Friday, May 27, 2022
HomeBank LoanOhio First-Time Homebuyer Applications | The Lenders Community

Ohio First-Time Homebuyer Applications | The Lenders Community


Get Pre-Approved for a Mortgage and Check Rates

 

OHFA Homebuyer Program

The Ohio Housing Finance Agency (OHFA) offers 30-year fixed-rate FHA, VA, USDA, and conventional loans with income and purchase price limits designed for home buyers with low- and moderate incomes. Read more

Eligibility

  • Meet income and purchase price limits
  • Meet credit score requirements
    • Conventional, USDA, and VA Loans: 640 or higher
    • FHA Loans: 650 or higher
  • Have not had an ownership interest in your primary residence in the last three years OR are an honorably discharged veteran OR purchase a home in a target area

Eligible Properties

  • Existing homes: single-family dwellings, conforming condominiums, duplexes, and up to four-unit properties
  • Newly built spec/nearly completed homes: one-unit single-family dwellings
  • Modular homes; one-unit single-family dwellings
  • Manufactured homes

 

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. Assistance is forgiven after seven years unless you sell or refinance your home in which case all assistance provided must be repaid. Read more

Grants for Grads

Borrowers that have graduated within the last 48 months could receive 2.5% or 5% in down payment assistance that is forgiven after five years as long as you remain in the state of Ohio. If you sell your home and move out of Ohio within five years, you must repay some or all of the assistance provided. Read more

Who is Eligible

  • Borrowers must have graduated within the last 48 months with an associate’s, bachelor’s, master’s, doctorate or other post-graduate degree from an accredited college or university
  • Have not owned a home within the last three years
  • Have a minimum 640 credit score

 

The Ohio Housing Finance Agency’s (OHFA)

Ohio Heroes rewards Ohio residents who serve the public with a discounted mortgage interest rate. Read more

Who is Eligible

  • Meet income and purchase price limits.
  • Meet debt-to-income ratio requirements
  • Minimum 640 credit score
  • Work in one of the following careers:
    • Veterans, active-duty military members, or members of reserve components (including surviving spouses)
    • Police officers, firefighters, volunteer firefighters, EMTs, and paramedics
    • Physicians, nurse practitioners, nurses (RN and LPN) and STNAs
    • Teachers (pre-K through grade 12), administrators, and counselors

 

National First-Time Homebuyer Loan Programs

  • FHA LoansFHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
  • Conventional LoansConventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
  • USDA LoansUSDA loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
  • VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
  • HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.

 

Helpful Resources

 

Statewide and Regional Programs

Programs by City/Town

County Programs

Lucas County/Toledo

Akron/Summit County

Getting Started

Buying a Home

Owning and Maintaining Your Home

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments

%d bloggers like this: