Oklahoma Housing Finance Agency

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Oklahoma Housing Finance Agency

• OHFA Advantage
• 2008 (I) A
• Lee Ann Smith
• Director, Single Family Programs

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OHFA Advantage

• State of Oklahoma
• Fixed Rates
• New and Existing Homes
• FHA, VA and USDA-RD
• First Gold
• OHFA Shield
• OHFA 4 Teachers

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Borrower Eligibility

• Income Limit (Eff 3-28-08)
• Purchase Price Limit
• Non Target
• Target
• Primary residence
• Meet standard underwriting guidelines-FHA, VA
  USDA-RD

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OHFA Shield

• Fire Fighter must be currently employed with a
  fire department of an Oklahoma municipality
• Police Officer must be in law enforcement of an
  Oklahoma municipality
• CLEET Certified

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OHFA 4 Teachers

• Teacher must hold a current Oklahoma State
  Department of Education teaching certificate
• Currently under contract with Oklahoma accredited
  Public School and/or Private/Parochial
• Other employees with teaching certificate
  (elementary secondary only)

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Loan Terms

• 30 year Fixed
• No origination or discount points
• First Lien
• OHFA 1st Gold
• 3 Down Payment Assistance
• Deed Restriction

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OHFA Guidelines

• Seller based financing not allowed
• POA on buyers not allowed
• Seller POA approved on case by case by OHFA
• Increases of 500 requires prior approval by OHFA

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Guidelines

• Cancel loans to register on new program-advise
  OHFA
• 10 acre limit
• Multi Section Govt only
• Second Mortgage not allowed
• No additional lien filing except
• OHFA Deed Restriction

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OHFA Fees

• 75 Code Compliance fee
• 85 Tax service fee
• 700 extension fee after 45 days and not closed -
  Refunded if closed within program time frame

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Fees

• 550 limit for processing, underwriting and doc
  prep.
• Third party - allowed 175 funding fee
• Loan Purchase Price
• 104.75 includes UPB
• 3 dpa
• 1.50
• .25 SRP

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Cash Back

• Earnest Money
• Credit Report
• Appraisal
• Code Compliance
• Totals exceed the above fees-principal reduction
  required

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Code Compliance

• Copies of files only
• 75 Code Compliance fee
• Documents on OHFA web
• 72 Hr Regulation for Review
• Monday 2pm Thursday 2pm
• Tuesday 2pm Friday 2pm
• Wednesday 2pm Monday 2pm
• Thursday 2pm Tuesday 2pm
• Friday 2pm Wednesday 2pm

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Closing

• Tax Service 85
• US Bank Home Mortgage Master Servicer
• Executed HUD within 5 days of closing
• Copy of Deed Restriction within 5 days of closing

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Closing

• Tax Exempt Financing Rider
• Notice of Potential Recapture Tax
• Reaffirmation of Mortgagor
• Close in lenders name and utilize lenders own
  funds
• Lender up fronts the dpa at closing

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Refinance or Sell

• US Bank will release the first lien
• OHFA releases the Deed Restriction
• Calculation of down payment
• Recapture tax

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OHFA Web Site

• www.ohfa.org
• 24/7
• Password protected
• Guides-US Bank
• OHFA memos/updates
• OHFA bond documents
• Program notices
• Rates
• Census Tract

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2008 (I) A Rate

• 6.79
• First Gold w/3 dpa
• Zero Origination
• Zero Discount

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Thank YOU!!

• We are a success
• because of each of you!!