Ohio Your Choice! Down Payment Assistance Program

The Ohio Your Choice! Down Payment Assistance Program, offered by the Ohio Housing Finance Agency (OHFA), is designed to help homebuyers reduce upfront costs associated with purchasing a home. This program provides flexible financial assistance for down payments and closing costs, empowering eligible residents to achieve affordable and sustainable homeownership.

Benefits

• Provides 2.5% or 5% of the home’s purchase price in financial assistance for down payments and closing costs.
• Offers flexible repayment terms, with no repayment required if the buyer resides in the home for at least seven years.
• Supports both first-time and repeat homebuyers who meet eligibility requirements.
• Can be combined with OHFA’s mortgage options, including competitive fixed-rate loans, for comprehensive financial support.
• Encourages long-term housing stability and equity building for participants.

Eligibility Requirements

• Applicants must meet income limits, which vary based on household size and property location within Ohio.
• The property must be located in Ohio and used as the buyer’s primary residence.
• A minimum credit score of 640 is typically required, with lender-specific underwriting criteria also applicable.
• Participants must contribute a minimum of 1% of the home’s purchase price from their own funds.
• Completion of an OHFA-approved homebuyer education course is required to ensure preparedness for homeownership responsibilities.

Additional Information

The Ohio Your Choice! Down Payment Assistance Program is a valuable resource for homebuyers seeking to minimize upfront costs and secure stable housing. By offering flexible financial assistance and pairing it with competitive mortgage options, the program helps eligible buyers achieve their homeownership goals. Administered by the Ohio Housing Finance Agency, this initiative strengthens communities and promotes sustainable homeownership across the state.