COLUMBUS – April 11, 2008 – The Ohio Housing Finance Agency (OHFA) announced today that borrowers now have the option to receive 3 percent of the home purchase price as down payment assistance. The change will allow more flexibility for borrowers trying to purchase a home in an ever-changing financial environment. OHFA previously offered down payment assistance at 2 percent of the home purchase price, but found that current conditions required additional help for borrowers.
“Many borrowers now find that they are unable to afford a home in these changing market conditions,” said Doug Garver, Executive Director for the Agency. “This increase will help borrowers get the funds they need to own a home.”
OHFA has heard from many lenders about the need for greater assistance on down payments. The Agency was able to respond by increasing assistance through this key program. Borrowers who are eligible for the First-Time Homebuyer Program can take advantage of the 3 percent down payment grant by paying a slightly higher mortgage interest rate. Consumers also have the option of applying for a second mortgage in an amount up to 4 percent of the home’s sale price to help with the purchase.
To learn more about the First-Time Homebuyer Program, including down payment assistance, or to locate a lender in your area, visit www.ohiohome.org.
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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.