Columbus First Time Homebuyer Loan Assistance

Purchasing a home is a major milestone! There are several programs available to assist first time homebuyers in Ohio with their purchase. The Ohio Housing Finance Agency (OHFA) provides assistance for low and moderate-income borrowers on a variety of mortgage products

Enjoy benefits such as reduced mortgage rates, down payment assistance, tax credits, and special financing that covers the cost of purchasing and renovating a home when you qualify for these programs.

Down Payment Assistance in Columbus

You could be eligible for down payment assistance between 2.5% or 5% of the property’s purchase price. These funds can be put toward closing costs, a down payment or other qualifying “pre-closing” expenses.

Find Out If Your Qualify

To qualify for assistance through the OHFA program, first time homebuyers must meet at least one of the following requirements:

  • Not had any ownership interest in your primary residence for the last three years.
  • Be an honorably discharged veteran.
  • Purchasing a home in a OHFA target area.
  • Debt-to-income requirements, minimum credit qualifications, income limits, and other stipulations will also apply depending on the loan. These requirements include:
    • Conventional, USDA and VA loans require a credit score of 640 or higher.
    • FHA loans require a score of 650 or higher.
  • Purchasing a qualifying property that is limited to two acres within a municipal corporation and five acres outside a municipal corporation. Additional acreage may be required by local health or safety code. Qualifying properties include:
    • Existing homes: single-family dwellings, conforming condominiums, duplexes, and up to four-unit properties.
    • Newly built spec/nearly completed homes: one-unit single-family dwellings.
    • Modular homes: one-unit single family dwellings.
    • Manufactured homes.

Additional programs exist offering further help to first-time homebuyers.

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Columbus Mortgage Tax Credit

First-time home buyers who have received an OHFA mortgage with down payment assistance may qualify for an additional mortgage credit certificate if they meet income and purchase price guidelines. This program offers a tax credit of up to 40% of the borrower’s annual mortgage interest paid and can be used annually for as many as 30 years.

Ohio Heroes Mortgage Assistance Program in Columbus

The Ohio Heroes Program from OHFA offers discounted mortgage rates to first time and repeat buyers who are members of helping professions, including veterans and active-duty military (surviving spouses included), police, first responders, medical professionals and more. Take the quiz to see if you qualify for this program.

Ready to Secure Your Pre-Approval?

If you are interested in learning more about what OHFA programs have to offer, the experts at Mortgage Lender Ohio are here to help!