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First-Time Homebuyer Program

Thousands 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 homeownership.

Do I Qualify?

Applicants for the First-Time Homebuyer Program must meet income limits, and properties must meet sales price limits. 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.
Properties are limited to 5 acres outside a municipal corporation.
* Existing or new construction homes: single-family dwellings, duplexes, and up to four-unit properties 

Ohio Heroes Program

Ohio 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 monthly payment).

Do I Qualify?

The Ohio Heroes Program is available to the following full-time employees who are:

* 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 materials response.

* 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 therapist.

* 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

Down 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.

Each of the loan programs offers a two-tiered interest rate structure:

1. 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.


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