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No Problem…State and Local Incentives Now Available If you’re like many people, coming up with a down payment and getting a mortgage loan are keeping you from realizing the American Dream. Good news! Now, there are state and local homebuyer assistance programs to help you with a mortgage loan and down payment. If you are an Ohio resident, here are three sources you’ll definitely want to check out:
1. Ohio Housing Finance Agency (OHFA), an independent state agency, is offering home buyingassistance programs plus help with down payments. 2. City of Cincinnati has the American Dream Down Payment Initiative (ADDI) that providesdown payment assistance on home purchases located within the city limits. 3. Community Development Banking Forum, a group of seven leading banks in GreaterCincinnati, is offering attractive mortgage loans with down payment assistance. 1. OHFA Home Buyer AssistanceWhether you’re a first-time homebuyer, have limited income, a college grad just starting out, or activein the military, there’s a program for you:First-Time Homebuyer Program: For low and moderate income buyers. Fixed-rate loans andcompetitive interest rates and make it affordable for qualified buyers.Visit: www.ohiohome.org/homebuyer/first_time.aspxOhio Heroes Program: Everyday heroes such as emergency personnel, teachers, medical staff,military service personnel and others get a .25% interest rate reduction with the First-TimeHomebuyer Program. Visit: www.ohiohome.org/homebuyer/heroes.aspxDown Payment Assistance Grant: Buyers participating in the First-Time Homebuyer Program,Target Area Loan Program and Ohio Heroes Program can use this grant to reduce out-of-pocketexpenses. Visit: www.ohiohome.org/homebuyer/downpayment.aspxFor an overview of all OHFA programs, visit: www.ohiohome.org/homebuyer/default.aspx 2. City of Cincinnati’s American Dream Down Payment Initiative (ADDI)The American Dream Down Payment Initiative (ADDI) helps first-time homebuyers buying a singlefamilyhome within city limits. Buyers can be awarded up to $8,500 to be used for down paymentand/or closing costs. Visit: www.ci.cincinnati.oh.us/cdap/pages/-9500-/ 3. Community Development Banking ForumSeven lenders in Greater Cincinnati have developed mortgage lending packages that offer attractiverates and down payment assistance. Many of the programs can accommodate buyers with lower FICOscores. Participating lenders are: Chase, Fifth Third, First Financial, Huntington, Key Bank, PNC andUS Bank. Contact lenders for details.Visit: http://www2.cabr.org/files/MortgagePartnerGrid.pdf Don’t miss out on these great home buyer incentives!
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