Homebuyers will find low, competitive mortgage rates through the Ohio Housing Finance Agency's First-Time Homebuyer Program. Loans currently available are the My Ohio Mortgage conventional loan or FHA, VA, and USDA-RD government loans. OHFA makes these loans available with assistance from lenders throughout the state to provide borrowers with these attractive loan options.
OHFA's First-Time Homebuyer Program also offers additional financial assistance. Borrowers have the option of a second mortgage in an amount up to four percent of the purchase price of the home or a grant in an amount equal to two percent of the purchase price of the home.
PROGRAM OPTIONS:
Conventional Loans: My Ohio Mortgage
- 30-year fixed rate conventional loan with flexible underwriting guidelines
- Additional financial assistance available in the form of a second mortgage or grant
- One percent origination fee
- Generous purchase price limits
- New construction, existing and spec homes qualify
- Available in all 88 Ohio counties
- Qualifications based on household income and purchase price of home
- To qualify, applicants must be one of the following: 1) a first-time homebuyer, 2) not have owned their principle residence for at least three years or 3) must purchase a home in a state targeted area. Targeted area properties are determined by address (see www.ohiohome.org). Many Ohio counties contain both targeted and non-targeted areas.
Government Loans: FHA, VA, and USDA-RD
- 30-year fixed rate loan
- Additional financial assistance available in the form of a second mortgage or grant
- One percent origination fee
- Generous purchase price limits
- New construction, existing, spec, modular and manufactured homes qualify
- Available in all 88 Ohio counties
- Qualifications based on household income and purchase price of home
- To qualify, applicants must be one of the following: 1) a first-time homebuyer, 2) not have owned their principle residence for at least three years or 3) must purchase a home in a state targeted area. Targeted area properties are determined by address (see www.ohiohome.org). Many Ohio counties contain both targeted and non-targeted areas.
TO APPLY:
Visit OHFA's web site at www.ohiohome.org for a list of participating lenders in your county. To determine eligibility for OHFA programs, you should provide your lender with a current paycheck stub and three years of signed tax returns. Your lender may require additional documentation to determine your eligibility for the loan.
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