If you are living in Ohio but have never bought a home, this is the article for you!
Many people think they could never buy a home, especially if they have never bought one before. However, there are plenty of programs to help people just like you, to get their very own home!
National First-Home Buyer Programs
There are national and state mortgage programs that are made to make home ownership more affordable.
Best for low down payments and limited mortgage insurance premiums
Can put as little down as 3% – if mortgage meets requirements set by Fannie Mae & Freddie Mac
Putting at least 20% down means that buyers won’t have to pay mortgage insurance
Best for low credit score & low down payment
Federal Housing Administration allows down payments as low as 3.5% for people with good credit (580 or higher)
Insured loans for borrowers with scores of 500 – but needs a 10% down payment
Best for military & low down payment
Assists service members, veterans & their families to buy homes
Competitive interest rates
Little or no down payment or mortgage insurance required
Best for low down payments – USDA loan is a zero-down-payment mortgage
Rural and suburban home buyers
Loan issued by U.S. Department of Agriculture through the USDA Rural Development
The state of Ohio offers a loan specifically for people who live in the state, to help citizens of the state in particular.
The state loan through the Ohio Housing Finance Agency (OHFA)
Helps with a fixed-rate loan for 30 years
First time buyers are the only people eligible for this loan, however people who have not owned a home for more than three years are also eligible, as they are considered “first time buyers” after three years have passed
Down payment assistance can be forgivable after seven years
The OHFA Loan is only available to some people who meet certain requirements: