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The Ohio Housing Finance Agency offers down payment assistance, career-related interest rate discounts and other loan products to make buying a home or condo easier.

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Home Buyer Education Portal

Your Choice! Down Payment Assistance

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. Learn more about Down Payment Assistance.

Mortgage Tax Credit

A Mortgage Tax Credit provides first-time homebuyers with additional income by reducing the amount of federal income tax liability owed by the borrower. With an MTC, a portion of the mortgage interest (up to $2,000) is a tax credit, a dollar-for-dollar reduction of income tax liability for the life of the loan. The tax credit cannot be larger than the homeowner's annual federal income tax liability after deductions, exemptions and other credits. Learn more about the Mortgage Tax Credit.

OHFA Advantage

If you are in the market for a home and need financial help, additional down payment grants in the amount of one-half percent or two percent are available. The OHFA Advantage program helps homebuyers with good credit, but lower incomes. These grants can only be used with conventional loans and are in addition to OHFA's Your Choice! Down Payment Assistance with no additional costs. Learn more about OHFA Advantage.


Updated 2/16/2018 at 9:30am

Mortgage Interest Rates No Assistance 2.5% Down Payment Assistance 5% Down Payment Assistance
Government Loans (FHA, VA, USDA-RD) with .50% Origination Fee
First-Time Homebuyer program 4.625% 5.375% 6.125%
     Ohio Heroes 4.375% 5.125% 5.875%
     Grant for Grads N/A 5.25% 6.00%
Next Home (for non first-time homebuyers) N/A 5.375% 6.125%
Conventional Loans (Fannie Mae HFA Preferred, Freddie HFA Advantage & OHFA Advantage 50% & 80% AMI) with .50% Origination Fee
First-Time Homebuyer program 5.125% 5.625% 6.125%
     Ohio Heroes 4.875% 5.375% 5.875%
     Grant for Grads N/A 5.50% 6.00%
Next Home (for non first-time homebuyers) N/A 5.625% 6.125%
FHA 203(k) "Renovate Ohio"
First-Time Homebuyer program 5.75% 6.25% 6.75%
     Ohio Heroes 5.50% 6.00% 6.50%
     Grant for Grads N/A 6.125% 6.625%
Next Home (for non first-time homebuyers) N/A 6.25% 6.75%

If you use the Mortgage Tax Credit with OHFA's First-Time Homebuyer program for your mortgage, you will be able to convert 40 percent of your mortgage interest, up to $2,000, into a direct tax credit.

If you elect to use 2.5% or 5% down payment assistance, you will pay a slightly higher mortgage interest rate.

Contact Us

OHFA has incentives for future homeowners. If you have any questions, please write us using the form below.


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 800.750.0750

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