Good news for first time home buyers! The OFHA Down Payment Assistance Program is back.
As I mentioned back in Octoberthe Ohio Housing Finance Agency (OHFA) had to temporarily suspend its down payment assistance program due to the freezing up in the credit market.
Well, the program is now back though a few things have changed. The previous program offered a 3% grant to be used towards the 3% down payment required for an FHA loan, basically meaning you didn’t need to have a down payment in savings. Recently the FHA down payment requirement increased to 3.5% and the new down payment grant is 2.5%. So you will need to have 1% of the purchase price in savings to put towards the down payment. For a pdf brochure with more details click here.
This is great news for first time buyers who don’t have a lot of money in savings. With seller paid closing costs, you can get into your new home for very little. If you have more questions, or are ready to get started in the search- give me a call!