The Ohio Your Choice! Down Payment Assistance Program provides flexible financial assistance to help homebuyers cover down payment and closing costs, promoting accessible homeownership.
Ohio Your Choice! Down Payment Assistance Program
The Ohio Your Choice! Down Payment Assistance Program, offered by the Ohio Housing Finance Agency (OHFA), is designed to help homebuyers reduce upfront costs associated with purchasing a home. This program provides flexible financial assistance for down payments and closing costs, empowering eligible residents to achieve affordable and sustainable homeownership.
Benefits
Provides 2.5% or 5% of the home’s purchase price in financial assistance for down payments and closing costs.
Offers flexible repayment terms, with no repayment required if the buyer resides in the home for at least seven years.
Supports both first-time and repeat homebuyers who meet eligibility requirements.
Can be combined with OHFA’s mortgage options, including competitive fixed-rate loans, for comprehensive financial support.
Encourages long-term housing stability and equity building for participants.
Eligibility Requirements
Applicants must meet income limits, which vary based on household size and property location within Ohio.
The property must be located in Ohio and used as the buyer’s primary residence.
A minimum credit score of 640 is typically required, with lender-specific underwriting criteria also applicable.
Participants must contribute a minimum of 1% of the home’s purchase price from their own funds.
Completion of an OHFA-approved homebuyer education course is required to ensure preparedness for homeownership responsibilities.
Additional Information
The Ohio Your Choice! Down Payment Assistance Program is a valuable resource for homebuyers seeking to minimize upfront costs and secure stable housing. By offering flexible financial assistance and pairing it with competitive mortgage options, the program helps eligible buyers achieve their homeownership goals. Administered by the Ohio Housing Finance Agency, this initiative strengthens communities and promotes sustainable homeownership across the state.
Ohio Your Choice! Down Payment Assistance Program FAQ
What is the Ohio Your Choice! Down Payment Assistance Program?
The Ohio Your Choice! Down Payment Assistance Program provides financial assistance to eligible homebuyers for covering down payment and closing costs when purchasing a home in Ohio.
Who qualifies for the Your Choice! Down Payment Assistance Program?
Eligibility is open to first-time and repeat homebuyers who meet income, credit, and property requirements. Applicants must use the home as their primary residence.
How much assistance does the program provide?
The program offers either 2.5% or 5% of the home’s purchase price as down payment and closing cost assistance.
Is the assistance provided as a loan or a grant?
The assistance is a forgivable loan, which is forgiven after seven years as long as the buyer meets program requirements and remains in the home.
What is the minimum credit score required for the program?
A minimum credit score of 640 is typically required, although higher scores may improve eligibility and loan terms.
Are there income limits for the Your Choice! Down Payment Assistance Program?
Yes, income limits apply and vary based on household size and location. These limits are updated annually to reflect market conditions.
What types of properties are eligible for the program?
Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may qualify if they meet program guidelines and are permanently affixed to a foundation.