Down Payment Assistance

Down Payment Assistance

If you're in the market for your first home and need help with down payment and closing costs, the Ohio Housing Finance Agency (OHFA) can help. OHFA offers 30-year fixed-rate conventional and FHA, VA, USDA-RD government loans designed especially for homebuyers with low- and moderate-incomes, with generous income and purchase price limits.

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.


Am I Eligible?

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
  • You meet income and purchase price limits
  • You meet the credit score requirements. Please note that credit score requirements may be higher for different loan types. Please check with your lender for specific requirements. The minimum credit score for borrowers using OHFA Homebuyer Programs are:

    Loan Type:
    Conventional, USDA, VA = 640
    FHA = 660

    For advice on improving your credit score please contact a HUD approved counseling agency in Ohio.

* Please view a complete list of eligibility criteria.


Homebuyer Education

Qualified buyers are required to complete free homebuyer education. OHFA's streamlined education program allows you to complete a course offered by any U.S. Department of Housing and Urban Development (HUD) approved counseling agency in Ohio. Please note, OHFA homebuyer education is not completed until after homebuyer has submitted their loan application with their loan officer.


How Do I Apply?

OHFA works with lenders, credit unions and mortgage companies across the state. 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.

 

The Ohio Housing Finance Agency | 57 East Main Street | Columbus, Ohio 43215
Toll Free 888.362.6432 | Phone 614.466.7970 | Fax 614.644.5393 | TDD 614.466.1940

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