Communities First Down Payment Assistance Program
Financial Assistance for Homebuyers in Ohio
The Port offers the Communities First Down Payment Assistance Program, providing first mortgage financing and down payment/closing cost assistance grants to eligible homebuyers. The Port created Communities First - Ohio as part of a commitment to increasing homeownership opportunities for residents in Ohio.
Available Assistance
The assistance funds come in the form of a grant, not a second loan. This gives borrowers instance equity in the home. Additionally, because Communities First is a grant, there are no restrictions on reselling your home or refinancing your mortgage. With the program’s 3, 4, or 5% down payment assistance options allow homebuyers more flexibility to choose only what they need to keep interest rates low.
Eligibility Requirements
To be deemed eligible for the program, individuals must apply through a participating lender, and meet standard industry guidelines. Not exceed maximum income limits. Have a maximum debt-to-income ratio of 45% (subject to change). Have a minimum FICO credit score of 640 (subject to change). Occupy the property as their principal residence within 60 days.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but State and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Ohio
Bowling Green Housing Programs
The City of Bowling Green offers income-eligible applicants Housing Programs to help them afford safe and secure homes in the city
Communities First Down Payment Assistance Program
The Port offers the Communities First Down Payment Assistance Program, providing first mortgage financing and down payment/closing cost assistance grants to eligible homebuyers.
Cuyahoga County Down Payment Assistance Program
The Neighborhood Housing Services of Greater Cleveland has established the Cuyahoga County Down Payment Assistance Program to help first-time homebuyers with the upfront costs of purchasing a home.
Dayton Down Payment Assistance Program
The HomeOwnership Center and the City of Dayton partnered to provide the Dayton Down Payment Assistance Program. If qualified, first-time homebuyers might receive up to 10 percent of their new home’s purchase price, to be put toward the down payment and closing costs.
Toledo Down Payment Assistance
The City of Toledo offers down payment assistance for eligible first-time homebuyers in order to help them secure safe and affordable housing within City limits.
Your Choice! Down Payment Assistance Program
The Ohio Housing and Finance Agency (OHFA) offers the Your Choice! Down Payment Assistance Program to qualifying homeowners. They can choose between assistance of 2.5 or 5 percent of the loan amount, to be applied toward the down payment, closing costs, or any other pre-closing expenses.
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