If you are thinking about buying a home in Ohio, you are in the right place. I recently had a conversation with our Market Manager in Ohio and he made the statement, “so few people know about the special programs for home buyers, if they did, it might make the prospect of homeownership less daunting.” That’s exactly what I’m striking out to do, share with you just a few of the programs that are available to you as a future homeowner in Ohio!
Let me begin by saying, all of these programs have a variety of requirements and qualifications associated with them; also, there are a total of nine programs offered by OHFA (Ohio Housing Finance Agency) and I’m only going to touch on three of them, so please contact a Stockton Mortgage Banker to find out more.
Who? This program is for Ohio residents who serve the public in roles such as, firemen, teachers, police officers, healthcare employees, etc.
What? The Ohio Heroes program offers a reduced mortgage interest rate and down payment assistance.
First Time Homebuyer Programs
Who? First time home buyers are defined as a person who hasn’t owned a home in 3+ years.
What? Down payment assistance is available and is forgiven after seven years. So, if you live at that property for at least seven years you are not responsible for paying any of it back.
Who? A homeowner wanting to make updates or repairs to their current or future residence. This is particularly beneficial in areas where there are fewer homes listed than number of people looking to buy—giving a home buyer the option of taking a less desirable home on the market and turning it into the one they want.
What? Roll the cost of the updates or repairs into the mortgage loan.