KALAMAZOO, MI (October 12, 2017)-Amerifirst Home Mortgage is helping to revitalize the housing stock in the state of Ohio through a new partnership with the Ohio Housing Finance Agency (OHFA).
The partnership enables OHFA to introduce a new loan product to its customers: the standard 203(k) renovation loan which helps homebuyers and homeowners renovate fixer-uppers into their dream homes. Under the agreement, Amerifirst will be the master servicer of all 203(k) renovation loans originated by Ohio lenders who work with OHFA. As one of the top ten 203(k) lenders in the nation, Amerifirst was selected by OHFA because of its expertise in originating and servicing renovation loans.
“We are excited to invest in the long term economic prosperity of the Ohio region through this new partnership with OHFA,” said Dave Gahm, Amerifirst Home Mortgage co-founder and CEO. “New and existing homeowners who invest in and improve their properties are also helping to revitalize and stabilize their neighborhoods. This renovation loan product is a means to help homeowners build sustainable communities, one house at a time.”
A 203(k) allows homebuyers to combine their mortgage loan and repair costs into one long-term, fixed-rate mortgage to finance both the purchase and the rehabilitation of the property. The total mortgage amount is based on the projected value of the property after repairs have been completed, including labor costs. Qualified customers can choose between two loan options: A limited 203(k) finances repairs for up to $35,000; the standard 203(k) covers repairs of more than $35,000.
Amerifirst is in the process of training lenders to originate 203(k) loans to make them available to residents in their Ohio communities.
OHFA partners with lenders, credit unions and mortgage companies across the state to offer loans to qualified buyers and has helped thousands of low-and moderate-income Ohioans purchase homes. Amerifirst also works with OHFA to offer a Down Payment Assistance Program, Ohio Heroes Program (mortgage interest rate discounts for local first responders, teacher and military), and Grants for Grads (mortgage interest rate discounts for recent college grads).
For more information, visit https://myohiohome.org
The Ohio Housing Finance Agency (OHFA) facilitates the development, rehabilitation and financing of low- to moderate-income housing. The Agency's programs help first-time homebuyers, renters, senior citizens, and others find quality affordable housing that meets their needs. OHFA funds competitive fixed-rate mortgage loans and provides financing for the development and rehabilitation of affordable rental housing through the Housing Tax Credit program, issuing tax-exempt mortgage revenue bonds, and other affordable housing programs.
About Amerifirst Home Mortgage
Headquartered in Kalamazoo, Michigan, Amerifirst Home Mortgage is an independent community mortgage lender founded in 1983 by entrepreneurs Mark Jones and David Gahm. Amerifirst is committed to making a meaningful difference in the lives of its customers, its employees and the communities they serve. The Amerifirst team of over 500 professionals offers a full line of mortgage products including FHA loans, VA mortgage loans, USDA Rural Development loans, Renovation loans and conventional lending. Amerifirst is licensed in a dozen states across the Midwest and Southeast Regions, and takes great pride in establishing quality relationships with its customers by continuing to service their loans. Amerifirst Home Mortgage is a division of Amerifirst Financial Corp.