Yourchoice Down Payment Assistance Grant | Ohio Housing Finance Agency
Offers first-time homebuyer's down payment and closing cost assistance and a favorable mortgage interest rate through Ohio Housing Finance Agency's (OHFA) Down Payment Assistance Program. Gives eligible borrowers use of the grant to reduce the out-of-pocket expenses associated with buying a home.
Data provided by
211 Summit
Physical Address
2600 Corporate Exchange Drive, Suite 300, Columbus, OH 43231
Hours
Same as site hours.
Voice
Voice
Voice
Website
Application process
Call the office or visit the website for more information or to apply for the program.
Fee
Gives eligible borrowers a forgivable grant in the amount for 2.5% or 5% of the home's purchase price. Assists borrowers to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing (may not cover all out-of-pocket expenses required). NOTE: Using the grant will result in a slightly higher interest rate. The assistance is forgiven after seven (7) years and must be paid back if the home is sold within seven (7) years.
Eligibility
To qualify for the program: - Must be a first-time homebuyer. - Meet specific income, purchase price, and credit score guidelines. Call or visit the website for details. In addition, homebuyer must either: - Complete a free homebuyer education course offered by any housing counseling agency approved by the United States Department on Housing and Urban Development, or - Use the streamlined OHFA homebuyer education program.
Languages
None.
Service area
Ohio
Agency info
Ohio Housing Finance Agency
Offers affordable housing opportunities for Ohioans. Provides access to financial resources for the development and management of affordable, safe, and sanitary housing. Serve first-time homebuyers, senior citizens, and other populations with special needs who otherwise might not be able to afford quality housing.