After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Maximum 31 percent front-end DTI ratio and maximum 43 percent back-end DTI ratio
Household income at or below 80 percent of the AMI
Complete a homebuyer education course
Pros:
Open to condos and manufactured housing
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Cincinnati: American Dream Down Payment Initiative
Similar to Columbus’ program, first-time homebuyers in Cincinnati may qualify for up to $14,000 in assistance with down payment and closing costs. You must buy within the City of Cincinnati and have a household income at or below 80 percent of the AMI. For each year you live in the home, up to five years, a portion of the assistance is forgiven. After five years, it’s forgiven completely.
Haven’t owned a home within the past three years
Buy a primary residence within City of Cincinnati
Maximum 31 percent front-end DTI ratio and maximum 43 percent back-end DTI ratio
Household income at or below 80 percent of the AMI
Complete a homebuyer education course
Pros:
Open to condos and manufactured housing
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Cincinnati: American Dream Down Payment Initiative
Similar to Columbus’ program, first-time homebuyers in Cincinnati may qualify for up to $14,000 in assistance with down payment and closing costs. You must buy within the City of Cincinnati and have a household income at or below 80 percent of the AMI. For each year you live in the home, up to five years, a portion of the assistance is forgiven. After five years, it’s forgiven completely.
Haven’t owned a home within the past three years
Buy a primary residence within City of Cincinnati
Maximum 31 percent front-end DTI ratio and maximum 43 percent back-end DTI ratio
Household income at or below 80 percent of the AMI
Complete a homebuyer education course
Pros:
Open to condos and manufactured housing
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Buy a primary residence within City of Columbus corporation limits
Meet your lender’s minimum credit score
Maximum 35 percent front-end DTI and maximum 45 percent back-end DTI
Contribute at least $500 toward home purchase
Complete a homebuyer education course
Be a permanent resident of the United States and have been an Ohio resident for at least six months
Pros:
Open to condos
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Requires buyer contribution
Cincinnati: American Dream Down Payment Initiative
Similar to Columbus’ program, first-time homebuyers in Cincinnati may qualify for up to $14,000 in assistance with down payment and closing costs. You must buy within the City of Cincinnati and have a household income at or below 80 percent of the AMI. For each year you live in the home, up to five years, a portion of the assistance is forgiven. After five years, it’s forgiven completely.
Haven’t owned a home within the past three years
Buy a primary residence within City of Cincinnati
Maximum 31 percent front-end DTI ratio and maximum 43 percent back-end DTI ratio
Household income at or below 80 percent of the AMI
Complete a homebuyer education course
Pros:
Open to condos and manufactured housing
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Low- and middle-income first-time homebuyers in Columbus may qualify for up to $14,999 in assistance with down payment and closing costs. Participants must buy a primary residence within City of Columbus corporation limits. If you live in the home for five years, the assistance will be forgiven.
Haven’t owned a home within the past three years
Buy a primary residence within City of Columbus corporation limits
Meet your lender’s minimum credit score
Maximum 35 percent front-end DTI and maximum 45 percent back-end DTI
Contribute at least $500 toward home purchase
Complete a homebuyer education course
Be a permanent resident of the United States and have been an Ohio resident for at least six months
Pros:
Open to condos
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Requires buyer contribution
Cincinnati: American Dream Down Payment Initiative
Similar to Columbus’ program, first-time homebuyers in Cincinnati may qualify for up to $14,000 in assistance with down payment and closing costs. You must buy within the City of Cincinnati and have a household income at or below 80 percent of the AMI. For each year you live in the home, up to five years, a portion of the assistance is forgiven. After five years, it’s forgiven completely.
Haven’t owned a home within the past three years
Buy a primary residence within City of Cincinnati
Maximum 31 percent front-end DTI ratio and maximum 43 percent back-end DTI ratio
Household income at or below 80 percent of the AMI
Complete a homebuyer education course
Pros:
Open to condos and manufactured housing
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Can be used for down payment, closing costs and other expenses
Cons:
Requires good credit
Open only to new grads
City-specific homebuyer assistance programs
Columbus: American Dream Down Payment Initiative
Low- and middle-income first-time homebuyers in Columbus may qualify for up to $14,999 in assistance with down payment and closing costs. Participants must buy a primary residence within City of Columbus corporation limits. If you live in the home for five years, the assistance will be forgiven.
Haven’t owned a home within the past three years
Buy a primary residence within City of Columbus corporation limits
Meet your lender’s minimum credit score
Maximum 35 percent front-end DTI and maximum 45 percent back-end DTI
Contribute at least $500 toward home purchase
Complete a homebuyer education course
Be a permanent resident of the United States and have been an Ohio resident for at least six months
Pros:
Open to condos
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Requires buyer contribution
Cincinnati: American Dream Down Payment Initiative
Similar to Columbus’ program, first-time homebuyers in Cincinnati may qualify for up to $14,000 in assistance with down payment and closing costs. You must buy within the City of Cincinnati and have a household income at or below 80 percent of the AMI. For each year you live in the home, up to five years, a portion of the assistance is forgiven. After five years, it’s forgiven completely.
Haven’t owned a home within the past three years
Buy a primary residence within City of Cincinnati
Maximum 31 percent front-end DTI ratio and maximum 43 percent back-end DTI ratio
Household income at or below 80 percent of the AMI
Complete a homebuyer education course
Pros:
Open to condos and manufactured housing
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Can be used for down payment, closing costs and other expenses
Cons:
OHFA Grants for Grads
Recent graduates who meet OHFA’s program requirements may qualify for Grants for Grads. Available to first-time homebuyers who have completed an associate’s, bachelor’s, master’s, doctorate or other post-graduate degree from an accredited college or university within the last four years, it provides discounted mortgage rates, plus down payment assistance worth 2.5 percent or 5 percent of the home purchase price. Borrowers don’t have to repay the assistance if they live in the home for at least five years.
Pros:
Doesn’t require repayment
Can be used for down payment, closing costs and other expenses
Cons:
Requires good credit
Open only to new grads
City-specific homebuyer assistance programs
Columbus: American Dream Down Payment Initiative
Low- and middle-income first-time homebuyers in Columbus may qualify for up to $14,999 in assistance with down payment and closing costs. Participants must buy a primary residence within City of Columbus corporation limits. If you live in the home for five years, the assistance will be forgiven.
Haven’t owned a home within the past three years
Buy a primary residence within City of Columbus corporation limits
Meet your lender’s minimum credit score
Maximum 35 percent front-end DTI and maximum 45 percent back-end DTI
Contribute at least $500 toward home purchase
Complete a homebuyer education course
Be a permanent resident of the United States and have been an Ohio resident for at least six months
Pros:
Open to condos
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Requires buyer contribution
Cincinnati: American Dream Down Payment Initiative
Similar to Columbus’ program, first-time homebuyers in Cincinnati may qualify for up to $14,000 in assistance with down payment and closing costs. You must buy within the City of Cincinnati and have a household income at or below 80 percent of the AMI. For each year you live in the home, up to five years, a portion of the assistance is forgiven. After five years, it’s forgiven completely.
Haven’t owned a home within the past three years
Buy a primary residence within City of Cincinnati
Maximum 31 percent front-end DTI ratio and maximum 43 percent back-end DTI ratio
Household income at or below 80 percent of the AMI
Complete a homebuyer education course
Pros:
Open to condos and manufactured housing
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
Complementing the state’s mortgage program, OHFA’s YourChoice! Down Payment Assistance offers 2.5 percent or 5 percent of the home purchase price for a down payment, closing costs or other expenses. Borrowers don’t have to repay the funds provided they do not sell or refinance the property for seven years.
Pros:
Open to first-time and repeat buyers
Doesn’t require repayment
Can be used for down payment, closing costs and other expenses
Cons:
OHFA Grants for Grads
Recent graduates who meet OHFA’s program requirements may qualify for Grants for Grads. Available to first-time homebuyers who have completed an associate’s, bachelor’s, master’s, doctorate or other post-graduate degree from an accredited college or university within the last four years, it provides discounted mortgage rates, plus down payment assistance worth 2.5 percent or 5 percent of the home purchase price. Borrowers don’t have to repay the assistance if they live in the home for at least five years.
Pros:
Doesn’t require repayment
Can be used for down payment, closing costs and other expenses
Cons:
Requires good credit
Open only to new grads
City-specific homebuyer assistance programs
Columbus: American Dream Down Payment Initiative
Low- and middle-income first-time homebuyers in Columbus may qualify for up to $14,999 in assistance with down payment and closing costs. Participants must buy a primary residence within City of Columbus corporation limits. If you live in the home for five years, the assistance will be forgiven.
Haven’t owned a home within the past three years
Buy a primary residence within City of Columbus corporation limits
Meet your lender’s minimum credit score
Maximum 35 percent front-end DTI and maximum 45 percent back-end DTI
Contribute at least $500 toward home purchase
Complete a homebuyer education course
Be a permanent resident of the United States and have been an Ohio resident for at least six months
Pros:
Open to condos
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Requires buyer contribution
Cincinnati: American Dream Down Payment Initiative
Similar to Columbus’ program, first-time homebuyers in Cincinnati may qualify for up to $14,000 in assistance with down payment and closing costs. You must buy within the City of Cincinnati and have a household income at or below 80 percent of the AMI. For each year you live in the home, up to five years, a portion of the assistance is forgiven. After five years, it’s forgiven completely.
Haven’t owned a home within the past three years
Buy a primary residence within City of Cincinnati
Maximum 31 percent front-end DTI ratio and maximum 43 percent back-end DTI ratio
Household income at or below 80 percent of the AMI
Complete a homebuyer education course
Pros:
Open to condos and manufactured housing
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
If you’re a repeat buyer who meets the requirements for the Homebuyer Program, you could get similar benefits from Next Home. Keep in mind that the home you’re buying must be your primary residence, and while you may continue to own your old home, it will affect your income for eligibility purposes.
Pros:
Open to first-time and repeat buyers
Open to condos and manufactured homes
Open to multi-family properties
More than 50 participating lenders
Cons:
Ohio down payment assistance and grants
OHFA YourChoice! Down Payment Assistance
Complementing the state’s mortgage program, OHFA’s YourChoice! Down Payment Assistance offers 2.5 percent or 5 percent of the home purchase price for a down payment, closing costs or other expenses. Borrowers don’t have to repay the funds provided they do not sell or refinance the property for seven years.
Pros:
Open to first-time and repeat buyers
Doesn’t require repayment
Can be used for down payment, closing costs and other expenses
Cons:
OHFA Grants for Grads
Recent graduates who meet OHFA’s program requirements may qualify for Grants for Grads. Available to first-time homebuyers who have completed an associate’s, bachelor’s, master’s, doctorate or other post-graduate degree from an accredited college or university within the last four years, it provides discounted mortgage rates, plus down payment assistance worth 2.5 percent or 5 percent of the home purchase price. Borrowers don’t have to repay the assistance if they live in the home for at least five years.
Pros:
Doesn’t require repayment
Can be used for down payment, closing costs and other expenses
Cons:
Requires good credit
Open only to new grads
City-specific homebuyer assistance programs
Columbus: American Dream Down Payment Initiative
Low- and middle-income first-time homebuyers in Columbus may qualify for up to $14,999 in assistance with down payment and closing costs. Participants must buy a primary residence within City of Columbus corporation limits. If you live in the home for five years, the assistance will be forgiven.
Haven’t owned a home within the past three years
Buy a primary residence within City of Columbus corporation limits
Meet your lender’s minimum credit score
Maximum 35 percent front-end DTI and maximum 45 percent back-end DTI
Contribute at least $500 toward home purchase
Complete a homebuyer education course
Be a permanent resident of the United States and have been an Ohio resident for at least six months
Pros:
Open to condos
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Requires buyer contribution
Cincinnati: American Dream Down Payment Initiative
Similar to Columbus’ program, first-time homebuyers in Cincinnati may qualify for up to $14,000 in assistance with down payment and closing costs. You must buy within the City of Cincinnati and have a household income at or below 80 percent of the AMI. For each year you live in the home, up to five years, a portion of the assistance is forgiven. After five years, it’s forgiven completely.
Haven’t owned a home within the past three years
Buy a primary residence within City of Cincinnati
Maximum 31 percent front-end DTI ratio and maximum 43 percent back-end DTI ratio
Household income at or below 80 percent of the AMI
Complete a homebuyer education course
Pros:
Open to condos and manufactured housing
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
The OHFA works with participating lenders to offer 30-year, fixed-rate mortgages for first-time buyers in the state. Qualifying borrowers may use a conventional or government-backed loan. Property can be situated on a maximum of two acres, or five acres if it’s in a rural area.
Pros:
Open to condos and manufactured homes
Open to multi-family properties
More than 50 participating lenders
Cons:
OHFA Ohio Heroes
If you meet the requirements for OHFA’s Homebuyer Program, and you work in a targeted job, you could qualify for Ohio Heroes. This offers a discounted mortgage rate for repeat buyers and first-timers in the following professions:
Police officer, firefighter (volunteers included), EMT or paramedic
Physician, nurse, nurse practitioner or STNA
Teacher (pre-K through grade 12), administrator or counselor
Active-duty military or members of the reserves, veterans or surviving spouses
Pros:
Open to first-time and repeat buyers
Open to condos and manufactured homes
Open to multi-family properties
More than 50 participating lenders
Cons:
Limited to those in certain professions
OHFA Next Home
If you’re a repeat buyer who meets the requirements for the Homebuyer Program, you could get similar benefits from Next Home. Keep in mind that the home you’re buying must be your primary residence, and while you may continue to own your old home, it will affect your income for eligibility purposes.
Pros:
Open to first-time and repeat buyers
Open to condos and manufactured homes
Open to multi-family properties
More than 50 participating lenders
Cons:
Ohio down payment assistance and grants
OHFA YourChoice! Down Payment Assistance
Complementing the state’s mortgage program, OHFA’s YourChoice! Down Payment Assistance offers 2.5 percent or 5 percent of the home purchase price for a down payment, closing costs or other expenses. Borrowers don’t have to repay the funds provided they do not sell or refinance the property for seven years.
Pros:
Open to first-time and repeat buyers
Doesn’t require repayment
Can be used for down payment, closing costs and other expenses
Cons:
OHFA Grants for Grads
Recent graduates who meet OHFA’s program requirements may qualify for Grants for Grads. Available to first-time homebuyers who have completed an associate’s, bachelor’s, master’s, doctorate or other post-graduate degree from an accredited college or university within the last four years, it provides discounted mortgage rates, plus down payment assistance worth 2.5 percent or 5 percent of the home purchase price. Borrowers don’t have to repay the assistance if they live in the home for at least five years.
Pros:
Doesn’t require repayment
Can be used for down payment, closing costs and other expenses
Cons:
Requires good credit
Open only to new grads
City-specific homebuyer assistance programs
Columbus: American Dream Down Payment Initiative
Low- and middle-income first-time homebuyers in Columbus may qualify for up to $14,999 in assistance with down payment and closing costs. Participants must buy a primary residence within City of Columbus corporation limits. If you live in the home for five years, the assistance will be forgiven.
Haven’t owned a home within the past three years
Buy a primary residence within City of Columbus corporation limits
Meet your lender’s minimum credit score
Maximum 35 percent front-end DTI and maximum 45 percent back-end DTI
Contribute at least $500 toward home purchase
Complete a homebuyer education course
Be a permanent resident of the United States and have been an Ohio resident for at least six months
Pros:
Open to condos
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Requires buyer contribution
Cincinnati: American Dream Down Payment Initiative
Similar to Columbus’ program, first-time homebuyers in Cincinnati may qualify for up to $14,000 in assistance with down payment and closing costs. You must buy within the City of Cincinnati and have a household income at or below 80 percent of the AMI. For each year you live in the home, up to five years, a portion of the assistance is forgiven. After five years, it’s forgiven completely.
Haven’t owned a home within the past three years
Buy a primary residence within City of Cincinnati
Maximum 31 percent front-end DTI ratio and maximum 43 percent back-end DTI ratio
Household income at or below 80 percent of the AMI
Complete a homebuyer education course
Pros:
Open to condos and manufactured housing
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
If you’re hoping to buy a house in Ohio, you’ve picked a budget-friendly place: The median sales price for a home in the Buckeye State is about $231,000, according to Redfin, which is well below the current national median price tag of $396,900. However, even if it’s relatively affordable, buying a house is still a steep financial commitment – especially if you’re a first-time homebuyer. If you’re looking for help with the cost of homebuying, programs from the Ohio Housing Finance Agency (OHFA) can make it more affordable.
Ohio homeownership statistics
Median home price, as of Jan. 2025: $231,100 (Redfin)
Median down payment, as of Dec. 2024: $29,000 (Attom)
The OHFA works with participating lenders to offer 30-year, fixed-rate mortgages for first-time buyers in the state. Qualifying borrowers may use a conventional or government-backed loan. Property can be situated on a maximum of two acres, or five acres if it’s in a rural area.
Pros:
Open to condos and manufactured homes
Open to multi-family properties
More than 50 participating lenders
Cons:
OHFA Ohio Heroes
If you meet the requirements for OHFA’s Homebuyer Program, and you work in a targeted job, you could qualify for Ohio Heroes. This offers a discounted mortgage rate for repeat buyers and first-timers in the following professions:
Police officer, firefighter (volunteers included), EMT or paramedic
Physician, nurse, nurse practitioner or STNA
Teacher (pre-K through grade 12), administrator or counselor
Active-duty military or members of the reserves, veterans or surviving spouses
Pros:
Open to first-time and repeat buyers
Open to condos and manufactured homes
Open to multi-family properties
More than 50 participating lenders
Cons:
Limited to those in certain professions
OHFA Next Home
If you’re a repeat buyer who meets the requirements for the Homebuyer Program, you could get similar benefits from Next Home. Keep in mind that the home you’re buying must be your primary residence, and while you may continue to own your old home, it will affect your income for eligibility purposes.
Pros:
Open to first-time and repeat buyers
Open to condos and manufactured homes
Open to multi-family properties
More than 50 participating lenders
Cons:
Ohio down payment assistance and grants
OHFA YourChoice! Down Payment Assistance
Complementing the state’s mortgage program, OHFA’s YourChoice! Down Payment Assistance offers 2.5 percent or 5 percent of the home purchase price for a down payment, closing costs or other expenses. Borrowers don’t have to repay the funds provided they do not sell or refinance the property for seven years.
Pros:
Open to first-time and repeat buyers
Doesn’t require repayment
Can be used for down payment, closing costs and other expenses
Cons:
OHFA Grants for Grads
Recent graduates who meet OHFA’s program requirements may qualify for Grants for Grads. Available to first-time homebuyers who have completed an associate’s, bachelor’s, master’s, doctorate or other post-graduate degree from an accredited college or university within the last four years, it provides discounted mortgage rates, plus down payment assistance worth 2.5 percent or 5 percent of the home purchase price. Borrowers don’t have to repay the assistance if they live in the home for at least five years.
Pros:
Doesn’t require repayment
Can be used for down payment, closing costs and other expenses
Cons:
Requires good credit
Open only to new grads
City-specific homebuyer assistance programs
Columbus: American Dream Down Payment Initiative
Low- and middle-income first-time homebuyers in Columbus may qualify for up to $14,999 in assistance with down payment and closing costs. Participants must buy a primary residence within City of Columbus corporation limits. If you live in the home for five years, the assistance will be forgiven.
Haven’t owned a home within the past three years
Buy a primary residence within City of Columbus corporation limits
Meet your lender’s minimum credit score
Maximum 35 percent front-end DTI and maximum 45 percent back-end DTI
Contribute at least $500 toward home purchase
Complete a homebuyer education course
Be a permanent resident of the United States and have been an Ohio resident for at least six months
Pros:
Open to condos
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Requires buyer contribution
Cincinnati: American Dream Down Payment Initiative
Similar to Columbus’ program, first-time homebuyers in Cincinnati may qualify for up to $14,000 in assistance with down payment and closing costs. You must buy within the City of Cincinnati and have a household income at or below 80 percent of the AMI. For each year you live in the home, up to five years, a portion of the assistance is forgiven. After five years, it’s forgiven completely.
Haven’t owned a home within the past three years
Buy a primary residence within City of Cincinnati
Maximum 31 percent front-end DTI ratio and maximum 43 percent back-end DTI ratio
Household income at or below 80 percent of the AMI
Complete a homebuyer education course
Pros:
Open to condos and manufactured housing
Doesn’t require repayment
Can be used for down payment and closing costs
Cons:
Must have a household income at or below 50 percent of the AMI to receive maximum assistance
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Haven’t owned a home within the past three years
Buy a primary residence within City of Toledo
Maximum 33 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Household income at or below 80% of the AMI
Contribute at least $500 toward home purchase
Must complete housing counseling
Pros:
Open to condos
Doesn’t require repayment
May close in as little as 21 days
Cons:
Requires buyer contribution
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Haven’t owned a home within the last three years
Buy a primary residence in an eligible community in Cuyahoga County
Meet income limits and purchase a house costing no more than $149,000
Contribute at least 3 percent of the purchase price
Have no more than $10,000 in liquid assets after purchasing the home
Make a down payment of at least 10 percent
Maximum 30 percent front-end DTI ratio and maximum 45 percent back-end DTI ratio
Complete homeownership classes
Pros:
Repayment deferred until you sell the home
Cons:
Requires borrower contribution
Limited property types
Restrictive home price limits
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
