Next Home

Next Home

The Ohio Housing Finance Agency's (OHFA) Next Home provides 30-year, fixed-rate mortgages to buyers who currently own a home, or have owned a home in the past three years but lack the equity to purchase a new home. Loans available through Next Home include conventional and FHA, VA and USDA-RD government loans.

Buyers using Next Home receive down payment assistance equal to 2.5% or 5% of the home's purchase price.


Am I Eligible?

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

  • 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.
  • You meet income and purchase price limits.
  • The home will serve as your primary residence.
  • You will occupy the property within 60 days of closing.

* Please view a complete list of eligibility criteria.

Note: if you continue to own your current home, it may affect your income eligibility.


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

Scroll to Top