So you want to buy your first house! Jumping into the housing market can be an exciting, scary, and stressful process (I know)! There is so much information that, for a first time home buyer, the process can be overwhelming. Homes can be expensive! Down payments, closing costs, and inspections; there are a lot of costs to be considered. However there are a few loan programs that you may qualify for when buying your first house, that may help lessen the stress of these costs. The Ohio Housing Finance Agency (OHFA) offers a few loan programs to help first time home buyers in their quest for purchasing their first home. All of these programs have specific credit score, income, and other eligibility requirements. Be sure to talk to your banking lender about what loan programs you may qualify for, as well as additional programs that you may qualify for.
Grants for Grads. Are you a recent college graduate? You may qualify for the Grants for Grads loan program. This program helps with the down payment for your home or a discounted mortgage rate. This is great for graduates who may not have a lot saved to make a large down payment. For more information visit https://myohiohome.org/grantsforgrads.aspx
Ohio Heroes. Are you a veteran, active military, police officer, fire fighter, nurse, or teacher? You may qualify for Ohio Hero’s program which helps those who serve the public in getting a discounted mortgage rate. Check out how to qualify https://myohiohome.org/ohioheroes.aspx
Next Home. For those who have purchased a home before, Ohio Housing Finance Agency also offers the Next Home program for those who qualify. This program helps with down payment assistance. Read here for the specific qualifications https://myohiohome.org/nexthome.aspx
Buying your first home should be a fun and exciting experience. With the expected and unexpected costs, purchasing a house can become overwhelming. The Ohio Housing Finance Agency is a great resource for first time (and second time) home buyers for loan programs to help in the home buying process. Happy house hunting!