First-time home buyer grant Ohio – It is impossible for everyone to buy a home. It is a huge investment, and people with a not-so-great financial background will not be able to afford it.
However, the dreams of buying a home are now possible as the federal government and the state of Ohio offer free homes to eligible candidates.
A home is a good investment, which can now be acquired through the government’s first-time home buyer’s grants benefit.
There cannot certainly be a better option than obtaining your house without spending a huge amount of cash, and it can be acquired from the government free of charge.
First-time home buyer grant Ohio- Eligibility Criteria
Before applying for the grant, investigate the options in your local area 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 –
The Ohio grant programs specify that the buyers have a minimum income of $90,840 (for 2-person families) or $105 980 (for 3-person families) to qualify for the first-time home buyer program.
• Targeted Areas –
Ohio offers discounted interest rates and grant money to purchase a home in specific communities within the state. 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. This is because they want the buyer to have no cash available in case of hardship or for unplanned home repairs.
• 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 home sales price in Ohio is $257,486 as of April 2022, according to a survey by ‘Ohio Realtors.’ So, not everyone can afford a home at that price, and the rates will further increase in the future.
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%-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.
Also, when applying for this grant, there will be no restrictions on reselling or refinancing the mortgage. To apply for this grant program, you must have a minimum FICO credit score of 640.
To know more about this program, visit communitiesfirstohio.com.
2. Grants for Grads Program:
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 home.
It also offers a 2.5% to 5% down payment, which will be forgiven if you stay in the home for at least five years; you will not have to pay back anything.
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.
To know more about this program, visit myohiohome.org/.
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.