The Ohio Housing Finance Agency (OHFA) offers down payment assistance, interest rate discounts and other programs to make buying a home more affordable for Ohioans. While many programs found at myohiohome.org are available to first-time homebuyers, those looking to make the move to a new home may be eligible for assistance through the Next Home program.
The Next Home program provides 30-year, fixed-rate mortgages with conventional, FHA, VA, and USDA-RD government loans available. Homebuyers may couple the loan with “Your Choice! Down Payment Assistance” worth 2.5 percent of their homes’ purchase price to help with their down payment or closing costs.
Down payment assistance comes with a slightly higher interest rate, but if the homebuyer does not sell or refinance their home for seven years, the assistance is forgiven. The Next Home program cannot be combined with Grants for Grads or the Mortgage Tax Credit program but is a great option for buyers needing down payment assistance.
The Next Home program can be combined with the Ohio Heroes program for a slightly discounted interest rate. Qualifying Ohio Heroes occupations include:
Veterans, active duty military members or members of reserve components (including surviving spouses) Police officers, firefighters, volunteer firefighters, EMTs and paramedics Physicians, nurse practitioners, nurses (RN and LPN) and STNAs Teachers (pre-K through grade 12), administrators and counselors
Homebuyer Eligibility
Credit Score Requirements
Homebuyers must meet credit score requirements to qualify for OHFA loans and products. For FHA loans, applicants must have a score of 650 or higher. For conventional, USDA, and VA loans, applicants must have a score of 640 or higher.
Income Limits
Franklin County
1 or 2-person family: $101,400 3 or more-person family: $118,300
Income limits vary based on the type of loan chosen and if the home is located in a target area. Find income limits for nearby counties at myohiohome.org/limits.
Qualifying Properties
Applicants must purchase a property that is limited to two acres within a municipal corporation and five acres outside a municipal corporation, unless additional acreage is required by local health or safety codes. Qualifying properties include the following:
Existing homes (single-family dwellings, condominiums, duplexes and up to four-unit properties), Newly built spec/nearly completed homes, and one-unit single-family dwellings or modular homes.
The property must serve as the homebuyer’s primary residence.
Finding a Qualified Lender
Homebuyers must use an OHFA-approved lender for the purchase of their home in order to receive your choice! Down Payment Assistance. OHFA lenders can be found at myohiohome.org/lenders.
Preparing Your Clients for Homeownership
OHFA requires homebuyers to complete free homebuyer education to prepare them for the purchase and financial responsibilities of owning a home. Real estate agents can also attend continuing education courses to learn more about OHFA homebuyer programs.
Let us help you get your client into a home at an affordable price. For more information and eligibility criteria, please visit myohiohome.org.
*Additional eligibility criteria is required. OHFA Homeownership programs and products are subject to change.
Continuing education courses: ohiohome.org/partners/realtors.aspx
