If you're in the market for a home and need help with down payment and closing costs, the OHFA Advantage conventional loan provides additional down payment assistance in the form of a grant in the following amounts:
- $2,500 for homebuyers whose income fall within 50 percent of the area median income in the county they purchase a home
- $1,500 for homebuyers whose income fall within 80 percent of the area median income in the county they purchase a home
This assistance is in addition to OHFA's 2.5% or 5% Your Choice! Down Payment Assistance. OHFA Advantage can only be used with conventional loans.
Please note that the homebuyer's interest rate will be slightly higher if using OHFA's 2.5% or 5% Your Choice! Down Payment Assistance.
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 Loans = 640 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.
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.