of Ohioans have purchased homes of
their own thanks to the First-Time Homebuyer Program. The competitive
interest rates and mortgage options on 30-year fixed-rate mortgage
loans make it affordable for qualifying buyers to realize the dream of
Do I Qualify?
for the First-Time Homebuyer Program must meet income limits,
and properties must meet sales price
The limits vary based on location.
To qualify, you must also:
Be a first-time
homebuyer-someone who has not owned or occupied his/her principal
residence in the last three years-or be a qualified military
veteran--or purchase a home in a "target area" and live in it as your
primary residence(Target Area Program).
* Qualify for the loan being requested. Your ability to afford a home
will be assessed by considering income, assets, job stability,
liabilities, and other criteria.
Additional property requirements:
Properties are limited to 2 acres inside a municipal corporation unless
additional acreage is required by local health code.
are limited to 5 acres outside a municipal corporation.
or new construction homes: single-family dwellings,
duplexes, and up to four-unit properties
Ohio Heroes Program
heroes make a difference in our lives
by working hard in critical jobs every day. This program offers all the
benefits of our First-Time Homebuyer Program to Ohio's heroes at a 1/4%
lower interest rate(click here to see interest
rate options and estimate a
Do I Qualify?
Ohio Heroes Program is available to the following full-time employees
* Active Military, Active Reserve, or a Veteran - Qualified Active Duty
Service personnel include Armed Services or Reserve Forces. Qualified
veterans include military members honorably discharged from any branch
of the U.S. Armed Forces.
* Firefighters, Emergency Medical Technicians or Paramedics - Sworn
paid members of a fire department whose regular duties include fire
suppression or prevention, emergency medical response, hazardous
* Health Care Workers - Certified, accredited, or licensed health care
workers who are employed full-time as a medical resident or fellow,
dental hygienist, nurse, nursing assistant, pharmacist, pharmacy
technician, physician's assistant, medical technician, technologist, or
* Police Officers - Individuals commissioned as a police officer by a
federal, state, county, or municipal or township government, or a
public or private college or university; must be sworn to uphold, and
make arrests for violations of federal, state, county, municipal, or
township law or respond to terrorism.
* Teachers - Individuals employed full-time by an accredited or state
recognized public school, private school, or federal, state, county, or
municipal educational agency as a state-certified classroom teacher or
administrator in grades K-12 or higher education.
Down Payment Assistance Options
payment and closing cost assistance are
available to help reduce out-of-pocket expenses for eligible borrowers.
The assistance is available in conjunction with the First-time Home
Buyer Program, Target Area Program and Ohio Heroes Program.
of the loan
programs offers a two-tiered interest rate structure:
Buyers who do
not want or need assistance with down payment and closing costs are
eligible for the current rate
2. Buyers who want or need to reduce out-of-pocket expenses can choose
the grant option (click here
to see interest rate options and estimate a monthly payment).
Grant Option: A
down payment assistance grant in an amount equal to 2.5% of the home's
purchase price. Borrowers who select this option will pay a slightly
higher mortgage interest rate.