mortgage ohio refinance

Hi Petra,

The refinance program of OHIO HOUSING FINANCE AGENCY would offer 30 yr. frms to help borrowers finding it difficult to continue their existing mortgages because of circumstances like change of employment, divorce or a mortgage which they are not able to afford like some interest only mortgage which has entered adjustable stage.

To help borrowers with the closing cost expenses, this refinance program will also provide a 20 yr. fixed rate 2nd mortgage option for an amount equaling up to 4% of home's appraised value. This 2nd mortgage can also be used to pay off the 1st mortgage, including attorney and late fees. Compared to interest rate on the first mortgage rate on this 2nd mortgage will be 2% higher.

Niicss

For this program you will have to go through 4 hours of face-to-face counseling. It will be divided as 2 hours during the initial interview and the rest 2 hours as one-on-one counseling. Before closing you will have to provide proof of education and if the mortgage is thirty or more days late then post refinance counseling will also be held.

This program will not impose any limits on the loan amount & will be available in all the 88 counties through OHFA's network of 185 lending partners. But the household income cannot exceed 125% of the area median gross income.

Few other important things to note about it are that 2 to 4 unit properties or manufactured homes are not permitted currently but it can be a townhouse, single family detached housing or a condominium. This program does not have any credit score requirement and certain credit problems for the last twelve months on the present mortgage payment history will be acceptable.

Hi Petra,

Welcome to Mortgagefit discussion board.

Niicss, Miller & Fournet have given most of the information about this refinance program from OHFA. But I would add few additional points that I came to know about this program.

At the initial stage, this program will be made possible by issuing taxable bonds. This issue of bonds will help the agency to provide refinance opportunity to around 1000 families based on an approximate loan value of $100,000 per borrower.

But overtime if the demand increases then additional bonds will be issued to meet the demand and up to $500 million every year can be provided if the demand exists for this program.

Thanks
Blue

We are thinking to refinance our Ohio property and discovered a lien on the property. The company which sold and installed the windows in our home about 20 years ago had gone out of business 15 years ago. We paid off the loan (financed by the window company) and forgot about it. Not even our credit report showed any error. We have no statement which proves that we have paid off the loan neither any cancelled check. The lien is worth double the amount of the window. The refinance company suggested that we do a quiet deed but at the same time, told us that it could be expensive. Any advice?

Well, I think when you paid off the lien, the company may have sent you a release from the mortgage but then you may have not understood its importance and kept it unnoticed.

The mortgage release certificate implies that you have paid off the debt and your home is now free of lien. Since you haven't signed and recorded the certificate, which is why there is still a lien on your home.

A quiet title action would be the right step taken here. It would help you to clear any kind of title problems. And, then you can approach a title company, let them do a title search on your property and see if they can offer you a title insurance policy. This will help you to get qualified for the refinance loan.

Regards,
Jessica.

"The refinance company suggested that we do a quiet deed but at the same time"

I too agree that a quiet title action lawsuit will be useful in the situation you are in. Before you contact an attorney to proceed with filing the lawsuit, you should read about its procedure from this page: http://codes.ohio.gov/orc/5303.01