Welcome Home Ohio DAP

Program Description

The Ohio Savings Bank 2005 Welcome Home Ohio Downpayment Assistance Program provides prospective homebuyers with up to $5,000 downpayment assistance funds. These funds can be used for closing costs, pre-paid items, and/or down payment. A special face to face homebuyer counseling fee ($75 to $100) is to be paid from DAPfunds.

Eligible properties: Owner-occupied, 1-4 family and qualified condominiums. No seller contributions required.

Household Income Limit: Franklin County 1-2 persons in household $51,040; 3+ persons $58,698.

Income Sources: Must include for all household members over 18 years of age, W-2 income, interest, dividends, SSI, alimony, child support, ADC, welfare, annuity, retirement, disability/death benefits, etc.

Downpayment Requirement: Minimum of 3% of purchasers own funds for Fannie 3/2; minmum of $500 own funds for Flex 97/100 or MyCommunity with remainder from gift or DAP grant.

Term of DAP Grant: There is no repayment required if borrower lives in and owns the home for 5 years.

Term of 1st Mortgage/Loan: Must be a 25 or 30 year, fixed rate 1st mortgage, such as Fannie 3/2 option, My Community Mortgage, Flex 97 or Flex 100

Homebuyer Education: Face-to-face homebuyer counseling through CCCS (buyer cost $100).

Contact: For more information or to enroll in this program, please contact Mike Troutman, Ohio Savings Bank,     (614) 899-4720, Fax (614) 794-6758 mtroutman@ohiosavings.com.