Ohio Home Rescue Fund
The Ohio Home Rescue Fund is part of a larger foreclosure prevention initiative led by eleven nonprofit organizations in the Ohio NeighborWorks Foreclosure Prevention Initiative. The initiative includes a public education campaign; marketing and outreach efforts including a National Ad Council campaign that began in June 2007; telephonic and face-to-face counseling; loss mitigation for the community, lenders and homeowners; and training components for nonprofit counselors and consumers. This is the first statewide foreclosure prevention initiative undertaken by NeighborWorks® America and its national partners through the NeighborWorks® Center for Foreclosure Solutions.
Funding for this program is provided by: Ohio Housing Finance Agency
Income Range:
- Up to 115% area median income (AMI)
- Exceptions: Up to 140% AMI in HUD target areas
- No income limit if a first mortgage was obtained through OHFA first time homebuyer program
- Window of qualification – previous 365 days of income at application
Rescue Terms:
- $5,000 or 4 months of mortgage/interest/taxes/insurance – whichever is less.
- 0% interest, deferred, due on sale or transfer, second mortgage
- Record as a mortgage and assigned to the Ohio Housing Finance Agency
Other Qualifications:
- Documentable trigger event
- Budget wherewithal to maintain home once "rescued"
- Must agree to post-rescue counseling
- Other documents, including hardship letter needed
To start the process, call 937.322.4623.