OHFA Helps Ohio Graduates Become First-time Homeowners

FOR IMMEDIATE RELEASE

Tuesday, April 23, 2024
Media Contact: Penny Martin
Phone: 614.728.2911
Email: [email protected]

COLUMBUS, OH - In an effort to help Ohio's college graduates achieve their dreams of homeownership, the Ohio Housing Finance Agency (OHFA) offers the Grants for Grads down payment assistance program for first-time homebuyers.

"OHFA congratulates all of the upcoming Ohio college graduates. What an exceptional achievement. As these graduates start their professional careers and put down roots here in Ohio, we want them to know that when they're ready, OHFA can help them purchase their first home," says OHFA Executive Director Shawn Smith. "Whether it's our Grants for Grads program or Your Choice! Down Payment Assistance program, our programs can make their dream of homeownership a reality."

Grants for Grads provides a discounted mortgage interest rate to recent graduates with an associate's, bachelor's, master's, doctorate, or other post-graduate degree from an accredited school of higher education as an incentive for them to make their homes in Ohio. Down payment amounts available are 2.5% or 5% off the purchase price of a home. As long as graduates who participate in the program remain living in Ohio for a minimum of five years, OHFA forgives the down payment assistance. However, if homebuyers move out of Ohio prior to five years, they must repay some or all the assistance received.

In addition to being a college graduate within the last 48 months, applicants must have a minimum credit score of 640 and meet OHFA's additional eligibility requirements for the loan.

To apply for the Grants for Grads program, interested homebuyers should contact an OHFA-approved lender in their area. A list of program-participating credit unions and mortgage companies is available on our website at ohiohome.org/lenders.

For more information on Grants for Grads as well as OHFA's other available homebuyer programs, which may be combined with Grants for Grads, visit www.myohiohome.org.

Interested individuals may also call OHFA at 888.362.6432 for assistance.

The Ohio Housing Finance Agency is an Equal Opportunity Housing entity. Loans are available on a fair and equal basis regardless of race, color, religion, sex, familial status, national origin, military status, disability or ancestry. Please visit www.ohiohome.org for more information.

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