This document summarizes information presented at a home buyer seminar. It discusses OHFA down payment assistance programs for first-time home buyers, including a 2.5% grant for down payment or closing costs and an additional 2.5% grant for recent graduates. It provides the income and purchase price limits for Lorain County. It also outlines the title search and escrow process handled by True Title Agency, including reviewing contracts, providing title insurance, examining property records, and completing transactions at closing.

1. Home Buyers One Stop
Presented by: Corey Heredos, Mortgage Loan Officer, Key Bank
Tiffany Towne, Realtor, Russell Real Estate Services
Francine Torres, Account Executive, True Title Agency Inc.

2. Agenda
 Affordable Home Financing
 Down Payment Assistance
 Title

3. OHFA’s First-Time Homebuyer:
Down Payment Assistance
 Down Payment Assistance – Must be First-time home buyer. OHFA will issue
assistance in an amount of 2.5% of your home's purchase price. You can use
the assistance to pay for the down payment, closing costs, or other prepaid
expenses incurred prior to closing.
 Grants for Grads product - If you are an income-eligible first-time
homebuyer, have graduated from high school or have a GED and have earned
an associate's, bachelor's, master's, doctorate or other postgraduate degree
within the last 24 months and have not had ownership interest in a principal
residence in the past 3 years, you can take advantage of the Grants for Grads
product. OHFA will issue a grant in an amount of 2.5% of your home's purchase
price.

4. OHFA’s First-Time Homebuyer Program:
Down Payment Assistance Qualifications
Do I Qualify?
Applicants for the Down Payment Assistance product must:
 Meet OHFA's income and purchase price limits. The limits vary by county.
 Be a first-time homebuyer—someone who has not owned or had an ownership
interest in his/her principal residence in the last three years.
 Be creditworthy. Minimum credit scores may apply. Must equal at least 640 or
higher.
 Have a signed Purchase and Sales Agreement for a qualifying property.
 Qualify for the loan being requested. Lenders will assess your ability to afford a
home by considering income, assets, job stability, liabilities, and other criteria.
In addition, you must either:
 Complete a free homebuyer education course offered by any HUD-approved
housing counseling agency, or
 Use OHFA's Streamlined Homebuyer Education.

5. OHFA’s First-Time Homebuyer Program:
Grants for Grads Qualifications
Do I Qualify?
To qualify for the Grants for Grads product, you must:
 Be a first-time homebuyer purchasing a single family home
 Meet OHFA income and purchase price limits. The limits vary by county.
 Be a high school graduate or have received a GED
 Apply for the grant within 24 months of graduating from an educational institute recognized
by the US Department of Education's Database of Accredited Postsecondary Institutes having
earned an associate's, bachelor's, master's, or doctoral degree
 Obtain a mortgage through an OHFA participating lender
In addition, you must either:
 Complete a free homebuyer education course offered by a HUD-approved housing counseling
agency, or
 Use OHFA's Streamlined Homebuyer Education.

6. OHFA’s First-Time Homebuyer Program:
Purchase Price Limits for Lorain County
Nontarget Area Target Area Grants for Grads Program
Income Limits Income Limits Income Limits
1 or 2 person family:
$62,600
1 or 2 person family:
$75,120
1 or 2 person family:
$75,120
3 or more person family:
$71,990
3 or more person
family: $87,640
3 or more person family:
$87,640
Purchase Price Limits Purchase Price Limits Purchase Price Limits
New and existing homes:
$275,769
New and existing
homes: $337,051
New and existing homes:
$247,033

7. True Title: What we do
 The Contract: When a Purchase Agreement for property is created, it is presented
to the title company for the next step in the process. Generally at this point,
financing has been secured and an offer has been accepted. We review the details
of the purchase agreement for instructions, i.e.: purchase price, escrow
instructions, inspections and waivers, and condition of property, etc….
 Title Insurance: A title insurance provides you with a peace of mind. It guarantees
that you own the property for which you bargained. Some of the risks that title
insurance protects against are: confusion from similarity of names, forged
documents, mistakes in recording legal documents, signatures of minors or
mentally incompetent persons, undisclosed or missing heirs, fraud, invalid
divorces, misrepresentation of marital status, unpaid taxes, clerical errors in
public records, wills not probated.
 Title Search: Title examination involves the collection of information and the
compilation of that information into a title report that is understandable for the
customer. The following items are being examined: Fee interest, Easements, Who
is holding title?, and Review of Trust agreement if applicable.

8. True Title: Preparation for Escrow
 Purchaser Requirements:
1) Complete notice of Availability forms and complete lien letter
2) Verify Name, marital status, Insurance info and type of deed (General
Warranty, Limited Warranty, Survivorship, Quit Claim, Special Purpose,
Transfer of Death.)
 Agent Requirements:
1) Point of Sale – requirements vary based on municipality
2) Commission
3) Earnest Money
4) Home Warranty
5) Addendums
6) Contingency Removals
This allows for preliminary HUD to be originated w/fees and breakdown of purchase
amount, charges and funds required at close (if any).

9. True Title: Preparation for Escrow Cont.
 Settlement and Disbursement:
1) When these items are satisfied, the escrow agent will send out the
commitment letter, HUD (settlement statement) with fees, wiring
instructions to the lender.
2) Then we wait for clear to close, schedule closing, print documents and sign
all closing paperwork with the buyer.
3) Once the documents are signed, we return packet to lender except for
deed and mortgage, which upon receipt of funds from lender/purchaser, are
filed at county auditor for transfer and recorded at the recorders office. At
this point keys can be exchanged. Title policies, recorded documents and
mortgage releases are issued at this time.

10. Thank you for your time!

11. Presenters contact information:
For additional information or questions, please either contact presenters, your
Lender, Realtor, Title Agent, or visit the following website for OHFA First-time
home buyer information www.ohiohome.org.