June Finance Corner

Programs available to help first-time buyers and owners hit by adjustable rates

Many government and finance organizations are trying to help clean up some of the housing mess. Really!

In Ohio, the Ohio Housing Finance Agency (OHFA) has both loan and grant programs to assist first-time buyers as well as those individuals that are getting in trouble from an adjustable rate mortgage. These assistance programs are usually made in conjunction with FHA loans to cover closing costs and down payment requirements. One popular program is the the Ohio Heroes Fund that assists military personnel, teachers, healthcare workers, and first responders in acquiring a home.

The Federal Home Loan Bank of Cincinnati offers several programs to assist low- to moderate-income individuals and families, minorities, and others with special needs. Funds are made available twice a year. Funds from the first distribution are nearly all reserved, but the 2nd window is targeted for August 29, 2008. Individual borrowers should apply through member banks for assistance. Go to the Federal Home Loan Bank site for more information.

If one of these programs seem right for you or someone you know, talk to your lender about what they have available. You can also check the references section of my website or contact me to help you find a lender that fits your situation.