Down Payment Assistance

Down Payment Assistance

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

Your Choice! Down Payment Assistance allows homebuyers either 2.5% or 5% of the home's purchase price. Assistance can be applied towards down payments, closing costs or other pre-closing expenses. This 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 an OHFA homebuyer program if you meet one of the criteria listed below:

  • You meet income and purchase price limits.
  • You meet credit score requirements.
    • Conventional, USDA, VA and FHA 203(k) Loans = 640 or higher
    • FHA 203(b) Loans: 660 or higher

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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