| Market
Best
What is Market Best?
Market
Best is the lowest rate OHFA
offers statewide. The state has Targeted Areas and Non-Targeted Areas
designated by the U.S. Department of Treasury in Washington, D.C. using census statistics.
Mortgage loans made in Non-Targeted Areas require the borrower be a
first-time home buyer. A first-time home buyer cannot have any home
ownership interest in his primary residence for the last three years.
Mortgage loans made in Targeted Areas do not have first-time home buyer
requirements.
Is Market best for me?
If you answer yes to the following questions, Market Best is for you.
Do you have money for down payment and closing
costs?
Are you looking for a lower interest rate?
How does Market Best work?
As a home buyer you want the best rate available for the purchase of your
home. Market Best is below traditional investor rates. Closing costs
and down payment you provide varies based on purchase price.
Where
do I go for a Market Best loan?
You will need to contact a lender who participates in OHFA
Advantage. There are over 100 lenders statewide to choose from.
Find a
participating lender, or call (405) 419-8257 or (800) 256-1489, Ext.
257.
What
kind of home can I buy?
Homes that can be purchased with Market Best include:
single
unit dwellings
manufactured
housing
condominiums
patio
homes
Many
loan products are available with Market Best: FHA, VA, Section 184,
Conventional, Home Choice (for persons with disabilities) and 1% Option.
How
do I apply for Market Best?
Your
eligibility for Market Best is determined by a lender. You must
credit qualify, and income and purchase price limits apply. The lender will explain the lending process and determine the type of
loan product that would be suitable for you.
Find a
participating lender,
or call (405) 419-8257 or (800) 256-1489, Ext. 257.
When
is Market Best available?
Market Best
funds are available two to three times per year. Your lender will know when
funds are available.
What are the requirements?
Meet state income guidelines
Meet purchase price guidelines
Meet guidelines for loan products |
