Find answers to some of the most frequently asked questions we hear from prospective buyers.
Do I need to have a down payment in order to purchase a home? Is down payment assistance available?
You may need to have a down payment, depending on the specific product you choose. However, OHFA does offer down payment assistance equal to 2.5% or 5% of the home's purchase price. Homebuyers have the option to choose the amount (2.5% or 5%) toward their down payment, closing costs and other expenses incurred prior to closing.
Do I need to buy a home in a certain area to qualify?
OHFA's homebuyer programs can be used throughout the state of Ohio.
How much do the homes financed by OHFA usually cost?
It's important to know what you can afford to buy based on your income and family needs. Typically, OHFA homebuyers purchase homes that cost significantly less than the maximum home purchase price limits. The average OHFA loan is about $100,000. Maximum purchase prices vary according to county and if the home is located in a target or non-target area. Check purchase price limits for your area.
What types of mortgage loans does OHFA offer?
The Ohio Housing Finance Agency (OHFA) offers several affordable loan options to help you achieve your dream of homeownership. OHFA offers 30-year fixed rate FHA, VA, USDA-RD and conventional mortgage loans designed especially for homebuyers with low- and moderate-incomes, with generous income and purchase price limits.