Ohio: Programs & Grants Available for First-Time Home Buyers
What to know about buying a house in Ohio: A Comprehensive Guide
If you’re venturing into the world of homeownership in Ohio, especially as a first-time buyer, you’re in luck! The Buckeye State is known for its generous support to those who are purchasing a home for the first time.
From one-on-one counseling and free home buyer education to substantial down payment assistance, Ohio is ready to provide you with some fantastic benefits. Some first-time buyers may even be eligible for a grant that covers up to 5% of their new home’s purchase price.
Ready to dive in? Here’s how you can embark on this exciting journey.
Verify your home-buying eligibility in Ohio. Start here (Aug 7th, 2023)
Ohio First-Time Home Buyer Programs: A Closer Look
Ohio offers several substantial first-time buyer programs designed to make your home purchase more affordable and less stressful. Here’s an insight into some of the prime programs.
My Ohio Home: Your Gateway to Homeownership
OhioHome.org is a state-supported initiative, part of the Ohio Housing Finance Agency (OHFA). It offers a variety of programs based on different mortgage loans including FHA, VA, USDA, and conventional loans.
My Ohio Home is not just about financial assistance. It also helps you to navigate the complexities of buying a home by setting slightly higher credit score requirements. For instance, the FHA loan needs a minimum credit score of 640, while other loan programs may require a score of 650.
To make the most of these state programs, you must:
- Select an OHFA-participating lender.
- Enroll in a free homebuyer education program from an approved counseling agency.
Additionally, there are three basic eligibility criteria:
- You must be a first-time home buyer, meaning you must not have owned a primary residence in the last three years.
- You must be a veteran with an honorable discharge.
- You should be planning to buy a home in one of OHFA’s target areas.
These criteria are accompanied by other requirements such as income caps and purchase price limits, which can be further explored on OHFA’s website.
OHFA Homebuyer Program: Tailored Solutions for Your Needs
OHFA’s Homebuyer Program provides several “affordable loan options” that can be tailored to your specific needs. These loan options can be underwritten as FHA, VA, USDA-RD, and conventional mortgages. Primarily aimed at moderate and low-income borrowers, OHFA first-time buyer loans are available as 30-year fixed-rate mortgages.
Purchasing a home in Ohio, especially as a first-time buyer, offers exciting opportunities and unique benefits. Whether you are looking for personalized counseling or specific financial assistance, Ohio’s robust programs are designed to guide and support you every step of the way. Take advantage of these offers and make your dream home in the Buckeye State a reality!