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 to choose 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 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 the criteria listed below:
- You meet income and purchase price limits.
- 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.
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. Homebuyer Education is not required for borrowers who are only registered for our MTC Basic program.
Free Homeowner Resources
Qualified buyers will be eligible to join Power of Home, a new program that provides free homeowner resources through the Framework® platform. New tools and resources will be available to help you manage, maintain and build equity in your home.
When you sign up, you will be able to:
- Explore homeowner resources to manage your home investment.
- Access an affordable loan for home repairs, improvement, and modifications from Huntington®.
- Meet your financial goals with free financial coaching and counseling services to reduce your debt and more from Apprisen.
- Search over 250 local home maintenance, energy assistance grant, and loan programs.
You'll also have the opportunity to test new features and participate in a research study with The Ohio State University when you complete the homebuyer education.
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.