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First-Time Homebuyer Program 
Thousands of low- and moderate-income Ohioans have purchased homes of their own thanks to OHFA’s First-Time Homebuyer Program. The competitive interest rates and mortgage options on our 30-year, fixed-rate mortgage loans make it affordable for qualifying buyers to realize the dream of homeownership.
Do I Qualify?
Applicants for the First-Time Homebuyer Program must meet OHFA income limits, and properties must meet purchase price limits. The limits vary by city and town. Check income and purchase price limits.
To qualify for an OHFA loan, you must also qualify as a first-time homebuyer.
- Someone who has never owned real estate.
- Someone who has not owned or had an ownership interest in his/her principal residence in the last three years.
- Be a qualified military veteran.
- Purchase a home in a target area.
Check out our Target Area Loan Program. - Be creditworthy. The credit score for borrowers NOT using OHFA Down Payment Assistance must equal at least 620 or higher. The credit score for borrowers using OHFA Down Payment Assistance must equal at least 640 or higher.
- Have a signed Purchase and Sales Agreement for a qualifying property.
- Qualify for the loan being requested. Lenders will assess your ability to afford a home by considering income, assets, job stability, liabilities, and other criteria.
Additional property requirements:
- Properties are limited to two acres unless additional acreage is required by local health or safety code.
- Qualifying properties include:
- Existing homes: single-family dwellings, duplexes, and up to four-unit properties
- Spec/Nearly completed homes: one-unit single-family dwellings
- Modular/Manufactured homes: one-unit single-family dwellings, permanently affixed to a foundation
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How to Apply
OHFA partners with a network of Ohio lenders to make our low cost loans available on a continuous basis year round. Learn more about the loan process or contact a participating lender to apply.
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Loan Types
To meet each homebuyer’s needs, OHFA offers a variety of loan products including:
- Fannie Mae conventional loans with special features and flexible terms
- Government-insured loans including traditional FHA, VA, and USDA-RD loans
All OHFA loan products offer competitive rates and other beneficial features. Your lender can help you choose the right loan for your needs.
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Loan Features
- Available to any qualified homebuyer
- For new or existing homes
- Below market, 30-year fixed interest rate
- Flexible rate options
- Available in all 88 Ohio counties
- Generous purchase price limits
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Loan Fees
The following fees may apply to your loan:
- 1% origination fee
- $150 transfer fee
- $79 tax service fee
- .25% adverse market fee (conventional loans only)
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Down Payment Assistance
If you need or want assistance with your down payment and closing costs, OHFA offers either a Down Payment Assistance Grant or Grants for Grads, which can significantly reduce your out-of-pocket expenses.
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Homebuyer Education
Some OHFA mortgage products such as OHFA's Down Payment Assistance Grant and Grants for Grads program require borrowers to participate in homebuyer education or counseling. All borrowers are encouraged to take advantage of the free homebuyer education classes available through HUD counseling agencies or to use OHFA's streamlined homebuyer education program. Learn more...
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About Recapture Tax
OHFA will reimburse borrowers for the full amount of any recapture tax in the rare instances where tax repayment is required. Learn more...
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Downloadable Information
You can download information about our loan programs from our download center.
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Questions?
Your lender and/or real estate agent can guide you through the home buying process and answer any questions you may have regarding the First-Time Homebuyer Program. You can also check out our homeownership FAQs.
If you need additional information, please contact:
Office of Homeownership
Ohio Housing Finance Agency
57 East Main Street
Columbus, Ohio 43215
888.362.6432
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Not a First-Time Homebuyer?
You can still take advantage of OHFA’s competitive rates by purchasing a home in a target area. Learn more...
Are You an Ohio Hero?
Benefit from a 1/4% lower interest rate on your loan. Learn more...
The Ohio Housing Finance Agency is an Equal Opportunity Housing entity. Loans are available on a fair and equal basis regardless of race, color, religion, sex, familial status, national origin, military status, disability or ancestry.
