COLUMBUS, OH – February 2, 2009 – (RealEstateRama) – Homebuyers can move a step closer to owning the home of their dreams, thanks to a new financial program. The Ohio Housing Finance Agency (OHFA) today announced that it is now offering a Down Payment Assistance Grant to potential homebuyers. The grant is an amount up to 2.5 percent of the purchase price of the home and can be used for the down payment, closing costs and other housing related expenses.
Borrowers using OHFA’s Down Payment Assistance Grant must use one of the Agency’s First-Time Homebuyer Programs (including Ohio Heroes) and are required to complete Homebuyer Education prior to approval of the grant. Buyers can use either a housing counseling agency approved by the U.S. Department of Housing and Urban Development (HUD) or the streamlined process offered by OHFA to successfully complete this requirement.
“Down payment assistance will expand the market for first-time homebuyers who are essential for market recovery,” said Doug Garver, Executive Director of the Agency. “While many homes are priced lower than before and can be a great buy for first-time homebuyers, some households need the extra funding to make the leap to homeownership.”
Furthermore, OHFA has lowered the interest rate on mortgages offered through the Agency’s First-Time Homebuyer Program and Ohio Heroes Program. You can learn more about the Down Payment Assistance Grant, Homebuyer Education, or current mortgage programs by visiting www.ohiohome.org/homebuyer.
OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve, and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce, or their designees, and both serve as ex officio voting members.
