Down Payment Assistance

If you are looking to buy a home but are concerned about being able to save for a down payment, you may be eligible for the down payment assistance program from the Ohio Housing Finance Agency (OHFA).

Down payment assistance can be used for a down payment, closing costs and/or pre-paids. A buyer can receive 2.5% or 5% of the home’s purchase price. The assistance is forgiven after seven years unless the homeowner sells before that time period. If you sell your home before that seven-year period is up, you will have to repay the down payment assistance.
This program is designed for people who have low and moderate incomes who may not be able to front the cost of a down payment. To be eligible, you must:
• meet income and purchase price limits
• meet credit score requirements
• meet debt to income ratios for your loan type

Eligible borrowers are required to complete free homebuyer education through OHFA. The homebuyer education program is not completed until the borrower completes their application with their loan officer.

Your city or county may have other options available to help you. Check with the Department of Housing and Urban Development and ask your lender to look at options with you. First Ohio Home Finance is an approved OHFA lender. Contact us to get started on your home buying process!