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To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. Working with a participating lender for your desired assistance program can make the assistance application process easier.
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OHFA Homebuyer Program
Here is a list of our partners and here's how we make money. The program is also open to veterans, active-duty military members, members of reserves and surviving spouses. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
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Our Programs
After living in the home for five years, 50 percent of the assistance amount is forgiven. The Ohio Housing Finance Agency’s First-Time Homebuyer Program offers loans and down payment assistance to prospective homebuyers who meet certain requirements. Applicants must never have owned real estate or not owned it within the past three years, or they must be active military personnel or veterans.
Benefits include lower mortgage rates, down payment assistance, tax credits and combined financing for buying and renovating a home. Besides basic eligibility rules, each program may have additional requirements. Borrowers who quality for an OHFA loan may also quality for the agency’s Down Payment Assistance Program. The loan rates for participants of the down payment assistance program are half a percent higher than other OHFA loans. The down payment assistance is issued as a second mortgage with a zero percent interest rate. Borrowers are not required to repay the loan if they remain in their homes for five years.
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Your interest rate may be slightly higher when using the Tax Credit Plus, rather than Basic. When you’re ready to start the home buying process, make sure you get personalized rate quotes from at least three mortgage lenders. But it is repayable only when you move, sell the home, refinance, transfer, or pay down your mortgage.
First-Time Home Buyer Programs and Grants of 2021
These include the My Ohio Home and Communities First mortgage programs. If you’re unsure which program to choose for your first mortgage, your lender can help you find the right match based on your finances and home buying goals. “Currently, the only challenge for low- and moderate-income homebuyers is finding a home within their budget,” agent Angel Perez of Coldwell Banker Realty in Columbus, OH. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.
This is the go-to program for many first-time home buyers with lower credit scores. The Federal Housing Administration allows down payments as low as 3.5% for those with credit scores of 580 or higher. The FHA will insure loans for borrowers with scores as low as 500 but requires a 10% down payment for a score that low. Mortgage insurance is required for the life of an FHA loan and cannot be canceled. Grant programs for first-time homebuyers are available in Ohio cities and counties.
The assistance amounts differ by program but can usually cover from 10% to 20% of the home purchase price for buyers with qualifying incomes. Borrowers with low or moderate incomes can qualify for OHFA traditional first-time homebuyer loans. This program has more lenient income and purchase limits than a typical home purchase loan, which makes it easier to qualify for. You could be eligible for a first-time homebuyer program in Ohio if you haven’t owned a primary residence in the past three years, are an honorably discharged veteran or live in a target area.
This information will help OHFA and its partners determine where needs are being met and where gaps remain. With more than a decade of experience, thousands of home buyers have turned to CHF to find their first home. We are the only website around who cleanly do property eligibility check for USDA approved zones. Here’s what to know about national and state programs available in Ohio and what you need to qualify.
In addition, the OHFA assists first-time buyers with evaluating their options and pairing them with the best lender and program suited to their situation. Ohio Heroes provides a discounted mortgage rate for service professionals, such as veterans and active military, police officers, and firefighters. This program can be used with other OHFA loans, as well as conventional, FHA, USDA, or VA loans.
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