Table of Content
This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. We are an independent, advertising-supported comparison service. Qualified buyers will be eligible to join Power of Home, a new program that provides free homeowner resources through the Framework® platform.
Other programs require credit scores as low as 500 — though you'd typically need to pay a higher interest rate or additional fees. In this case, the assistance is forgiven after five years unless you sell the home and leave Ohio before then, in which case you’ll need to repay some or all of it. You can combine a Heroes discount with down payment assistance.
Private mortgage insurance (PMI)
Our agency has many specialized areas, USDA home loans is our real specialty and these are also the first choice of our customers. We take extra effort to help first time buyers selecting the best loan program depending upon their credit, income, debt and the locality they are planning to purchase home. We have listed single family homes in Ohio for first time home buyers to set them on right track to start their home search. Surf through properties in your local area and leave the rest to us from connecting with an agent, your pre-approvals all the way to closing.
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.
FHA Down Payments
They also must have a minimum credit score of 640 for conventional, VA, USDA and 203k loans and a minimum score of 660 for FHA loans. OHFA helps applicants secure Fannie Mae-backed loans, as well as government-insured loans such as those backed by the Federal Housing Administration, Veteran’s Administration, and U.S. First-time home buyers may be eligible for a mortgage credit certificate if they meet income and purchase price guidelines. The certificate allows a tax credit of up to 40% of the borrower’s annual mortgage interest paid with a maximum of $2,000.
Ohio’s state housing finance authority isn’t the only place to find help as a first-time homebuyer. Check out Bankrate’s guide to these other first-time homebuyer loans and programs. You'll need a credit score of at least 640 to qualify for Ohio Housing Financing Agency loans and assistance programs.
OHFA Homebuyer Program
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That means if you stay in the home at least seven years, you won’t have to pay anything back. However, Communities First seems to offer more generous down payment assistance along with its loan programs — including home buyer grants of up to 5% of the home purchase price. The assistance programs require completing a first-time homebuyer class approved by the Department of Housing and Urban Development before closing. You may also be able to attend an online class offered by an assistance agency, such as OHFA. Additionally, the home purchase price cannot exceed $166,000. This loan will be a deferred second mortgage, and buyers must make a minimum 3% down payment contribution to apply.
First-Time Home Buyer Guide for Ohio
We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Eligible buyers can receive assistance worth up to 10% of the purchase price ($16,600 maximum) in loan funds.
In addition to checking off those boxes, all borrowers seeking an OHFA loan need to complete a free homebuyer education course. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. The offers that appear on this site are from companies that compensate us.
We do not offer or have any affiliation with loan modification, foreclosure prevention, payday loan, or short term loan services. Neither FHA.com nor its advertisers charge a fee or require anything other than a submission of qualifying information for comparison shopping ads. We encourage users to contact their lawyers, credit counselors, lenders, and housing counselors. Offering tax credits allows home buyers to save some money at tax time for the interest they pay all year on their mortgage.
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.
New tools and resources will be available to help you manage, maintain and build equity in your home. A handful of mortgage loans — particularly from OHFA —are designed to help low-income home buyers acquire their first home. Lenders typically require PMI on conventional mortgages where the borrower's down payment is smaller than 20%. Don’t just look at advertised rates online; actually apply for preapproval and compare the interest rates and fees you’re offered. That’s the only way to know you’re getting the best deal possible on your new home loan. This program might be a better fit than OFHA’s down payment assistance loan if you’re unsure about your future plans as there are fewer restrictions for receiving help.
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