"It's our mission to design affordable home loan products that promote sustainable home ownership," said OHFA Executive Director
Down Payment Assistance
OHFA offers down payment assistance of up to
Free homebuyer education is required, whether through a HUD-approved housing counseling agency or OHFA's Streamlined Homebuyer Education program.
Mortgage Rate Reduction
OHFA is also supporting homebuyers with an interest rate reduction of .25 percent. The discount is available for the first 250 closed loans. For example, a reduced mortgage rate of 4.3 percent, even with down payment assistance, will save borrowers about
The benefits of the special rate reduction are even greater for "Ohio Heroes" including police, firefighters, teachers, direct patient caregivers, military and veterans, who receive an additional .25 percent rate discount and optional down payment assistance. The mortgage rate for Ohio Heroes with down payment assistance is currently 4.1 percent. Another program, "Grants for Grads," rewards graduates who have received a degree within the last 24 months with down payment assistance and OHFA's discounted mortgage rate, currently at 4.0 percent.
OHFA partners with a variety of lenders including banks, mortgage companies and credit unions. Buyers should visit myohiohome.org to find an OHFA-approved lender in their area, current interest rates, and more information on OHFA's homeownership programs.
Mortgage Tax Credit
OHFA's Mortgage Credit Certificate for the First-Time Homebuyer provides a direct federal tax credit on a portion of the mortgage interest. The certificate can lower the homebuyer's federal tax liability by 40 percent with a maximum of
For example, an OHFA First-Time Homebuyer who purchases a
"Despite the effects of the harsh winter on the housing market, it's promising to see Ohio's market experiencing an upswing," Garver said. "While home prices remain steady, OHFA offers competitive interest rates and incentives to help homebuyers transitioning from renting to buying their first home."
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