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The Home Ownership Center of Greater Cincinnati City Incentive Programs
Freddie Mac Programs Other Financing Terms
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Homesteading
LIST OF FINANCING PROGRAMS
(Loans and Down Payment Assistance)
Owning your own home. If homeownership is your American dream, then you've started in the right place. The process of homebuying and obtaining a mortgage can be confusing without the right information. Cincinnatihome.org provides you with access to many of the tools and resources you'll need to make your dream a reality.
Over the years, non-profit organizations, banks, credit unions and other mortgage lending institutions have established a variety of financing programs to assist prospective homebuyers. Each of these options from down payment assistance and mortgage credits to lowered interest rates and guaranteed loans, has its own eligibility criteria which differ with each participating financial institution.
The following is a list of some of the financing programs available to qualifying Cincinnati homebuyers with some important information about each. Ask your local bank or mortgage company about them or contact The Home Ownership Center of Greater Cincinnati for more details at (513) 961-2800. Speak with a number of lenders and a financial or housing advisor to determine what programs are offered by various institutions, your eligibility and the programs that best meet your needs.
The Home Ownership Center of Greater Cincinnati
The
Home Ownership Center of Greater Cincinnati
(Formerly
known as Neighborhood Housing Services of Cincinnati)
* Contact The Home Ownership Center of Greater Cincinnati
for more details at (513) 961-2800
- The Home Ownership Center of Greater Cincinnati offers a broad range of loans. The Home Ownership Center does not only provide loans to buy a house, but also to refinance or to repair a house in the City of Cincinnati. Through the Home Ownership Center you can also receive downpayment assistance.
- Depending on your income, you can get a mortgage loan as low as 6%.
- You can receive downpayment assistance up to $2,300, depending on your income and where you live.
- The Home Ownership Center offers home improvement loans as low as 3%.
- The Home Ownership Center offers free homebuyer training and home maintenance training classes
CITY INCENTIVE PROGRAMS
Homesteading
Lottery Program
*
Contact the City of Cincinnati's Department of Neighborhood Services
*
for
more details at (513) 352-6146 or 352-3748.
| Eligible Homes | Homes require significant rehabilitation investments |
| Eligible Participants | Participants enter a lottery for Housing Urban Redevelopment Corp. homes based upon income limits and restrictions |
| Winner's responsibilities | Upon winning a home in the lottery, prospective owners must secure a large enough rehabilitation loan to bring the home up to standards in the open market. |
Cincinnati
Tax Abatement Program (City of Cincinnati)
*
Contact the City of Cincinnati's Department of Neighborhood Services
*
for
more details at (513) 352-6146.
| Category One | A property tax exemption for up to 10 years on increased value due to rehabilitation work completed on one-and two-unit residential homes located within the City of Cincinnati. Cost of rehabilitation improvements must be at least $2,500. |
| Category Two | A property tax exemption for up to 15 years for new construction in a City Council designated Community Reinvestment Area (CRA). Cost of rehabilitation improvements must be at least $5,000. |
| Application | An Application for Tax Exemption For Remodeling Work form with required documentation must be requested, completed and submitted to the city's Department of Neighborhood Services. |
Home
Improvement Loan Program
* Contact The Home Ownership Center of Greater Cincinnati for more details
at (513) 961-2800
| Interest Rate |
Between 1.0% to 4.0% |
| Income limits | Max 80% of the region's annual median income ($51,450 for a family of four) |
| Term | 30 year maximum. |
| Use of Funds | For repairs on homes that are being purchased or for homes that are currently owned. For general improvements and safety issues. |
| Target Areas | Any neighborhood in the City of Cincinnati |
| Eligible Properties | Single-family, owner occupied properties only |
| Homebuyer training required? | Yes, if combined with home purchase |
| Home Repair training required | Yes |
FREDDIE MAC PROGRAMS
Community Gold Program (Freddie Mac):
| Interest Rate |
Market Rate (subject to participating lender) |
| Income limits | None |
| Price Limits | Max $240,000 |
| Loan limits | No max % for housing cost to income, total monthly debt max 42% of income |
| Target Area | Any neighborhood in the City of Cincinnati |
| Eligible Properties | 1-4 family home (owner occupied) Loan can include funds for home improvement |
| Minimum downpayment | 3% for a 1 unit home, but 1% can be a gift |
| Homebuyer training required? | Yes |
| Mortgage insurance required? | Yes |
Affordable Gold Program (Freddie Mac):
| Interest Rate |
Interest rate changes (check with participating lender for current rates) |
| Income limits | Yearly household income equal to or less than area median income |
| Price Limits | Max $240,000 for single-family home, max $461,350 for multi-family home |
| Loan limits | Total debt max 38% of household income |
| Target Area | Any neighborhood |
| Eligible Properties | 1-4 family home (owner occupied) |
| Minimum downpayment | 5%, but 2% can be a gift |
| Homebuyer training required? | Yes |
| Mortgage insurance required? | Yes |
3/2 Option (Fannie Mae):
| Interest Rate |
0.125 % less than the market rate (check with participating lender for current rates) |
| Income limits | Max $54,800 yearly household income |
| Price Limits | Max $240,000 for single-family home, max $461,350 for multi-family homes |
| Loan limits | Housing costs max 33% of household income, total debt max 39% of household income |
| Target Area | Any neighborhood |
| Eligible Properties | 1-4 family home (owner occupied) |
| Minimum downpayment | 5%, but 2% can be a gift |
| Homebuyer training required? | Yes |
| Mortgage insurance required? | Yes |
| Interest Rate |
Interest rate changes (check with participating lender for current rates) |
| Income limits | Max $54,800 yearly household income |
| Price Limits | None |
| Loan limits | Housing costs max 33% of household income, total debt max 36% of household income |
| Target Area | Any neighborhood |
| Eligible Properties | Single family home or condo |
| Minimum downpayment | 3% and cannot be a gift |
| Homebuyer training required? | Yes |
| Mortgage insurance required? | Yes |
203(b) or 234(c) (Federal Housing Administration - FHA):
| Interest Rate |
Interest rate changes (check with participating lender for current rates) |
| Income limits | None |
| Price Limits | Max $140,125 for single-family homes, max $221,448 for multi-family homes |
| Loan limits | Housing costs max 29% of household income, total debt max 41% of household income |
| Target Area | Any neighborhood |
| Eligible Properties | 1-4 family home |
| Minimum downpayment | 3-5 % and can be a gift |
| Homebuyer training required? | Recommended |
| Mortgage insurance required? | Yes, can be financed |
203(k) (Federal Housing Administration - FHA):
| Interest Rate |
Interest rate changes (check with participating lender for current rates) |
| Income limits | None |
| Price Limits | Max $140,125 for single-family homes, max $221,448 for multi-family homes |
| Loan limits | Housing costs max 29% of household income, total debt max 41% of household income |
| Target Area | Any neighborhood |
| Eligible Properties | 1-4 family home |
| Minimum downpayment | 3 % and can be borrowed |
| Homebuyer training required? | Recommended |
| Mortgage insurance required? | FHA insurance |
