The program will begin in April and is designed to assist those Ohioans whose current mortgage loan is inappropriate for their financial circumstances. $100 million dollars will be available to homeowners who are on the brink of foreclosure.
Participants in the program will have to qualify through one of the OHFA approved lenders which are located in each county throughout the state. The program is for peole who lost their job or who are in mortgages where the interest rate is just to high. People with to much credit card debt won't qualify. Homebuying education and counseling will also be available for participants.
Ohio is 8th among the nations 10 highest states experiencing foreclosure. In 2006 one of every 59 Ohio households were in foreclosure. In 61 of Ohios 88 counties foreclosure filings have quadrupled over the last decade. Cuyahoga County ranked first in foreclosure filings per person. Other counties that were in the top 10 foreclosure filings include Montgomery, Summit, Brown, Highland, Mahoning, Marion, Clark, Lucas and Hamilton.
Ohioans interested in participating in the program should contact an OHFA aproved lender. Visit OHFA's Web Site http://www.ohiohome.org/
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