Learn About Down Payment Assistance
If you're in the market to purchase a home and need help with a down payment and closing costs, the Ohio Housing Finance Agency (OHFA) can help. OHFA offers 30-year, fixed-rate conventional, FHA, VA and USDA-RD government loans with generous income and purchase price limits, designed especially for homebuyers with low- and moderate-incomes.
Who Is Eligible for a Down Payment Assistance?
You may qualify for an OHFA homebuyer program if you meet the criteria listed below:
- You meet income and purchase price limits.
- You meet credit score requirements.
- Conventional, USDA and VA Loans: 640 or higher
- FHA Loans: 650 or higher
- You meet debt to income ratios for your loan type.
What Are the Benefits of Down Payment Assistance?
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. This assistance is forgiven after seven years. If you sell your home within seven years, you must repay all of the assistance provided.
Homebuyer Education
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. Homebuyer Education is not required for borrowers who are only registered for our MTC Basic program.
