Grants for Grads is a program with the distinct purpose of limiting "brain drain" in the state of Ohio. The program offers college graduates the opportunity to qualify for 2.5% in down payment assistance to purchase a home within 18 months of graduation. The program allows graduates to qualify for both down payment assistance and a below market interest rate when purchasing a home. The program also allows for higher than typical household incomes in comparison to other available grant programs.
•· Below market interest rate
•· 2.5% second mortgage that can be forgiven after 5 years
•· Program can be used in conjunction with some other grant programs
•· Program funds are ongoing unlike other grants that may run out of funds
What you need to know:
- You must be a graduate of an Ohio High School and apply for the grant within 18 months of graduating from an educational institute recognized by the Ohio Board of Regents
- You will need to take a homebuyers education class
•· The grant is for a single family home owner occupied home
•· There is no repayment of the grant if you continue to live in Ohio for the next 5 years
•· You can use the grant for down payment, closing costs or other prepaid expenses incurred in the purchase of the home
As the Ohio Housing Finance Agency (OHFA) kicks off Fair Housing Month in April they wish to expand the public's knowledge of the Grants for Grads program. As spring and graduation season approaches there could not be a better time to look into the many affordable homebuyer programs that are currently available. The grant programs offered in conjunction with OHFA requires the use of an approved lender.