New home loan program Columbus, Ohio
ByGrants for Grads Program from OHFA … New Home Loan Program in Columbus, Ohio
Recent college graduates looking for a home loan in the Columbus, Ohio area, including those earning postgraduate degrees, can now received down payment and closing cost assistance and a favorable mortgage interest rate though OHFA’s Grants for Grads Program. Eligible borrowers can use the grant to reduce the out –of –pocket expenses associated with buying a home.
If you are an income-eligible first-time homebuyer, graduated from an Ohio high school and have earned an associate, bachelor’s, master’s, doctorate or other postgraduate degree within the last 18 months, you can take advantage of the Grants for Grads Program.
- OHFA will issue a grant in the amount of 2.5% of your home’s purchase price
- You can use the grant to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing your home loan purchase in Columbus or any other city in Ohio. Keep in mind that wile the grant will help cover some of your up-front costs, you may still be required to contribute some money as well.
- The grant will be issued as a second mortgage with a 0% interest rate with no payment due. The loan is forgivable in five years. However, if you move out of Ohio prior to the five year mark, you are responsible for paying a portion of the grant back to OHFA as indicated below:
Months resided in home Amount owed to OHFA
if you move out of state
Less than 12 months 100%
12 to 24 months 80%
24 to 36 months 60%
36 to 48 months 40%
48 to 60 months 20%
Do I Qualify?
To qualify for the Grants for Grads Program, you must:
- Be a first time homebuyer
- Meet specific guidelines
- Graduated from an Ohio high school
- Apply for the grant within 18 months of graduating for and educational institute recognized by the Ohio Board of Regents
In addition, you must either:
- Complete a free homebuyer education course offered by ony housing counseling agency approved by HUD, or
- Use the streamlined OHFA homebuyer education program.
Any recent graduates looking for a home loan in Columbus or Central Ohio please contact me for more info. Learn more about OHFA programs by visiting www.ohiohome.org
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