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 home buyers with low- and moderate-incomes.
Your Choice! Down Payment Assistance allows home buyers to choose either 2.5 percent or 5 percent 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 or refinance your home within seven years, he/she must repay all of the assistance provided.
You may qualify for an OHFA home buyer program if they meet the criteria listed below:
- income and purchase price limits;
- credit score requirements, conventional, USDA, VA and FHA 203(k) loans: 640 or higher;
- FHA Loans, non-203(k): 660 or higher; and
- debt to income ratios for your loan type.
Homebuyer Education Requirements
Qualified buyers are required to complete free home buyer education, and 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 home buyer education is not completed until after home buyer has submitted their loan application with their loan officer. Home buyer Education is not required for borrowers who are only registered for their MTC Basic program.
OHFA works with lenders, credit unions and mortgage companies across the state. To find an OHFA-approved lender in your area, along with tips to help with the application process, call OHFA toll-free at (888) 362-6432.