For first-time homebuyers, this program represents a fantastic opportunity to take advantage of increased purchase prices and lower mortgage payments. The program also allows access to lower interest rates so individuals with lower credit scores can qualify for a conventional loan. Moreover, the higher income cap limit and the fact that only one of the borrowers needs to be a first-time homebuyer make the program accessible to anyone in Ohio looking to purchase a home.
If you or anyone you know is looking to buy a home this year, this is a great opportunity! Call us today to see how we can help you get the home of your dreams!
Transcript:
Mike: (00:04)
Hello everyone, it’s Mike Hopper here with Sell for 1%. I have Dave Barlow and Jamie Barlow with me. And we’re accompanied by Ryan Cochran with NFM Lending. Ryan, I think you’re here today to give us some information on some of the programs you have for new home buyers. Can you give us a rundown of what those are?
Ryan: (00:24)
Yeah, absolutely. So we’re a nationwide direct lender. We have access to every loan program that there’s available in the industry. One in particular that’s really cool that NFM is offering right now is a first time home buyer program that will give you the ability to enjoy an increased purchase price with a lower monthly mortgage payment and a lower down payment requirements. Specifically, the really cool thing about this program is that it gives you access to lower rates available. It could potentially be up to a half a point or more lower than what your typical interest rate would be looking at. There’s no rate adjustments for lower credit score individuals. Typically, anything over a 740 credit score is considered to be a top tier credit score in our world. And this allows the ability to have 640 credit score and there not be a negative rate adjustment because of that lower 640 credit score, which is a really cool thing. It converts a lot of individuals from those lower credit scores that would have to go FHA typically into a conventional buyer, which I know you guys know when you’re making an offer on a listing, seeing a conventional or receiving an offer on a listing , receiving a conventional pre-approval letter rather than a FHA pre-approval letter typically going to be associated with that buyer being just better overall. The appraisal is a little bit better when you’re going to look at conventional comparing with fha, just because FHAs appraisals are a little bit more strict than what a conventional appraisal is going to be. So that’s another really cool perk about this. It’s going to allow more people to qualify due to a higher income cap limit and it is pending on the average median income per county, but it’s typically around $96,000 in and around Columbus area. So as long as you’re making under $96,000, you’ll be eligible for this. And then Last, and this is a really cool perk that I think is one of the coolest ones, is that only one of the borrowers has to be a first time home buyer. For example, you could have an individual, let’s say that owns a home and they found their significant other and now they’re going to be buying a house together. Well, if that significant other did not own a house or is a first time home buyer, they can both still be on the loan together and still qualify for this program because that second borrower is a first time home borrower. Typically, in the past, it would have to be that both of them have to be first time home buyers. So that’s a really cool perk that I really like about this one because we’ve been able to qualify a couple different clients based off of that parameter alone.
Dave: (03:19)
That’s awesome. And, and so is this for all of central Ohio? It is not a specific buying zone or anything like that? They could buy anywhere in the Columbus area, right?
Ryan: (03:29)
Yeah, it, it is all over Ohio in general. Not just for Columbus area, but Ohio in general. So even if you’re up in Cleveland or down in Cincinnati, we can do this any at any point in time, anywhere for the state of Ohio.
Dave: (03:44)
Yes. Can the buyer, can the buyer still use OHFA down payment assistance with this program?
Ryan: (03:51)
This, this would not be with OHFA would be a separate entity with then what this program would be. This would be a conventional loan program. OHFA determines what its interest rates are going to be based off of whatever Right. You are getting as a sense.
Dave: (04:08)
Okay. All right. So good question. That’s a pretty good program. It’s a conventional loan, correct?
Ryan: (04:14)
Yep. So buyers, if they qualify for it can, obviously being a first time home buyer, you can put up as little as put down as little as 3% being a first time home buyer with a conventional loan compared to FHA, which is 3.5% . So you’re saving a little bit more money on your down payment right there as well.
Dave: (04:34)
And even a, even a typical conventional loan minimum’s, usually 5%. So you’re even better than that.
Ryan: (04:40)
Yeah. When you’re a first-time home buyer, if you go conventional, you can put as little as 3% down, which not a lot of individuals know that. Typically when you’re going to buy your first home, most individuals think FHA, which is 3.5%, but if you’re a first time home buyer, that is one of the perks that a conventional loan program will give you that you can put as little as 3% down with a first time home buyer conventional loan.
Dave: (05:08)
Awesome.
Ryan: (05:10)
Yeah.
Dave: (05:11)
Good information. Thank you. If people have a question, they can call you, Ryan, on the contact information here on the screen, your phone number, you can text there or you can email, either or. And Ryan would be more than happy to give you additional details, get you pre-qualified and search in the right direction to home ownership.
Ryan: (05:35)
Yes, sir. Absolutely.
Dave: (05:37)
All right, Ryan. Thank you. Appreciate it.
Ryan: (05:39)
All right. Thanks guys. Bye.