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Ohio Statewide Foreclosure Prevention Program
NHSGC's involvement with NeighborWorks® organizations.
Ohio Home Rescue Fund
The Ohio Home Rescue Fund is part of a larger foreclosure prevention initiative led by twelve 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 Department of Development's Office on Housing and Community Partnerships
Ohio Housing Finance Agency
Terms of the Ohio Home Rescue Fund is dependent on income tiers. To see where your income is above or below 65% county area median income, please check here.
First Tier Income Range:
- 65% or below area median income (AMI)
- Window of qualification – previous 365 days of income at application
First Tier Income Range Terms:
- $3,000 or 3 months of mortgage/interest/taxes – whichever is less
- 0% interest, 3 year, deferred, forgivable second mortgage
- Recorded as a mortgage
First Tier Income Range - Other Qualifications:
- Documentable trigger event
- Budget wherewithal to maintain home once “rescued”
- Must agree to post-rescue counseling
- Other documents, including hardship letter needed
Second Tier Income Range:
- 65% 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
Second Tier Income Terms:
- $3,000 or 3 months of mortgage/interest/taxes – whichever is less or if the mortgage/interest/taxes is more than $1,000 a month - $5,000 or 3 months of mortgage/interest/taxes – 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
Second Tier Income - Other Qualifications:
- Documentable trigger event
- Budget wherewithal to maintain home once “rescued”
- Must agree to post-rescue counseling
- Other documents, including hardship letter needed
This is a statewide program. Neighborhood Housing Services of Greater Cleveland administers this program for Cuyahoga, Erie, Huron and Lorain Counties.
For more information please call 888.995.HOPE (4673) or visit www.995Hope.org.
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