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OHFA First Time Homebuyer Program

How the Program Works

The Ohio Housing Finance Agency program offers a 30-year, fixed-rate mortgage at a below market interest rate to first-time homebuyers or persons purchasing homes in economically distressed areas. The low interest rate and fixed term enables the Agency to create homeownership opportunities for those who could not otherwise afford to purchase a home.

The current program provides borrowers with the flexibility of choosing a mortgage rate that best fits their needs through a two-tiered structure, which includes a 2% downpayment assistance grant to qualified borrowers based on the purchase price of the home.

Participating Lender

All funds, including downpayment assistance, are limited and available on a first-come, first-served basis through more than 50 lenders with 400 loan origination offices located throughout the state. For the participating lenders list, go to the website listed below.


The program is available to first-time homebuyers (persons not owning or occupying their principle residence in the last three years), or anyone purchasing a home in a targeted area.

A targeted area is defined as an economically distressed area as designated by the U.S. Department of Housing and Urban Development (HUD).

Homebuyers must also meet federal income guidelines and home sales price restrictions. Maximum sales prices vary from county to county and whether a home is in a target or non-target area. For income guidelines and sales price restrictions, visit the website listed below.

Financials and Other Necessary Information

  • A signed purchase contract
  • Signed and dated copies of your federal income tax returns.
  • All applicants for the loan must provide copies for the past three years.
  • Recent pay stub
  • The names, addresses, contact persons and telephone numbers of employer(s)
  • Savings and checking account information including names and addresses of institutions and account numbers
  • Creditor information including names and addresses of creditors, account numbers and balances
  • Landlord information including names, addresses and dates of rental
  • The lender may also require that you pay an application fee at the time of application.

Mortgage Rates

  • For current First Time Homebuyer Program mortgage rates consult with a participating lender or visit the website listed below.
  • 30-year fixed rate FHA-VA-USDA RD loans are eligible
  • 2-1 buy downs are permitted


  • 1% origination fee
  • $150 transfer fee
  • $20 OHFA review fee

Qualified Borrowers

  • Non-targeted areas: First-time buyer (persons not owning and occupying their principle residence in past three years)
  • Targeted area: Anyone may purchase, but must reside in the property.
  • Everyone must meet federal household income limits

Acreage Limitation

Up to two acres (unless additional acreage is required by local health or safety code)

Qualified Properties

  • Existing house: 1-unit single family dwelling and duplex up to 4 units
  • Spec/Nearly completed house: 1-unit single family dwelling
  • Modular/Manufactured house: 1-unit single family dwelling

Properties must meet federal sales price limits

To apply: contact lender in your county.

Note: The recapture tax provision applies to all loans in this program. To view explanation, go to the website listed below.

OHFA loans are available on a fair and equal basis regardless of race, color, ancestry, national origin, religion, sex or physical handicap.

For more information on this and other OHFA programs, go to