OHFA is Your Partner in Making Home Possible
Sponsored by the Ohio Housing Finance Agency
Homeownership rates for first-time buyers have been on the rise, but so have home prices. This creates an incredibly competitive housing market for first-time homebuyers. As your partner in making home possible for Ohioans, the Ohio Housing Finance Agency (OHFA) has resources that can empower first-time homebuyers and put their dreams of homeownership within reach.
Whether they need a hand to cover closing costs or are in search of lower interest rates, OHFA has products that can make the difference between staying put and moving into a home.
OHFA’s most popular program is OHFA Down Payment Assistance. The program provides eligible homebuyers 3% or 3.5% of a home’s purchase price, depending on the type of loan, to help with a down payment or closing costs. Last year, we provided 5,000 Ohioans with the assistance they needed to close on a home.
Future homebuyers who meet eligibility requirements are also eligible for a Mortgage Tax Credit (MTC), in addition to the IRS home mortgage interest deduction.
With an MTC certificate, first-time homeowners can get a percentage of the interest they pay on their mortgages back as a credit when filing their federal taxes for the first 30 years of their loan terms. Homeowners can maintain this credit even if they refinance, as long as they refile their certificate. A credit for your client come tax time could free up extra cash to reinvest into their new home!
Your clients who work in a public service field, like first responders, educators, and medical professionals, may qualify for a discounted mortgage interest rate through the Ohio Heroes program. This program can be paired with down payment assistance to make purchasing a home more affordable.
To unlock OHFA resources for your clients, they must use one of over 140 OHFA-approved lenders. Find the full list of lenders by county here.
For a list of eligibility requirements, visit MyOhioHome.org/qualify. All first-time homebuyers must meet the following foundational criteria:
- Have a minimum credit score of 640 (Conventional, USDA, and VA loans) or 650 (FHA loans)
- Meet the debt-to-income requirements for their loan type
- Meet income and purchase price limits of the county they are seeking to buy in
With a growing number of Ohio families seeking to purchase their first homes, you can prepare them to be more confident, informed buyers by introducing them to the resources available through the Ohio Housing Finance Agency. Together, we can help make homeownership part of every Ohioan’s future.
