Allowance for Help With Down Payment
If the down payment and closing costs would have prevented his own house, grant aid with the initial payment of OHFA may help. Eligible borrowers who participate in the program for buyers of their first home, the loan program for specific areas and the program for Ohio heroes can use the subsidy to reduce the costs to be assumed associated with the purchase of a home.
If you qualify for one of the programs for housing loans of OHFA, may decide to benefit from grant aid with the payment.
* The OHFA will issue a grant for an amount of up to 2.5% of the purchase price of housing.
* You can use the grant for the down payment, closing costs or other expenses to be paid in advance prior to closing. Keep in mind that while the grant will considerably reduce your expenses, you may still need to pay some costs of its pocket.
* If you decide to opt for the subsidy, the interest rate on your mortgage is 0.5% higher than current rates of OHFA.
Do I qualify?
To qualify for grant aid with the initial payment, shall comply with all requirements of the program of loans for house purchases of OHFA. Check the requirements for programs for their first home buyers, loans for specific areas of Ohio and heroes.
In addition, you must:
* Take an educational course for purchasers of housing provided by a housing counseling agency approved by HUD, or
* Use the instructional program for buyers of homes in the OHFA online.
Learn more about the educational options for buyers of homes.
Download Information
You can download information about our loan programs from our download center.