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- Free grass cutting
- Free snow removal from driveway
- Free transportation
- Free Medical Screening
- Tool Loan Program
- Blocked Drains
- Truck Loan
- Outdoor pest control (bees, moles, small rodents)
- Table and chair loan
- Free leaf removal (Seasonal)
- Free Branch Chipping (Seasonal)
- Removal of Hazardous Tree (One per resident)
- Proo
f of income for the last 12 months for HEAP; the last 3 months for PIPP2007-2008 Income Eligibility Guidelines
Size of Household Total household income for 12 months 1 person up to $17,867.50 2 person up to $23,957.50 3 person up to $30,047.50 4 person up to $36,137.50 5 person up to $42,227.50 6 person up to $48,317.50 7 person up to $54,407.50 8 person up to $60, 497.50 For households with more than 8 members,
add $6,090 per member - Do you have or know someone who has an adjustable rate mortgage (ARM) and worry about how you are going to Help With Refinancing your Homee monthly mortgage payment once the interest rate resets?
Did you or someone you know finance their home with an interest-only or a high-rate loan?
Do you have or know someone who has an adjustable rate mortgage (ARM) and worry about how you are going to make the monthly mortgage payment once the interest rate resets?
Did you or someone you know finance their home with an interest-only or a high-rate loan?
Has an unplanned life event such as a medical emergency, divorce or change in employment made it difficult to pay your mortgage each month?
If so, the Ohio Housing Finance Authority (OHFA) is offering borrowers the chance to refinance through a program called "The Opportunity Loan."
The program
The Opportunity Loan is a refinance program that provides an affordable 30-year, fixed-rate financing alternative to borrowers who have a current mortgage that is no longer suitable for their financial situation. According to OHFA website (www.ohiohome.com), the current mortgage rate is 7.75%. The underwriting standards for loan approval are not very rigid as a standard loan. For example, low credit scores and late payments alone won't be enough to disqualify borrowers.
Second mortgage option
To assist you with closing costs, the Opportunity Loan offers additional financial assistance. This 20-year, fixed-rate second mortgage is available at an amount up to five percent of the appraised value of the home. The second mortgage may also be used to pay fees associated with your existing mortgage, including escrow payments, pre-payment penalties, late fees, attorney fees or other financing charges.
Borrower education
A minimum of four hours of HUD-approved counseling is required. Typically, this includes two hours during an initial meeting and an additional two hours of one-on-one counseling. All counseling must be completed before closing the loan. OHFA also requires counseling if a mortgage payment under the newly refinanced loan is 30 or more days late. For a list of available counselors, visit www.hud.gov.
Additional information
With proper documentation, you may be reimbursed for out-of-pocket expenses for an appraisal, credit report or any up-front hazard insurance payments. A full appraisal is required to determine the current value of the home. Mortgage insurance is required for loans that have a greater than 80 percent loan-to-value ratio.
Am I eligible?
Due to recently expanded underwriting guidelines, certain credit issues on your current mortgage in the last 12 months may be acceptable. Your household's income may not exceed 125 percent of the county's area median gross income. Currently for Cuyahoga County, the income limit is $76,750. Go to www.ohiohome.org/refinance/countyinfo_locator.aspx for income information for other counties in Ohio.
You must live in the home that is being refinanced. Eligible properties include single-family detached housing, condominiums, townhouses, modular and planned unit developments. Two to four-unit properties, mobile or manufactured homes are currently not permitted.
While we strive to assist as many borrowers as possible, applicants must qualify using the expanded underwriting guidelines.
Is this program right for me?
A participating lender will assist you in determining what home loan best fits your needs. Lending institutions throughout Ohio work with OHFA to offer the Opportunity Loan. To find a participating lender go to o_locator.aspxwww.ohiohome.org/refinance/countyinfo_locator.aspx
In closing, a recent survey by Bankrate.com showed that about one-third of borrowers don’t know whether their loan's interest rate was fixed or floating. Considering that $14 billion in Ohio subprime adjustable-rate home loans will reset to a higher interest rate by the end of 2008, the least homeowners can do is know whether their mortgage rate is on the way up and take action early.
Below you will find news about the following items. This page is updated frequently so please visit often.
• Bedford Heights City Services
• Home Energy Assistance Program
• Ohio Finance Agency Loan Program to Refinance Your Mortgage
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Bedford Heights City Services cc
Did you know the City of Bedford Heights provide the following services free of charge?
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For Seniors and Disabled (60 and older with less than $15,000 in annual earned income)
For more information on Senior Services, please contact the Senior Office located inside the Jimmy Dimora Community Center at 440-786-3208.
All residents of Bedford Heights
For more information call the Bedford Heights Service Department at 440.232.8832 to learn more or visit www.bedfordheights.gov
Home Energy Assistance Programs
The Ohio Department of Development offers several programs to help income-eligible Ohioans pay their utility bills and improve the energy efficiency of their homes, including the federally-funded Low Income Home Energy Assistance Program (LI-HEAP): • Home Energy Assistance Program (HEAP)
• HEAP Emergency Winter Crisis Program (E-HEAP)*
• HEAP Summer Crisis Program (SCP)*
• Home Weatherization Assistance Program (HWAP)
• Percentage of Income Payment Plan (PIPP) *
*For E-HEAP, SCP, and PIPP, an appointment is required at a local provider agency. Cuyahoga County residents who wish to make an appointment, should call the Council for Economic Opportunity in Greater Cleveland 24 hour Energy Assistance Appointment line at (216) 518-4014. The TTY number for the hearing impaired is 711.
Consumers can apply for HEAP from September 1, 2007 through March 31, 2008. Processing the application in Columbus may take 10 -12 weeks. To check the status of your HEAP application, call 1-800-282-0880.
What you need to apply:
• Proof of citizenship or alien status for all household members.
• Completed and signed application
• Proof of income for the last 12 months for HEAP; the last 3 months for PIPP
• Copy of your most recent utility bills
• Documentation of social security number and birth date
• Income information for all household members 18 years of age and older
The Department of Senior & Adult Services (DSAS) specializes in HEAP outreach to seniors 60+ and adults with disabilities 18+. Contact the DSAS HEAP Coordinator at (216) 420-6830 if you need assistance.
