STATEWIDE PROGRAMS

Your Choice! Down Payment Assistance

Assistance Available:
The Ohio Housing Finance Agency is offering 30 year, fixed rate FHA, VA, USDA-RD and conventional loans designed specifically toward low and moderate income Ohio residents who want to become homeowners.

Your Choice! Down Payment Assistance is a program that allows borrowers to choose either 2.5% or 5% of the purchase price to apply to their downpayments, closing costs, or other pre-closing expense. The assistance is in the form of a 7 year, forgivable loan. No repayment is necessary unless you sell or refinance your home within that 7 year period.

Qualifications:
The minimum credit score for VA, USDA, FHA 203(k), and conventional loans is 640. The minimum credit score for FHA Non 203(k) is 660. You must meet the purchase price and income requirements. You are required to complete a free homebuyer education course.

CITY AND COUNTY PROGRAMS

Montgomery County
Downpayment Assistance Program

Assistance Available:
If you are interested in purchasing a home in Greater Dayton or Montgomery County and need help with the downpayment, the Homeownership Center may be able to help. It provides 10% or up to $8000 in financial assistance with downpayment and closing costs. This is a zero percent, deferred, second mortgage.

Qualifications:
Your annual household income cannot exceed 80% of the area median. The limit for a family of 4, for instance, is currently 56,500. You must complete a homebuyer class and meet with a homeownership advisor. You must contribute a minimum of $500 in personal funds at closing. The home purchased may be located anywhere in Montgomery County with the exception of the cities of Dayton and Kettering.

Cuyahoga County
Down Payment Assistance Program

Assistance Available:
The Neighborhood Housing Services of Greater Cleveland has administered the Cuyahoga County Down Payment Assistance Program since 2009. It supports homeownership for individuals with low and moderate income. The assistance is in the form of 17% of the purchase price.

Qualifications:
You must be a first time homebuyer (have not owned a home in at least 3 years). Your household annual income cannot exceed the program limits. All of your taxes must be current. Your debt to income ratio may not exceed 43%. Your housing debt to income may not exceed 28%. The loan to value of your 1st mortgage cannot exceed 80%. You must occupy the home your purchase as your primary dwelling.

Single family homes, new or existing, are eligible. The property must be inspected for lead based paint and code violations. Any paint hazards or violations must be corrected prior to closing.