The Ohio Housing Financing Agency is currently offering an additional 2.5% financial assistance grant to Ohio College graduates! This is on top of the $8,000 Federal First Time Home Buyer Tax credit. Recent college graduates (within 18 months), including those earning postgraduate degrees, can receive money for a down payment, funds to cover closing cost, and a preferred mortgage rate through OHFA’s Grants for Grads Program. The funding is intended to reduce out of pocket expenses and make home purchases more affordable.
The grants money is forgivable over a period time. Think of it as a second mortgage with a 0% interest rate, and the principal declines the longer you stay in your home. After 5 years of home ownership your grant is completely forgiven. See the chart below for a payback schedule.
Grant Repayment Schedule
The restrictions include:
Qualify for the Federal First Time Home Buyer Tax Credit
Graduated from an Ohio high school
Earned an associate, bachelor’s, master’s, doctorate or other postgraduate degree within the last 18 months
Complete a free homebuyer education course offered by any housing counseling agency approved by the U.S. Department of Housing and Urban Development, or use the streamlined OHFA homebuyer education program
If you have questions please contact me immediately at 513-518-1140.
At The Alison Moss Group, Cincinnati is more than a city to us–it’s our hometown. Since launching in 2008, our clients have depended upon us to lead them through the home buying and selling journey. We are the go-to resource for all of your needs before, during and after the sale of your home.