Future Foundation
What is
Future Foundation?
Future
Foundation is the same rate as Market Best which is the lowest rate OHFA
offers statewide. This type of loan will help you build a home.
Is Future Foundation for me?
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 Future Foundation for me?
If you answer yes to the following
questions, Future Foundation is for you.
Do you have money for down payment and closing
costs?
Are you looking for a lower interest rate?
Do you want your home built?
When is Future Foundation available?
Future Foundation funds are available two to three times per year. Your lender will know
when funds are available. A Future Foundation loan provides you with
the flexibility of extended closing time. When a program opens you have 45
days to reserve funds. You may have up to seven months to have your house
built and close on the loan.
Where do I go for a Future Foundation 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.
How do I apply for Future Foundation?
Your eligibility for Future Foundation is determined by a
lender. You must credit qualify, and income and purchase price limits apply. Many loan products are available with Future
Foundation: FHA, VA, Section 184, Conventional, Home Choice (for
persons with disabilities) and 1% Option. 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.
What are the requirements for Future Foundation?
Meet state income
guidelines
Meet purchase price guidelines
Meet
guidelines for loan products
Toll Free: (800) 256-1489