By Douglas A. Garver
Executive Director
Ohio Housing Finance Agency
Recent statistics show that 55,000 homes were sold in the Buckeye State from January to July of this year. Of those 55,000 homes, nearly 40 percent of the homes sold during that time were purchased by first-time homebuyers. Loans closed by the Ohio Housing Finance Agency accounted for nearly 11 percent of the homes sold in Ohio to first-time homebuyers. That equates to nearly 2,300 homes for first-time homebuyers in the first and second quarters of 2011. OHFA has provided $9 billion in financing for mortgage loans in the last 28 years.
The success of OHFA’s First-Time Homebuyer Program is directly tied to the realtors and lenders who are actively promoting the program to their clients. We have great confidence in our partners who have historically recommended OHFA programs to their clients nearly 85 percent of the time. OHFA is always working to make the loan process more efficient and accessible for low- to moderate-income Ohioans. We have implemented new programs and continue to improve current ones. Our newest program is the New Home Sweet Home Program for first-time homebuyers wishing to use one of OHFA’s first-time homebuyer programs to finance a newly built home. Homebuyers can obtain a lock on their mortgage interest rate for up to 180 days while construction of a new home is being completed. Visit OHFA’s website at www.ohiohome.org for more information on this program.
The Agency also offers programs for buyers needing financial assistance for down payment or closing costs and for buyers who have recently received a college degree. Do you have clients that are veterans or in the medical, public safety, law enforcement or teaching fields? OHFA’s Ohio Heroes Program offers a .25 percent reduction on our current interest rate for those who are employed full time* in one of these fields and hold a state license or certification in that profession. OHFA also offers the Mortgage Credit Certificate (MCC) program for borrowers who want to deduct a percentage of their mortgage interest from their annual taxes paid to the IRS. This mortgage interest credit is valid as long as the borrower lives in the home.
In an effort to keep realtors up-to-date on the variety of first-time homebuyer programs, OHFA offers continuing education courses specifically designed for real estate professionals. The Ohio Division of Real Estate has approved the courses for real estate continuing education credit needed for three-year license renewal. For more information on each of the programs discussed as well as a listing of upcoming courses, visit www.ohiohome.org. OHFA looks forward to assisting you in helping your clients open the doors to an affordable place to call home.
(*Fire fighters and Police officers must have 1,200 work hours in a year to qualify.)
Douglas A. Garver is the Executive Director of the Ohio Housing Finance Agency (OHFA) and oversees the lead Agency for affordable housing in Ohio. OHFA offers many opportunities to help Ohio families obtain affordable, quality housing. The Agency administers a wide range of programs that offer assistance to first-time homebuyers, renters, senior citizens, and other populations with special needs who otherwise might not be able to afford quality housing. Mr. Garver currently serves on the boards of the National Council of State Housing Agencies and the Ohio Statewide Development Corporation. He also is a member of the Fannie Mae National Housing Advisory Council, the Governor’s Interagency Council for Homelessness and Affordable Housing and Ohio’s Permanent Supportive Housing Policy Steering Committee. Prior to his appointment at OHFA in February 2004, Mr. Garver served five years as Assistant to the Director and Assistant Director of the Ohio Department of Development. Mr. Garver received a Bachelor of Arts from Mount Union College in Alliance, Ohio with a dual major in Economics and Business Administration. He is certified as an Economic Development Professional by the National Development Council and has attained a Master of City and Regional Planning from The Ohio State University.