Eligibility: Targets first-time homebuyers (no homeownership in the past three years), veterans, or buyers in targeted areas.
Down Payment Assistance: Offers 3% of the home’s purchase price for conventional loans or 3.5% for FHA/VA/USDA, as a 0% interest forgivable second mortgage forgiven after 7 years.
Benefits: Offers 3% (conventional) or 3.5% (FHA/VA/USDA) of the purchase price as a forgivable loan (forgiven after 5 years if buyer stays in Ohio); available to recent graduates.
Description: Provides a 30-year fixed-rate mortgage with a reduced interest rate and access to down payment assistance for veterans, active military, teachers, healthcare workers, and first responders.
American Dream Downpayment Initiative (ADDI): Offers up to $14,999 as a deferred loan (0% interest, due upon sale or refinance) for down payment and closing costs; income must be at or below 80% AMI (e.g., $66,750 for a family of four).
Cleveland Homebuyer Assistance: Provides up to $20,000 as a forgivable loan (forgiven after 10 years) for down payment and closing costs; income capped at 80% AMI; targets revitalization areas.
Cincinnati Down Payment Assistance: Offers up to $14,000 as a forgivable loan (forgiven after 5 years) for down payment and closing costs; income must be below 80% AMI.
Ohio Housing Finance Agency (OHFA) Programs:
Your Choice! Down Payment Assistance:
Offerings: Provides a 30-year fixed-rate mortgage (FHA, VA, USDA, or conventional) with competitive rates; can be paired with down payment assistance.
Requirements:
Grants for Grads:
Eligibility: Must use an OHFA first mortgage; must have graduated within the past 48 months with an associate’s, bachelor’s, or advanced degree; income limits apply.
Ohio Heroes:
Requirements: Must meet OHFA income and purchase price limits; proof of eligible occupation or service required; credit score of 640.
Local Programs:
Columbus
Cleveland
Cincinnati
Additional Information:
View First-Time Home Buyer Programs for: Oklahoma