All About First-time Homebuyer In Ohio

first-time homebuyer in Ohio

Thinking about moving to Ohio? You’ve made a good decision. It is the 26th best state to live in. Ohio scored well in areas such as quality of life and safety. According to CNBC’s “top states for business 2021”, the state came in at number ten. If you’re a first-time homebuyer in Ohio, you may be eligible for special loans, down payment help, and tax credits. They can save you thousands of dollars and make it easier to buy your own house. Here’s a thorough look at the first-time home buyer programs in Ohio.

1- First-time Homebuyer Programs In Ohio: Down Payment And Tax Credit Assistance

Tax credits and first-time homebuyer incentives in Ohio can be quite beneficial‌. They help save you thousands of dollars on your first house. Each year, the Ohio first-time homebuyer tax credit can save you up to $2,000! Here are some of the greatest programs to look into.

i- Ohio Housing Finance Agency | Down Payment

When you secure a mortgage via OHFA, you may be eligible for down payment assistance. This can be 2.5 percent or 5 percent of the purchase price in Ohio. It can be used for closing costs or a down payment. Unless you refinance or sell your house within 7 years, you are not required to repay the grant.

You must fulfill credit score, income, and purchase price criteria to qualify. You’re also bound to complete a HUD-approved Ohio free homebuyer education program.

ii- Ohio Housing Finance Agency | Tax Credit

One of the top first-time homebuyer programs is the Mortgage Tax Credit, which delivers long-term savings. The program provides you with a direct tax credit for a part of the mortgage interest you pay each year. However, the credit cannot exceed your annual federal income tax bill. The credit amount is determined by the property, the location, and the form of mortgage you obtain. 

iii- Ohio Housing Finance Agency | Grants For Graduates

This one is for those who have just graduated and are looking to become a first-time homebuyer in Ohio. The Grants for Grads program offers a 30-year mortgage rate program. It provides a low-interest rate and down payment assistance of 2.5 percent or 5%. If you stay in Ohio for five years, the down payment will be forgiven. 

To be eligible, you must be a first-time homebuyer in Ohio. Your degree should be from a recognized school within the last 48 months.

iv- Department of HUD | Good Neighbor Next Door 

HUD’s Good Neighbor Next Door program is popular among low- to moderate-income first-time homebuyers in Ohio.

This first-time homebuyer program in Ohio gives a 50% discount on the listing price of homes. These come under redevelopment zones. They are given to first responders and teachers.

Other careers that are eligible include:

  • Officers from law enforcement
  • Educators (pre-K through 12th)
  • Firefighters
  • EMTs

As long as you live in the home for at least three years, the program requires a “silent” second mortgage. It is for the amount of discount with no interest or payments. 

2- First-time Homebuyer Programs In Ohio: Home Loans

The aid with the down payment is good; how about the loan itself? Here are some of the first-time buyer programs available in Ohio. They include discounted mortgage rates and lenient lending rules that help you secure a home loan.

i- Ohio Housing Finance Agency | Loans for First-Time Home Buyers

As a first-time homeowner in Ohio, the OHFA makes things simpler to purchase the dream house. To provide a first-time home buyer loan in Ohio, the agency works with banks and credit unions. There are several loans available such as FHA, VA, USDA, and conventional loans.

It’s easy to qualify for a fixed-rate 30-year mortgage. This is made for first-time homebuyers having moderate to low incomes. You can combine a 30-year FHA, USDA, or VA loan with other OHFA programs to qualify for a 30-year loan.

ii- Ohio Housing Finance Agency | Ohio Heroes Loan 

OHFA provides “Heroes Loan” to those who qualify as public servants or veterans.

The program is not just for first-time homebuyers. It also benefits persons who work in any of the following fields:

  • Members of the educative community.
  • Member of the police force. 
  • Member of the healthcare team.
  • Veterans
  • Active-duty personnel, 
  • Reserve personnel. 
  • Surviving spouses are also eligible.

Contact Regentology If You’re A First-Time Homebuyer In Ohio

Buying a house for the first time can be pretty complex. High prices, competition, and mortgage options- all make it difficult. Regentology simplifies this complexity. If you are a first-time homebuyer in Ohio, we will connect you with the right realtors in your region. Everything from buying a house, to getting home loans, will be taken care of for you. Fill out the form to get a free consultation now!


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