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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
- 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
- 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 Loans – FHA 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 Loans – Conventional 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 Loans – USDA 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.
Statewide and Regional Programs
Programs by City/Town
- Housing counseling agencies – free or low-cost counseling services for buying, renting, defaults, foreclosures, credit issues and reverse mortgages
- Predatory lending – beware if you’re buying or refinancing your home; don’t become a victim of unfair lending practices
Buying a Home
Owning and Maintaining Your Home