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.
The restrictions include:
- Income eligibility
- 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.