Home Buying in 45245>Question Details

Yellowfinch87, Home Buyer in Cincinnati, OH

Do any banks in Cincinnati, OH do FHA 203(k) loans with OHFA down payment assistance?

Asked by Yellowfinch87, Cincinnati, OH Mon Apr 16, 2012

The OHFA website says that it will work with FHA loans, but I've talked to three banks at this point who all say they will not do the two together. One bank even tried to tell me it was impossible, but then why would the OHFA website say that it is possible?

Almost all the houses available for sale in my area seem to be foreclosures, which means no copper, which means rehab loan, otherwise I would seriously consider trying to find a home for which I could use a conventional loan (I may still try this). It just seems like the few move-in ready homes available are either way too small or way too expensive. I like the idea of buying a home that needs a little "sweat equity" but I am having a hard time making progress. Any thoughts?

Help the community by answering this question:


my understanding as to why you can not get the combo. the 203k loan requires inspections, disbursments and title updates after the loan has closed. the time frame on the work is longer than the time frame that the OHFA lenders have to deliver the loan to US BANK (master servicer for OHFA )

Also, the 203k typically have higher closing costs and the OHFA program limits what lenders can charge. 203k loans also typically have slightly higher rates than the 203b(standard fha) loans. OHFA sets the rates for the bond money program

With those contraints it' typically an unprofitable loan for a bank to do...

If you need someone to help you with a 203k loan in cincinnati area, contact Brent Zuch at 513-477-3834, He's with Western Ohio Mortgage

should you have any other questions feel free to contact me directly at 513-227-5897

Scott Baker, Realtor
0 votes Thank Flag Link Thu May 10, 2012
I contacted him and he said that his bank does not combine FHA with OHFA. Then he sent me to the OHFA website where they list the banks that do OHFA assistance. But every bank I call from that list says they won't do it with FHA.

How annoying.
0 votes Thank Flag Link Tue Apr 17, 2012
I would recommend calling Joe Daly at 513-602-1878. He is THE premier 203k guy in the whole country. No kidding, he hosts continuing education classes nationwide on just that topic. If he can't help you I don't know who can. Good luck and keep us posted!!
0 votes Thank Flag Link Mon Apr 16, 2012
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