Quickest way is for homeowners to apply online at the Save the Dream Website Program Results Almost 12,000 homeowners (11,546) have received assistance through June The majority of homeowner s participate in Rescue Payment Assistance and Mortgage Payment Assistance. More than $159 million total assistance has been provided to homeowners through June The majority of homeowner's income is below $50,000, and almost 90% of homeowners have incomes below 80% AMGI. Distribution of Assistance Save the Dream Ohio has assisted homeowners in every Ohio county 3

4 Home Purchase At-A-Glance OHFA First Mortgage Income Limits/Purchase Price Limits Type First Time Homebuyer (FTHB) Program Target Area Product Ohio Heroes Product New Home Sweet Home Product no ownership in principal residence in last three years, or First time homebuyers, previous homeowner, or Teacher, health care worker, firefighter, paramedic, EMT, law enforcement, active military, active reserve or who also qualifies as FTHB or Target Area homebuyer no ownership interest in principal residence in last three years, or Single unit properties only 115% of area median 140% of area median 115% of area median if Non target, 115% of area median FHA (includes VA, (Excluding 203ks) 1% origination fee Zero Point Option $75 $90 tax service (net funded) $100 cancellation, if applicable $200 U.S. Bank funding fee starting July 1, 2012 $25 Adverse Market delivery charges (all conventional s) OHFA First Mortgage Income Limits/Purchase Price Limits Type OHFA Down Payment Assistance Programs Available only with OHFA first Down Payment Assistance Product (2.8%) First time homebuyer using OHFA FTHB program 115% of area median if Non target 2.5% grant combined with 30 year Forgivable second forgiven over 5 years as long as remains an Ohio resident minimum $75 OHFA admin fee 1% origination fee Zero Point option Grants for Grads Product (2.8%) Having a high school diploma or GED and an associate, bachelor, masters or doctorate degree within 24 months prior to reservation date, and no ownership interest in principal residence in the last three years Single unit properties only 140% of area median No payments on Grants for Grads unless relocates out of the state of Ohio Forgivable second forgiven over 5 years as long as remains an Ohio resident minimum $75 OHFA admin fee 1% origination fee Zero Point option 4

5 OHFA First Mortgage Income Limits/Purchase Price Limits Type Mortgage Certificate Product (MCC) Tax credit for percentage of annual interest May not be combined with OHFA first or down payment assistance Single unit properties only Non Target (20%) First time homebuyer with no ownership interest in principal residence in the last three years, or 115% of area median Target (25%) previous homeowner, or 140% of area median REO (30%) Purchase of REO property (bank owned, HUD or GSE) FTHB unless REO is in a Target Area 115% of area median if Nontarget 5

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