Grants for Grads

Grants for Grads

Congratulations, graduate! The Ohio Housing Finance Agency's (OHFA) Grants for Grads provides a discounted mortgage interest rate to recent graduates as an additional incentive for you to make Ohio your home. Current mortgage interest rates are available on our website.

Grants for Grads includes 2.5% or 5% down payment assistance. Down payment assistance is forgiven after five years as long as you remain in the state of Ohio. If you sell your home and move out of Ohio within five years, you must repay some or all of the assistance provided.


Am I Eligible?

You may qualify for OHFA Grants for Grads if the following applies:

  • You have not owned or had an ownership interest in your primary residence in the last three years.
  • You meet income and purchase price limits.
  • You meet the credit score requirements. Please note that credit score requirements may be higher for different loan types. Please check with your lender for specific requirements. The minimum credit score for borrowers using OHFA Homebuyer Programs are as follows:

    Loan Type:
    Conventional, USDA, VA = 640
    FHA = 660

    For advice on improving your credit score please contact a HUD-approved counseling agency in Ohio.

In addition, you must have earned an associate's, bachelor's, master's or doctorate degree within the last 48 months from a program recognized by the U.S. Department of Education.

* Please view a complete list of eligibility criteria.


Homebuyer Education

Qualified buyers are required to complete free homebuyer education. OHFA's streamlined education program allows you to complete a course offered by any U.S. Department of Housing and Urban Development (HUD)-approved counseling agency in Ohio. Please note, OHFA homebuyer education is not completed until after homebuyer has submitted their loan application with their loan officer.


How Do I Apply?

OHFA works with lenders, credit unions and mortgage companies across the state. Find an OHFA-approved lender in your area, along with tips to help you with the application process, or call us toll-free at 888.362.6432.

 

The Ohio Housing Finance Agency | 57 East Main Street | Columbus, Ohio 43215
Toll Free 888.362.6432 | Phone 614.466.7970 | Fax 614.644.5393 | TDD 614.466.1940

John Kasich, Governor, State of OhioLegal Statement and Policies

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