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Down Payment Assistance | Ohio Housing Finance Agency

2600 Corporate Exchange Drive, Suite 300, Columbus, OH 43231

Eligibility

You may qualify for down payment if: - you have not owned or had an ownership interest in your primary residence in the last three years - your credit score is 640 or higher - you meet income and purchase price limits. Qualified buyers are required to complete free homebuyer education. Information on OHFA’s streamlined education program is available on our website or you may complete a course offered by any U.S. Department of Housing and Urban Development (HUD) approved counseling agency in Ohio.

Required documents

Hours

Mon-Fri 8am-5pm.
https://www.ohiohome.org

Application process

OHFA works with lenders, credit unions and mortgage companies across the state. Visit our website to find an OHFA-approved lender in your area, along with tips to help you with the application process. Or call us toll-free at 888-362-6432.

Service area

Athens County, Ohio
Wyandot County, Ohio
Crawford County, Ohio
Noble County, Ohio
Washington County, Ohio
Coshocton County, Ohio
Knox County, Ohio
Marion County, Ohio
Monroe County, Ohio
Pickaway County, Ohio
Licking County, Ohio
Guernsey County, Ohio

Description

If paying for a down payment and closing costs have kept you from getting into a home of your own, Your Choice! Down Payment Assistance allows homebuyers to choose either 2.5% or 5% of the home’s purchase price. Assistance can be applied toward your down payment, closing costs or other pre-closing expenses. Down payment assistance is forgiven after seven years. If you sell or refinance your home within seven years, you must repay all of the assistance provided. If you qualify for one of OHFA's home loan products, you can choose to take advantage of the Down Payment Assistance: - OHFA will issue assistance in an amount of 2.5% of your home's purchase price. - You can use the assistance to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing. Keep in mind that while the assistance will greatly reduce your expenses, you may still be required to pay for some costs out of pocket. - If you take advantage of the assistance, your mortgage interest rate will be up to .5% higher than OHFA's current mortgage rates. - The down payment assistance will be issued as a second mortgage with a 0% interest rate and no payment due. The loan is forgivable after five years. However, if you sell or refinance prior to the five-year mark, you are responsible for paying the assistance back to OHFA.

Data provided by

211 Pathways

Providing organization

Ohio Housing Finance Agency

Offers affordable housing opportunities for Ohioans from rental assistance to homeownership. Provides access to financial resources for the development and management of quality, affordable housing. The OHFA's programs serve first-time home buyers, renters, senior citizens and other populations with special needs who otherwise might not be able to afford quality housing.