Ohio offers several grant programs for home buyers that I can help you navigate.
There are programs that provide down payment assistance
-GRANTS FOR GRADS
The Ohio Housing Finance Agency's (OHFA) Grants for Grads provides a discounted mortgage interest rate to recent graduates as an additional incentive for you to make Ohio your home.
Grants for Grads includes 2.5% or 5% down payment assistance. Down payment assistance is forgiven after five years as long as you remain in the state of Ohio. If you sell your home and move out of Ohio within five years, you must repay some or all of the assistance provided.
Am I Eligible?
You may qualify for an OHFA homebuyer program if you meet the criteria listed below:
- You have not owned or had an ownership interest in your primary residence in the last three years.
- You meet income and purchase price limits. 1 or 2 person family $121K income, 3 or 4 person family $141K income limit
- You meet credit score requirements.Conventional, USDA and VA Loans: 640 or higher
- FHA Loans: 650 or higher
- You meet debt to income ratios for your loan type.
- Borrowers must have graduated within the last 48 months with an associate's, bachelor's, master's, doctorate or other post-graduate degree from an accredited college or university.
- Complete a course offered by U.S. Department of Housing and Urban Development (HUD)-approved counseling agency in Ohio.
Another great program is the Heros Rewards
The Ohio Housing Finance Agency's (OHFA) Ohio Heroes rewards Ohio residents who serve the public with a discounted mortgage interest rate.
-HEROS GRANT PROGRAM
2.5% or 5% of the purchase price in assitance toward down-payment and closing costs. Borrowed assistance is fully forgiven after 7 years. If home is sold or loan refinanced prior to 7 years the assistance becomes fully payable
You may qualify for an OHFA homebuyer program if you meet the criteria listed below:
- You meet income and purchase price limits.You meet debt to income ratios for your loan type.
- You meet the credit score requirements.Conventional, USDA and VA Loans: 640 or higher FHA Loans: 650 or higher
- You work in one of the following careers:Veterans, active duty military members or members of reserve components (including surviving spouses) Police officers, firefighters, volunteer firefighters, EMTs and paramedics, Physicians, nurse practitioners, nurses (RN and LPN) and STNAs Teachers (pre-K through grade 12), administrators and counselors
