Effective February 2, The OHFA will be offering the bond program with a 2.5% down payment grant. The grant can be used for downpayment and closing costs. Buyers may use either FHA,VA or conventional financing.
Buyer counseling is going to be required for the grant program. 60 million statewide has been allocated in this issue.
First time buyers ( not owned in the last three years) all veterans and IF the property is located in a targeted areas, any owner/occupant may qualify for this program.
This program will allow an buyer to purchase with only 1.5% down if they use FHA financing. A first time buyer who qualifies may also receive the federal housing tax credit of up to $7,500.
Good news for first time buyers!
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