First Time Home Buyer Grant in Ohio

First-Time Home Buyer Ohio Grants

First-time home buyer grant Ohio – For some, it can prove hard for everyone to buy a home. It is a considerable investment, and some might not be able to afford it.

The federal government and the state of Ohio offer financial assistance programs to help with the purchase of a home for eligible candidates.

A home is a good investment, which can now be acquired through the government’s first-time home buyer’s grants benefit.

First-time home buyer grant Ohio- Eligibility Criteria

Before applying for the grant, research the many options locally to see if you can receive assistance with buying your first home.

Many communities, counties, and states in the US offer grants that can be used for a down payment and closing costs.

The grant programs available to home buyers vary by state, and Ohio has requirements for eligible candidates.

The first-time home buyer programs usually offer qualified applicants a “grant,” a certain amount of funds that can be used for a down payment and closing costs.

Some programs also offer qualified candidates a home loan at a discounted interest rate. The loan needs to be paid back, but that is not the case with grants.

First-time home buyer grant program requirements in Ohio are:

Income Requirements

Ohio’s first-time homebuyer programs have varying income limits based on the county and number of people in the household.

Targeted Areas

Ohio offers discounted interest rates and grants money to purchase a home in specific communities. Sometimes, these programs are available to non-first-time home buyers to encourage home ownership in these communities.

Cash Available

According to the program, the eligible buyer must have a certain minimum of cash available before the buyer is approved for the grant. Programs typically require the buyer to have some cash available to cover closing costs, down payments, or emergency funds.

Home Buyer Education –

The grant program requires applicants of their first-time home buyer program to attend a home ownership/home buying “seminar” to ensure the buyer is ready for the transition. These courses are available free of charge.

First-time home buyer grant Ohio- List of Available Programs

The average cost of the home sales price in Ohio is $253,826 as of April 2023, according to a survey by ‘Ohio Realtors.’ So, not everyone can afford a home at that price, and the rates will increase.

That is why grants are offered to the needy. Here is the list of grants, and you can choose the one that suits your needs.

1. Down Payment Assistance Program:

‘Communities First’ provides this grant program. It is a non-profit organization (NGO) that 3%, 4% or 5% down payment assistance options allow the homebuyer to choose what they need to keep interest rates low.

The best part is that there is no need to return the grant as it is not a loan, so there is no second mortgage for your home.

Down Payment Assistance programs may have conditions or periods during which restrictions on reselling or refinancing apply. You must have a minimum FICO credit score of 620 to apply for this grant program.

To know more about this program, visit communitiesfirstohio.com.

2. Grants for Grads Program:

The Ohio Housing Financing Agency (OHFA) program helps graduate students to be independent by buying a home. Yes, you heard that right! It provides discounted mortgage interest so that grads can buy homes.

The Grants for Grads program offers down payment assistance that is forgiven after a certain period, typically contingent on continuous residency in the home.

The home buyer’s eligibility for this program is that they must graduate within the past 48 months with an associate’s, bachelor’s, master’s, doctorate, or another post-graduate degree from an accredited college or university.

To know more about this program, visit firstohiohome.com/grants-for-grads/.

3. Mortgage Tax Credit:

This grant program by the OHFA allows homebuyers to lower their federal tax liability by 40% through a direct federal tax credit. The discount on the mortgage interest is determined based on property, geographical location, and mortgage type up to the maximum of to $2,000 a year.

To learn more about this program, visit myohiohome.org/.

Conclusion:

Home buying in Ohio was never so easy. However, the government of Ohio has ensured everyone has a roof over their head through first-time home buyers programs. So, choose a grant program apt for you and buy your dream home.

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