Unlock Your Path to Homeownership with OHFA’s Down Payment Assistance
If you’re looking to purchase a home in Ohio but need a little help getting there, the Ohio Housing Finance Agency (OHFA) has your back. Their Down Payment Assistance (DPA) program makes it easier for low- and moderate-income homebuyers to access affordable, 30-year, fixed-rate mortgage options—including conventional, FHA, VA, and USDA-RD loans—while offering much-needed support to cover upfront costs.
How Much Assistance?
OHFA provides assistance equal to 3% of the home’s purchase price for conventional loans, or 3.5% for government-backed loans (FHA, VA, USDA). This can be applied toward your down payment, closing costs, or other pre-closing expenses.
Forgivable After Seven Years
The assistance is structured as a forgivable loan—if you remain in your home for at least seven years, you won’t have to repay it. If you sell before then, the assistance must be repaid in full.
Are You Eligible?
To qualify for the DPA program, you must meet the following requirements:
- Income and purchase-price limits (vary by county)
- Credit score thresholds:
- Conventional, USDA, VA loans: 640 or higher
- FHA loans: 650 or higher
- Acceptable debt-to-income ratios, based on your loan type
Required Homebuyer Education
To take advantage of the DPA, completing a free homebuyer education course is mandatory. You can complete this through any HUD-approved counseling agency in Ohio—but note, it must be completed after submitting your loan application with your lender. Borrowers registered only for OHFA’s MTC Basic program are exempt.
Bonus: Power of Home Resources
Approved homebuyers gain access to Power of Home, a program offering tools to help you manage and maintain your new home. Benefits include:
- Home investment guidance
- Affordable home repair and improvement loans through Huntington®
- Access to over 250 local programs for home maintenance, energy assistance, and more
- Opportunities to participate in research with Ohio State University as you complete your education
How to Apply
OHFA doesn’t lend directly—instead, you’ll work through one of their OHFA-approved lenders, which include banks, credit unions, and mortgage companies across Ohio. Contact Wayne Henry at 614-439-6180 if you would life lender references who can assist with this program.
