What Is OHFA?
The Ohio Housing Finance Agency (OHFA) offers programs designed to help eligible homebuyers achieve homeownership. These programs may provide down payment assistance, affordable mortgage options, and other resources that can make purchasing a home more attainable.
Who May Benefit from OHFA?
OHFA programs may be a good fit for:
- First-time homebuyers.
- Buyers who meet income and purchase price limits.
- Buyers who need assistance with their down payment.
- Qualified military veterans (some programs may waive the first-time homebuyer requirement).
Eligibility requirements vary depending on the loan program, household income, property location, and other factors.
What Types of Assistance Are Available?
OHFA offers several programs that may include:
- Down payment assistance.
- Assistance with eligible closing costs.
- Competitive mortgage financing.
- Programs designed for first-time homebuyers.
- Special programs for eligible military veterans and other qualified buyers.
Depending on the program, qualified borrowers may receive assistance of up to 3.5% of the home’s purchase price to help with their down payment and, in some cases, eligible closing costs.
Do I Have to Repay the Assistance?
Some OHFA assistance programs are forgivable over time, while others require repayment if certain conditions are met. The repayment terms depend on the specific program you choose.
Understanding how each program works before closing is important, and I’ll explain your options so there are no surprises.
Is an OHFA Loan Right for You?
OHFA programs can be an excellent option for eligible buyers who need help purchasing a home. However, they’re not the best fit for every borrower.
I’ll help you compare OHFA with FHA, VA, USDA, and Conventional financing to determine which program best fits your financial goals.
Ready to Apply?
If you’re interested in learning whether you qualify for an OHFA loan or down payment assistance, I’d be happy to review your situation and explain the programs that may be available to you.
When you’re ready, you can complete a secure online application by clicking the button below. I’ll review your information and help determine whether an OHFA program is the right fit for your homeownership goals.
OHFA program guidelines, income limits, purchase price limits, and available assistance programs may change over time. Eligibility is determined based on current program requirements and your individual financial situation.