An Exhaustive List of Home Loans in Ohio
Ohio Housing Finance Agency (OHFA): Tailored Mortgages for Low and Moderate-Income Buyers
Ohio residents with low to moderate incomes have a range of options to make homeownership a reality. The Ohio Housing Finance Agency (OHFA) stands out, offering 30-year fixed-rate mortgages with special features for those who qualify. Income and price limits, varying by county, are in place, and a credit score of 640 or higher is necessary for eligibility.
Grants for Grads: Empowering Recent College Graduates
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Nebraska mortgage programs may be able to save you hundreds every month. A new 2024 mortgage may be able to give relief to homeowners. Unfortunately, most Americans will not receive their mortgage benefits because they are not aware of some of these programs. You do not need to pay anything to check how much you could get.
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For recent college graduates, the Grants for Grads program extends a helping hand by providing discounted mortgage interest rates and down payment assistance. Successful completion of a free homebuyer education course is a requirement. The down payment assistance, ranging from 2.5% to 5% of the home’s purchase price, is forgiven after five years of residency in Ohio.
Mortgage Tax Credit: Reducing Tax Bills for Homebuyers
The Mortgage Tax Credit program offers the potential to lower annual tax bills by up to $2,000. This credit, coupled with down payment assistance of up to 5% of the home’s purchase price, can significantly support qualifying buyers. It’s important to note that the credit amount cannot exceed the federal income tax liability.
Next Home: Extending Down Payment Assistance Beyond First-Time Buyers
Next Home breaks the mold by providing down payment assistance to those who aren’t first-time homebuyers. These 30-year fixed-rate mortgages include 2.5% or 5% of the home’s value in down payment assistance.
Ohio Heroes: Recognition and Support for Essential Workers
Recognizing the contributions of essential workers, the Ohio Heroes program offers discounted mortgage rates to qualifying individuals in fields such as military, law enforcement, healthcare, and education. Down payment assistance is also available for those who meet specific criteria.
RenovateOhio: Simultaneous Home Purchase and Repair
RenovateOhio introduces the FHA 203(k) loan, enabling low and moderate-income families to purchase and repair a home simultaneously. This innovative solution caters to the estimated value of the property post-repairs.
Target Area Loan Products: Addressing Housing Market Challenges
In areas facing housing market challenges, Target Area loan products step in with competitive interest rates and additional benefits. To qualify, a home must be purchased in a designated Target Area, meeting specific criteria.
Your Choice! Down Payment Assistance: Tailored Financial Support
Your Choice! Down Payment Assistance allows homebuyers to receive assistance up to 2.5% or 5% of the home’s purchase price. Forgiveness after seven years of continuous residency is offered, but selling or refinancing before completion will require repayment.
Communities First: Statewide Down Payment Grant
Communities First is a statewide program offering a down payment grant equal to 2%, 3%, 4%, or 5% of the home’s purchase price, without any minimum occupancy requirement. This provides flexibility for residents to move without penalties.
Local Agencies: Additional Support Across Ohio Counties
Local agencies enhance the support provided by statewide programs, offering targeted assistance in various Ohio counties.
Butler County: Neighborhood Housing Services of Hamilton Inc. provides up to $5,000 in down payment funds for Butler County residents.
Clark County: Neighborhood Housing Partnership of Greater Springfield supports homebuyers in the Springfield area with up to $5,000 in assistance.
Cuyahoga County: Cleveland’s Afford-A-Home program and Neighborhood Housing Services offer diverse assistance, including low-interest restoration programs and special grants for specific suburbs.
Franklin County: Homeport in Columbus offers up to $6,000 in down payment and closing cost assistance, with additional affordable home programs for low and moderate-income families.
Hamilton County: Cincinnati’s American Dream Downpayment Initiative provides up to $5,000 for low-income buyers in the city, while the Home Ownership Center of Greater Cincinnati offers financial fitness programs.
Lucas County: Toledo assists first-time home buyers, and the NHS of Toledo connects buyers with USDA or FHA lenders.
Montgomery County: Kettering offers up to $8,000 in down payment assistance, awarded as a 0% deferred second mortgage, with additional programs from County Corp.
Stark County: Canton and Massillon both provide down payment assistance, with varying criteria including income limits and residency requirements.
Summit County: Akron‘s Urban Development plan offers affordable homes with multiple bedrooms and garages.
In Conclusion:
Ohio’s diverse range of programs and local initiatives showcases a commitment to making homeownership accessible for low-income residents. From specialized mortgages to targeted down payment assistance, these programs aim to foster sustainable homeownership and community development. Residents are encouraged to explore these opportunities and connect with local agencies to find the right fit for their needs.
