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.

FHA Mortgage Loan Rates

April 25, 2018
FHA Rates for April 25, 2018
Offering 30 Year Fixed Mortgages
Offering 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
FHA.com is a private company, is not a government agency, and does not make loans.

Prequalify Now!

Compare mortgage rates for your refinance or home purchase loan.

CHOOSE A LOAN TYPE

then
get
your

FREE CREDIT SCORE

Do you know what's on
your credit report?
FHA.com is a private company, is not a government agency, and does not make loans.

Your Choice! Down Payment Assistance Program

Financial Assistance for Homebuyers in Ohio

Though many people can afford to make monthly mortgage payments, they don’t have enough money saved to pay the upfront costs. The Ohio Housing and Finance Agency (OHFA)'s Your Choice! Down Payment Assistance Program aims to help individuals overcome this obstacle.
Available Assistance
Under this plan, qualifying homeowners 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. The amount does not need to be repaid and is forgiven completely after seven years (If the home is sold or refinanced within that time, homebuyers must repay the entire amount of down payment assistance).

Eligibility Requirements
There are certain requirements that all applicants must meet to be considered eligible for the Your Choice! Down Payment Assistance Program. They must meet OHFA income limits and purchase price limits, which vary by county. Applicants financing with a conventional, USDA, VA or FHA 203(k) loan must have a credit score of 640 or higher. The minimum acceptable score with an FHA 203(b) is 660.

Homebuyers must have a signed Purchase Agreement. Additionally, all qualifying homebuyers are required to successfully complete a free homebuyer education course. OHFA homebuyer education is not completed until after the buyer has submitted their loan application with their loan officer. Supplementary requirements may apply to specific homeownership products.

Property Guidelines
Individuals must purchase a qualifying property that is limited to two acres within a municipal corporation and five acres outside a municipal corporation unless additional acreage is required by local health or safety code. Eligible property types include:
  • Existing homes: single-family dwellings, conforming condominiums, duplexes, and up to four-unit properties.
  • Newly built/nearly completed homes: one-unit single-family dwellings.
  • Modular homes; one-unit single family dwellings.

Down Payment Grants in Ohio

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. 

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.

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.

FREE CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!