All you need to know about first-time homebuyer programs in Ohio

All You Need to Know about First-time Homebuyer Programs in Ohio

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On the one hand, buying your first Ohio home is an exciting and wonderful experience. Whether you plan to live on your own for the first time or you and your family are tired of renting, it’s a big decision to make. It will change your life for the better in many ways. At last, you’ll have a place you can call your own that suits your needs and wishes. On the other hand, choosing the right property and moving in is not so simple. There are lots of things you need to consider – from location and budget to taxes and mortgages. Doing your research and exploring different options will enable you to make informed decisions that work best for your situation. Luckily, some excellent first-time homebuyer programs in Ohio can help your dreams come true.

Who are the first-time homebuyer programs in Ohio for?

Buckeye State is becoming a more and more desirable housing location. Whatever you’re looking for in your new home, chances are you can find it in Ohio. It has a lot to offer – from job opportunities to rich cultural scene, from urban centers to more peaceful areas.

Moreover, OHFA (Ohio Housing Federal Agency) provides numerous incentives and programs for first-time buyers. The goal is to enable people of various incomes, from low to moderate, to purchase their first home.

But how do you qualify for these programs? Whether you’re moving from another town, city, or state or you’re non-resident moving from another country, you can move to Ohio and find the kind of loan and assistance you need. The only condition is that you haven’t owned the property within three years. So, it doesn’t have to be the first home you’ve ever purchased, provided you haven’t owned the residence within the last three years. Here are some of the Ohio homebuyer programs you should consider.

Whether you prefer an urban or rural home, Ohio is the right choice for new homeowners

OFHA Homebuyer programs

First, we’ll start with a few options that apply not only to Ohio but to all the states. OHFA and mortgage lenders work together to provide home buying opportunities for persons with low and moderate incomes in particular. For that reason, the programs often include 30-year fixed-rate mortgage loans (FHA, VA, USDA-RD, or conventional), low down payments, etc.

These national programs might be exactly what you need as a prospective first-time homebuyer. However, for these programs to become available to you, there are several conditions you need to meet (they might vary depending on where you live):

  • OHFA income and price purchase limits
  • debt-to-income ratio requirement
  • a credit score of 640 or higher
  • type of home you want to buy (single to four-family home, condominium, etc.)
  • number of acres your home is situated on
The first-time homebuyer programs in Ohio will make buying a new home more affordable

Grants for grads

Grants for grads is one of the first-time homebuyer programs in Ohio that is specially designed for those who have completed one of the degrees (associate’s, bachelor’s, master’s, doctorate, or one of the other post-graduate degrees) within the last four years. After finishing your studies and possibly facing some student loan debt, this program makes buying your first home more manageable. So, before you start planning a relocation and looking for the best moving company in Best Long Distance Movers database, check some perks and requirements of this program:

  • 2.5-5% down payment assistance (you don’t have to repay it if you stay in the state of Ohio for at least five years)
  • discounted mortgage rate
  • 640-650 minimum credit score
  • you must meet OHFA income and price purchase limits

Ohio Heroes

Whether you’re eligible for this program or not will depend on your profession. It’s available to police officers, firefighters, some medical professionals, pre-K to 12th-grade teachers, school administrators as well as student counselors. It’s also a good option for veterans, active or reserve military members who want to buy a new home.

Ohio Heroes is open to first-time and repeat homebuyers, but it is especially valuable if you’ve just entered the job market and started earning your first salary. Therefore, if you work in the public sector, this might be a chance for you to buy your first home. Here are the requirements and benefits:

  • 640-650 minimum credit score
  • low-interest rate
  • can be combined with down-payment assistance and federal tax credit (that can be forgiven if you stay in your home for seven years)
  • income, debt-to-income, and purchase price limit apply
Research different options and make the informed decisions that work best for you

OHFA YourChoice! Down Payment Assistance

This program makes buying a home for the first time more affordable. It’s targeted at homebuyers that need some assistance to cover down payment, pre-closing, and similar expenses. The higher the assistance amount you opt for, the higher the interest rate will be. However, these assistance funds are forgiven after seven years if you don’t sell or refinance your home. Here are the requirements for this program:

  • 640-650 minimum credit score
  • you must meet OHFA income and price purchase limits
  • flexible assistance use (you can choose from 2.5 to 5% of your home purchase price)

Other first-time homebuyer programs in Ohio

While you’re thinking about the costs of buying your first home, don’t forget to take the relocation expenses into account. There are so many things to consider when you’re looking for your dream home that people often neglect the moving process. However, taking the moving expenses into consideration is especially important if you’re planning a long-distance move to your new Ohio home. If your goal is relocation with the best help available, ensure you find the moving company that suits your needs and wishes.

But, before you get to that stage, it would be a good idea to check a few other homebuyer programs, such as:

  • Ohio mortgage tax credit – enables you to receive credit up to 40% of your annual mortgage interest with the maximum of $2000 if you’re using an OHFA loan and meet other requirements.
  • Target area loan – this program might be a good option if you plan to buy your home in certain areas of Ohio that need revitalization after economic struggles.
  • Renovate Ohio – provides assistance in both buying and renovating your home
  • Local homebuyers programs – many cities and counties in Ohio provide local assistance

Make your dreams come true

Buying a new home can be financially challenging. But if you do your research and explore various possibilities at your disposal, you’re bound to find the perfect solution for you. The first-time homebuyer programs in Ohio are here to help you find and buy your dream home sooner and start a new chapter of your life!

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Buying a first home is exciting but also a challenging task. Read on to learn more about the first-time homebuyer programs in Ohio!

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