Find answers to some of the most frequently asked questions we hear from prospective buyers.

No, OHFA offers homeownership products to Ohioans who have not owned or had an ownership interest in a primary residence in the last three years. OHFA also offers the Next Home program, which serves homebuyers who previously owned a home.

OHFA's products are originated through a network of participating lenders with offices throughout Ohio. Find a participating lender in your area.

You can also learn more about the process by visiting the what to expect section. If you need additional information, call the Office of Homeownership at 614.466.7970 or 1.888.362.6432.

You may need to have a down payment, depending on the specific product you choose. However, OHFA does offer down payment assistance equal to 2.5% or 5% of the home's purchase price. Homebuyers have the option to choose the amount (2.5% or 5%) toward their down payment, closing costs and other expenses incurred prior to closing.

An additional down payment assistance grant of $1,500 or $2,500 is available to homebuyers whose income falls within 50 percent or 80 percent of the area median income. Please click here to learn more about the OHFA Advantage program.

All homebuyers are required to either complete a homebuyer education course offered by a HUD-approved counseling agency or participate in OHFA's online homebuyer education course. Homebuyer education helps prepare you for the financial responsibilities of homeownership.

Please note, OHFA homebuyer education is not completed until after homebuyer has submitted their loan application with their loan officer.

Potential homebuyers can use our Am I Eligibe? page to determine if they might qualify for an OHFA loan.

OHFA's homebuyer programs can be used throughout the state of Ohio.

It's important to know what you can afford to buy based on your income and family needs. Typically, OHFA homebuyers purchase homes that cost significantly less than the maximum home purchase price limits. The average OHFA loan is about $100,000. Maximum purchase prices vary according to county and if the home is located in a target or non-target area. Check purchase price limits for your area.

Borrower Checklist:

  • Social Security number
  • Tax returns and W2's for the last three years
  • Paycheck stubs from the last 30 days
  • Checking and savings account statements for the last 30 days
  • Bankruptcy paperwork (If applicable)
  • Divorce paperwork (If applicable)
  • Copy of purchase contract (If you have already found a home and are under contract)

Your real estate agent may request a prequalification letter. Please ask your lender; however, a prequalification letter should not be considered a loan approval.

The Ohio Housing Finance Agency (OHFA) offers several affordable loan options to help you achieve your dream of homeownership. OHFA offers 30-year fixed rate FHA, VA, USDA-RD and conventional mortgage loans designed especially for homebuyers with low- and moderate-incomes, with generous income and purchase price limits.

Government loans are geared toward the first-time homebuyer with good credit and the ability to make monthly payments over the life of the loan, but may not qualify for a conventional loan. Mortgage insurance for government loans is higher. Conventional loans require private mortgage insurance if the homebuyer has less than 20% down payment. Private mortgage insurance may be less expensive than government insured loans, but the credit standards are often higher. Visit http://www.consumerfinance.gov for more information.


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

Mike DeWine, Governor, State of OhioLegal Statement and Policies

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