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.