Your Choice! Down Payment Assistance Program
Financial Assistance for Homebuyers in Ohio
Under this plan, qualifying homeowners can choose between assistance of 2.5 or 5 percent of the loan amount, to be applied toward the down payment, closing costs, or any other pre-closing expenses. The amount does not need to be repaid and is forgiven completely after seven years (If the home is sold or refinanced within that time, homebuyers must repay the entire amount of down payment assistance).
There are certain requirements that all applicants must meet to be considered eligible for the Your Choice! Down Payment Assistance Program. They must meet OHFA income limits and purchase price limits, which vary by county. Applicants financing with a conventional, USDA, VA or FHA 203(k) loan must have a credit score of 640 or higher. The minimum acceptable score with an FHA 203(b) is 660.
Homebuyers must have a signed Purchase Agreement. Additionally, all qualifying homebuyers are required to successfully complete a free homebuyer education course. OHFA homebuyer education is not completed until after the buyer has submitted their loan application with their loan officer. Supplementary requirements may apply to specific homeownership products.
Individuals must purchase a qualifying property that is limited to two acres within a municipal corporation and five acres outside a municipal corporation unless additional acreage is required by local health or safety code. Eligible property types include:
- Existing homes: single-family dwellings, conforming condominiums, duplexes, and up to four-unit properties.
- Newly built/nearly completed homes: one-unit single-family dwellings.
- Modular homes; one-unit single family dwellings.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Ohio
The City of Bowling Green offers income-eligible applicants Housing Programs to help them afford safe and secure homes in the city
The Port offers the Communities First Down Payment Assistance Program, providing first mortgage financing and down payment/closing cost assistance grants to eligible homebuyers.
The Neighborhood Housing Services of Greater Cleveland has established the Cuyahoga County Down Payment Assistance Program to help first-time homebuyers with the upfront costs of purchasing a home.
The HomeOwnership Center and the City of Dayton partnered to provide the Dayton Down Payment Assistance Program. If qualified, first-time homebuyers might receive up to 10 percent of their new home’s purchase price, to be put toward the down payment and closing costs.
The City of Toledo offers down payment assistance for eligible first-time homebuyers in order to help them secure safe and affordable housing within City limits.
The Ohio Housing and Finance Agency (OHFA) offers the Your Choice! Down Payment Assistance Program to qualifying homeowners. They can choose between assistance of 2.5 or 5 percent of the loan amount, to be applied toward the down payment, closing costs, or any other pre-closing expenses.
Do you know what's on your credit report?
Learn what your score means.