Franklin County DAP
& OHTF DAP
Property
/Loan
Limit
500$
Loan
Vs.
Value
Guidelines
Ratios
31/43

Grants Guidelines I
Franklin County DAP OHTF DAP
• Location :Franklin Co. outside tax district 010
• Location: Franklin County.
• Principal Residency. Fist Time
H-B or 3 yrs.
• Principal Residency. First Time
H-B or 3 yrs.
• Income: Up to 80% HUD-MSA
• Loan amounts can ’ t exceed the FHA amount for CMSA
• Income: Up to 65% HUD-MSA
• Loan amounts can ’ t exceed the FHA amount for CMSA

Grants Guidelines I
Franklin County DAP OHTF DAP
• Amount: Up to $4K DP& $2K
CC
• Household Income is used to calculate income eligibility.
• Borrower contribution: $500
• Borrower can ’ t have more than $3K in liquid assets
• Amount: 3% purchase price up to $3K. The lesser.
• Household Income is used to calculate income eligibility.
• Borrower contribution: $500
• Borrower can ’ t have more than $5K in liquid assets

Grants Guidelines I
Franklin County DAP OHTF DAP
• 0% interest. No payments • 0% interest. No payments
• 6 yrs. Lien • 5 yrs. Lien
• Can NOT be combine with any other program.
• Works with ADDI, EDCI. Not with any form of OHFA ’ s DAP
• Property must meet local housing codes (DS&S) /
Certificate of occupancy
• Property must meet local housing codes (DS&S) /
Certificate of occupancy

Grants Guidelines
Franklin County DAP OHTF DAP
• Home inspection w/all utilities running.
• Home inspection w/all utilities running.
• Lead-Base Paint Hazard test for 1978 or older buildings.
Must be included with the application package.
• Lead- Base Paint hazard test for 1978 or older buildings.
Must be included with the application package.

Grants Guidelines I
Franklin County DAP
• Eligible use of funds. (*)
OHTF DAP
• Eligible use of funds. (*)
• Loan assistance is not assumable.
• Underwriting ratios: 31/43
• Loan assistance is not assumable.
• Underwriting ratios: 31/43
• The Loan assistance becomes immediately due and payable in the event of Fraud or 1 st
Lien assumption.
• The Loan assistance becomes immediately due and payable in the event of Fraud or 1 st Lien assumption.

Grants Guidelines
Franklin County DAP
• LTV (1 st +2 nd ) must not exceed the estimated property value.
OHTF DAP
I
• LTV(1st +2 nd ) must not exceed the estimated property value.
• Lender will send applicant to
Homeport to fill out application
• Lender must obtain all verifications & documentation necessary to establish the borrower ’ s eligibility for DAP
• Lender will send applicant to
Homeport to fill out application
• Lender must obtain all verifications & documentation necessary to establish the borrower ’ s eligibility for DAP

Grants Guidelines
Franklin County DAP
• Homeport reviews applications within 20 business days of receiving a completed pack.
OHTF DAP
I • Homeport reviews applications within 20 business days of receiving a completed pack.
• If loan assistance is approved,
Homeport will notify borrower and lender in writing by sending a Commitment Letter
• If loan assistance is approved,
Homeport will notify borrower and lender in writing by sending a Commitment Letter
• Homeport will request a schedule for closing
• Homeport will request a schedule for closing

Grants Guidelines
Franklin County DAP
• Lender or Title Co. submit the
Final HUD1 48 hrs. prior to the scheduled date for closing.
OHTF DAP
I
• Lender or Title Co.: submit the
Final HUD1 48 hrs. prior to the scheduled date for closing.
• Funds Distribution: Homeport will wire funds to the Title company after the review and approval of the final HUD 1 settlement statement.
• Funds Distribution: Homeport will wire funds to the Title company after the review and approval of the final HUD 1 settlement statement.

Grants Guidelines
Franklin County DAP OHTF DAP
• Cash Back to the borrower is not allow.
I • Cash Back to the borrower is not allow.
•
• Any unused proceeds that remain at closing must be returned to Homeport.
• Any unused proceeds that remain at closing must be returned to Homeport.
• Lender and Title Co. must notify Homeport if for any reason loan couldn ’ t close the scheduled day
• Lender and Title Co. must notify Homeport if for any reason loan couldn ’ t close the scheduled day

Grants Guidelines
Franklin County DAP
• If the closing does not occur within a 30 day period after receipt approval of Funds, the loan approval for the Funds must be reviewed to make sure no changes have occurred.
OHTF DAP
I
• If the closing does not occur within a 30 day period after receipt approval of Funds, the loan approval for the Funds must be reviewed to make sure no changes have occurred.

Grants Guidelines
Franklin County DAP OHTF DAP
• Homeport prepare and sends the 2 nd Mortgage doc. to the
Title Company for its execution and recording at the Recorders office.
I • Homeport prepare and sends the 2 nd Mortgage doc. to the
Title Company for its execution and recording at the Recorders office.
• The promissory Note will be closed at Homeport.
• The promissory Note will be closed at Homeport.
• The Title Company execute the first and second mortgage.
• The Title Company closes the first mortgage.
•
• .

Grants Guidelines
Franklin County DAP OHTF DAP
• Title Company must record the executed 2 nd mortgage and mail it back to Homeport after recorded, within 10 days after the closing.
I
• Title Company must record the executed 2nd mortgage and mail it back to Homeport after recorded, within 10 days after the closing.
• Title Co. must submit to
Homeport copy of the 1 st Lien,
Prom. Note and HUD1 w/all attachments already executed within 10 business days after closing
• Title Co. must submit to
Homeport copy of the 1st
Lien, Prom. Note and HUD1 w/all attachments already executed within 10 business days after closing
•
•
• .

Grants Guidelines
Franklin County DAP OHTF DAP
• The 2 nd mortgage loan, as evidenced by a promissory note is closed in the name of
Franklin County Board of
Commissioners.
I
• The 2 nd mortgage loan, as evidenced by a promissory note is closed in the name of
Homeport

DOWN PAYMENT
- ORIGINATION FEES
- APPRAISAL COSTS
- CREDIT REPORT FEES
- TITLE BINDER AND TITLE POLICY
- SURVEY
- PROPERTY INSPECTION
- CLOSING FEES
- RECORDING FEES
- MIP THAT MUST BE PREPAID
- E.P.A. ENDORSEMENT

FAMILY SIZE 60% KNOX 65% 80% 100% KNOX 115% 140%
65% 115%
ONE YEARLY 28,350 26,250 30,700 37,800 47,250 46,400 54,350 66,150
TWO YEARLY 32,400 29,950 35,100 43,200 54,000 53,000 62,100 75,600
THREE YEARLY 36,450 33,700 39,500 48,600 60,750 59,600 69,900 85,050
FOUR YEARLY 40,500 37,450 43,900 54,000 67,500 66,250 77,650 94,500
FIVE YEARLY 43,750 40,450 47,400 58,350 72,900 71,550 83,850 102,100
SIX YEARLY 46,980 43,450 50,900 62,650 78,300 76,850 90,050 109,600
SEVEN YEARLY 50,200 46,450 54,400 67,000 83,700 82,150 96,250 117,200
EIGHT YEARLY 53,460 49,400 57,900 71,300 89,100 87,450 102,500 124,750

• Loan Application:
Lender sends applicant to Homeport to complete application and disclosure statement.
Lender provides to Homeport all the information listed on the
Submission Checklist .
• Eligibility Verification:
Lender obtains all verifications and documentation necessary to establish the borrower ’ s eligibility for the Grant assistance.

• Underwriting:
Lender will calculate the expected down payment assistance and make recommendation to Homeport.
• Commitment Submission Package
Homeport will attempt to approve package within 20 business days.
• Commitment Approval
Homeport send to lender/borrower a commitment letter.
Loan must be closed within 30 days of approval.

• Fax final HUD-1 to Isabel Giles at 221-8591 24 hours before closing. Notify her @ 221-8889 ext. 160 if figures change.
•
The Title Co. must return the following documents to Homeport within 10 days after closing:
 Copy of 1 st Mortgage already executed and recorded
 Copy of executed Promissory Note for 1 st Lien
 Original 2 nd Mortgage already executed and recorded
 Final HUD 1 already executed
 Original Signed Sellers Uniform Relocation Act Disclosure Form
Provided by Homeport, if applies

• Borrower will meet with a Homeport Housing Advisor for one on one appointment to review applicant ’ s budget, which must show a balanced budget.
• Counselor will handle and disclose to the borrower the covenants of the Grants, the Ohio Homebuyers ’ Protection Act Informational
Document
• Counselor verifies the borrower receives clarifications and understanding of all clauses in the Notes it and signs all required documents.

Required Documentation From Lenders
Submission Checklist
Submit the following documents in one package. Application will not be underwritten until the package is complete. Allow 20 business days from receipt of a completed package for review and funding approval
.
Loan Funding Request e submit The following documents in one package. The loan will not be underwritten
Lender approval letter until the application package is complete.
Borrower must meet with a Homeport ’ s
Homebuyer Education Certificate (from certified HUD agency)
Housing advisor to complete additional
Forms. Please allow 20 business days from
- Final 1003 signed by M.L.O and applicant .
receipt of a completed package for review and funding approval

Required Documentation From Lenders
Submission Checklist Cont….
Please submit the following documents in one package. Application will not be underwritten until the package is complete. Please allow 20 business days from receipt of a completed package for review and funding approval
.
e submit The following documents in one package. The loan will not be underwritten
until the application package is complete.
Borrower must meet with a Homeport ’ s
-
Housing advisor to complete additional
Forms. Please allow 20 business days from
receipt of a completed package for review and funding approval

-
Required Documentation From Lenders
Submission Checklist Cont……
Please submit the following documents in one package. Application will not be underwritten until the package is complete. Please allow 20 business days from receipt of a completed package for review and funding approval
.
e submit The following documents in one
package. The loan will not be underwritten until the application package is complete.
Borrower must meet with a Homeport
Signed purchase contract with all modifications attached .
’ s
Housing advisor to complete additional receipt of a completed package for review
Home inspection report from a independent 3 rd party professional, and funding approval

-
Required Documentation From Lenders
Submission Checklist Cont……
Please submit the following documents in one package. Application will not be underwritten until the package is complete. Please allow 20 business days from receipt of a completed package for review and funding approval
.
e submit The following documents in one conducted and a report showing the results must be submitted with the package. The loan will not be underwritten
until the application package is complete.
Borrower must meet with a Homeport ’ s
Housing advisor to complete additional
Forms. Please allow 20 business days from receipt of a completed package for review
and funding approval

BORROWER ’ S NAME(S) _______________________________________________________
_______________________________________________________ PROPERTY ADDRESS
CITY, STATE, ZIP _______________________________________________________
_______________________________________________________ CLOSING DATE
TITLE AGENT _______________________________________________________
_______________________________________________________ ADDRESS
CITY, STATE, ZIP _______________________________________________________
_______________________________________________________ PHONE
REQUESTED AMOUNT _______________________________________________________
CHECK/WIRE TO TITLE CO. AS FOLLOWS:_______________________________________
LENDER CONTACT
PHONE
_______________________________________________________
___________________________FAX_________________________
PLEASE ALLOW 20 BUSINESS DAYS FROM RECEIPT OF A COMPLETED PACKET FOR FUNDING APPROVAL.

IF APPLICATION IS DENIED, YOU MAY APPEAL THE DECISION AS FOLLOWS:
• REQUEST A REVIEW OF THE DECISION BY SUBMITTING A WRITTEN REQUEST TO THE HOUSING ADVISOR YOU HAVE
WORKED WITH WITHIN TEN DAYS FROM THE DATE OF THE DENIAL.
• THE HOUSING ADVISOR WILL NOTIFY YOU TO SET UP A MEETING, WHICH MEETING SHALL BE HELD WITHIN TWENTY
DAYS OF RECEIPT OF YOUR REQUEST FOR REVIEW.
• IF THE ISSUES ARE NOT RESOLVED AT THIS MEETING, YOU MAY REQUEST TO MEET WITH THE DIRECTOR OF HOUSING
COUNSELING. SUCH REQUEST MUST BE MADE IN WRITING TO THE DIRECTOR OF HOUSING COUNSELING WITHIN FIVE
DAYS OF YOUR MEETING WITH THE HOUSING COUNSELOR. THE DIRECTOR OF HOUSING COUNSELING, OR DESIGNEE,
WILL HAVE TEN WORKING DAYS TO RESEARCH THE INFORMATION AND WILL SCHEDULE A MEETING WITH YOU, IF
NECESSARY. THE DIRECTOR OF HOUSING COUNSELING WILL FORWARD THE DECISION TO YOU BY CERTIFIED MAIL NO
LATER THAN FIVE WORKING DAYS AFTER THE DECISION HAS BEEN MADE.
• IF THE DECISION IS NOT SATISFACTORY, YOU MAY APPEAL THE DECISION TO THE PRESIDENT OF COLUMBUS
HOUSING PARTNERSHIP, OR DESIGNEE WITHIN FIVE WORKING DAYS OF RECEIPT OF THE DECISION MADE BY THE
DIRECTOR OF HOUSING COUNSELING. SUCH REQUEST MUST BE MADE IN WRITING AND ADDRESSED TO THE
PRESIDENT. THE PRESIDENT OR DESIGNEE, WILL REVIEW THE INFORMATION AND WILL MEET WITH PERSONS
NECESSARY TO MAKE A DECISION. THE PRESIDENT WILL FORWARD THE FINAL DECISION TO YOU BY CERTIFIED MAIL,
NO LATER THAN THIRTY DAYS AFTER RECEIPT OF YOUR LETTER

HOMEPORT
Housing Advisory Center
Down Payment assistance Program
Franklin County DAP
I, __________________________, certify, under penalty of perjury, that I do not receive any form of income and have no indication that income will become available within the next 12 months.
____________________________________ _____________________
Signature Date
Sworn to before me and subscribed in my presence this
(Date)
_____________________________________________
Notary Public, State of Ohio
My Commission expires _________________________
.