The Ohio Housing Finance Agency's RenovateOhio program, also called the FHA 203(k) loan, allows participants to combine their mortgage loan and repair costs into one long-term, fixed-rate mortgage.
This program allows them to finance both the purchase and rehabilitation of the property. The total mortgage amount is based on the projected value of the property after all repairs and updated have been completed, including labor costs.
The property must be a one- to four-family home that has been completed for at least one year.
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 debt to income ratios for your loan type.
- You meet credit score requirements.
- FHA 203(k) Loans: 640 or higher (*Please note that the mortgage lender must be enrolled in the RenovateOhio program)
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.