OHFA Advantage

OHFA Advantage

If you're in the market for a home and need help with down payment and closing costs, the OHFA Advantage conventional loan provides additional down payment assistance in an amount of:

  • 2% of the purchase price for homebuyers whose income falls within 50% of the area median income in the county they purchase a home OR;
  • 1/2% (half of 1%) of the purchase price for homebuyers whose income falls within 80% of the area median income in the county they purchase a home.
  • This is addition to OHFA's 2.5% or 5% Your Choice Down Payment Assistance.
  • There is no additional cost when receiving the 1/2% or 2% grant.
  • OHFA Advantage can only be used with conventional loans.

Please note the homebuyer's interest rate will be slightly higher if using OHFA's 2.5% or 5% Your Choice Down Payment Assistance.


Am I Eligible?

You may qualify for an OHFA Homebuyer loan if the following applies:

  • 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.


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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