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Homes on the Hill Down Payment Assistance Program
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Program Description
The buyer must:
- Be a first time home buyer.
- Be the owner-occupant.
- Complete a HUD certified eight-hour homebuyer education course before the closing and a post purchase class.
- Reside in the home and not refinance for at least five years.
- Contribute $500 to closing and save $1000 in reserves.
- Meet with a HOTH housing counselor at least one month before the closing and one month after the closing.
Home being purchased must be:
- In the City of Columbus or Franklin County
- A single-family home or a condominium
Funds may be used for:
- Down payment · Appraisal fees
- Title binder & title policy · Credit report fee
- Application fee · Closing fee
Total household income must be at or below 65% of median income according to current HUD guidelines for Franklin County.
2009 Income Limits: Household Size and Maximum Income
1 $31,200
2 $35,750
3 $40,200
4 $44,600
5 $48,200
6 $51,800
7 $55,400
8 $59,000
Limitations:
- Assistance may not be used with FHA loans.
- Fast Track or Quick Start education certificates are not accepted.
- HOTH funds may not be combined with any other down payment assistance program, including AmeriDream, Nehemiah & Genesis.
- Funds are limited and available on a first-come, first-served basis.
- Land contracts are not eligible.
- Ownership must be fee simple.
- Assistance may not exceed $3,000.
- Liquid asset restrictions may apply
- Allow seven -10 business days after complete application is received for approval process plus three days to prepare a check.
- HOTH has the right to accept or deny an application.
- Other restrictions apply.
The loan must:
- Not charge an origination fee of more than 2%.
- Have an interest rate no more than 3% points higher than OHFA's interest rate.
- Have a LTV of 97% or less.
Restrictions are subject to change. Funding provided by the Ohio Department of Development Housing Trust Fund.
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