Ohio Grants for Grads Program Guide

Guide to the Ohio Grants for Grads Program

The Ohio Grants for Grads Program is tailored to help recent college graduates transition into homeownership by providing down payment assistance and affordable mortgage options. This program encourages graduates to stay in Ohio while making homeownership more accessible. Below is a detailed guide to the program’s benefits, eligibility requirements, and how to apply for 2025.

1. Program Overview:

• Purpose: The program provides financial assistance and competitive mortgage rates to recent graduates, helping them reduce upfront costs and make homeownership attainable.
• Down Payment Assistance: Eligible participants can receive a percentage of the home’s purchase price to cover down payment and closing costs.
• Incentive to Stay in Ohio: The program is designed to retain talent within the state by offering benefits specifically to graduates who commit to living in Ohio.

2. Eligibility Requirements for 2025:

To qualify for the Ohio Grants for Grads Program, applicants must meet the following criteria:

• Graduate Status: Applicants must have graduated from an accredited college or university within the past 48 months.
• Residency Requirement: Participants must agree to reside in Ohio for at least five years after purchasing a home to retain the full benefit of the grant.
• Income Limits: Household income must fall within program limits, which vary by county and household size. These limits are updated annually to reflect area median income (AMI).
• Purchase Price Limits: The home’s purchase price must not exceed program-specific limits, which are adjusted annually based on regional housing costs.
• Primary Residence: The property must be located in Ohio and used as the buyer’s primary residence. Investment properties and vacation homes are not eligible.
• Homebuyer Education: Completion of a homebuyer education course is required to ensure participants are prepared for the responsibilities of homeownership.

3. How to Apply:

The application process for the Ohio Grants for Grads Program involves the following steps:

• Contact a Participating Lender: Begin by reaching out to an approved lender offering this program. They will confirm your eligibility and guide you through the application process.
• Submit Required Documentation: Provide proof of graduation, income documentation, credit reports, and a certificate from the required homebuyer education course.
• Complete the Application: Work with your lender to complete the application and submit all necessary documents for review and approval.

4. Program Benefits:

• Financial Assistance: Participants receive grants to cover down payment and closing costs, reducing upfront expenses.
• Affordable Mortgages: Borrowers benefit from competitive fixed-rate mortgage options, ensuring stable and predictable monthly payments.
• Retention Incentive: The program rewards graduates who choose to live and work in Ohio, fostering long-term investment in the state.

5. Assistance Details:

• Grant Amount: Participants can receive financial assistance equal to a percentage of the home’s purchase price, depending on program guidelines and individual circumstances.
• Retention Terms: The grant is forgivable after five years of residency in Ohio. If the participant moves out of state before this period, a portion of the grant may need to be repaid.

6. Additional Considerations:

• Combination with Other Programs: The Grants for Grads Program can often be combined with other state or federal assistance programs to maximize financial benefits.
• Program Fees: Some fees may apply during the application process, which your lender will explain in detail.

The Ohio Grants for Grads Program is an excellent opportunity for recent graduates to achieve homeownership in 2025. By providing financial assistance and affordable mortgage options, this program helps graduates establish roots in Ohio while reducing the financial barriers to buying a home. Contact a participating lender today to learn more and start your application process.