Ohio Mortgage Help and Foreclosure Assistance

The Ohio state government is providing mortgage and foreclosure help thru the Ohio Housing Finance Agency (OHFA) Opportunity Loan Refinance Program. The program was created to assist Ohio homeowners that currently hold a mortgage that no longer fits their current financial situation. The state will offer to qualified families an affordable 30-year, fixed interest rate mortgage. By offering a new, lower rate loan at an affordable rate, the state of Ohio is aggressively trying to both reduce, and ideally prevent foreclosures.

If you currently have an ARM mortgage (adjustable rate mortgage) that will be soon resetting to a higher, unaffordable interest rate, if you originally financed your home with a high interest rate mortgage, or if you currently have an interest only loan, you should be able to get mortgage help from the OHFA program. In addition, one of the goals of is to also provide aid to those who have experienced an unplanned event or financial emergency such as a medical illness or emergency, divorce, or loss of employment. Even you have had any of these happen to you, the Ohio Opportunity Loan Refinance Program may also able to help you obtain a new loan that will better meet your current financial situation and help you prevent going into foreclosure.

As with most assistance plans. there are some additional criteria in order to receive aid, and they include :

Residence Criteria - The home you currently live in needs to be your primary residence. And not all types of structures qualify. For example, properties eligible for mortgage help and that can be refinanced into a new loan include town homes, modular homes, single-family housing, condos, and planned unit developments are eligible for mortgage assistance. however, some structures do not qualify. Unfortunately manufactured homes and two to four-unit homes are not currently permitted to participate

Qualifying Income - If you are to receive a new loan at a lower interest rate, you need to be able to, soon be able to, or be very close to afford the monthly payment of new the Opportunity Loan provided to you. and the payment you need to make will include the principal, taxes, interest, and home insurance.

Financial Counseling and Borrower Education - The Ohio state government will require that participants receive at least four hours of HUD-approved mortgage counseling. The exact nature of the counseling will vary, however typically the mortgage counseling provided to homeowners will include two hours during an initial meeting and an additional two hours of one-on-one counseling with a professional. Mortgage counselors will educate homeowners, ensure you have a budget, help ensure all your bills and debts are paid on time, and more. All financial counseling must be fully completed before the state of Ohio will close the loan. The OHFA mortgage assistance program will also require additional counseling if you receive a new loan but then full behind on the payments of the new loan.

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