Grants for Grads
The Ohio Housing Finance Agency’s (OHFA) Grants for Grads provides a discounted mortgage interest rate for recent graduates as an additional incentive for you to make Ohio your home. Grants for Grads includes 2.5% or 5% down payment assistance. Down payment assistance 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.
Eligibility Requirements
You may qualify for an OHFA homebuyer program if you meet the criteria listed below:
- You have not owned or had an ownership interest in your primary residence in the last three years.
- You meet income and purchase price limits.
- You meet credit score requirements.
- Conventional, USDA, VA and FHA 203(k) Loans: 640 or higher
- FHA 203(b) Loans: 660 or higher
- You meet debt to income ratios for your loan type.
Qualified buyers are required to complete free homebuyer education. OHFA’s streamlined education program allows you to complete a course offered by any U.S. Department of Housing and Urban Development (HUD)-approved counseling agency in Ohio. Please note, OHFA homebuyer education is not completed until after homebuyer has submitted their loan application with their loan officer.
First Ohio Home Finance is a participating lender in the Grants for Grads program and can help you with the loan process and guide you through the Grants for Grads program. Depending on the location you are looking to buy a house in, your lender has knowledge of the income and purchase price requirements to participate in the program.
