grants for grads product
Recent college graduates can now receive down payment assistance and a favorable mortgage interest rate from an OHFA participating lender with the Grants for Grads product. Eligible borrowers can use the product to reduce the out-of-pocket expenses associated with buying a home.
If you are an income-eligible first-time homebuyer, have graduated from high school or have a GED and have earned an associate's, bachelor's, master's, doctorate or other postgraduate degree within the last 48 months and have not had ownership interest in a principal residence in the past 3 years, you can take advantage of the Grants for Grads product.
- Grants for Grads includes 2.5% or 5% down payment assistance. Assistance can be applied toward your down payment, closing costs or other pre-closing expenses.
- 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.
- Grants for Grads buyers also receive all of the benefits of our First-Time Homebuyer program at interest rate that is slightly lower than OHFA's standard mortgage rates.
Months resided in home
|Amount of grant owed to OHFA if you move out of state|
|Less than 12 months||100%|
|12 months to 24 months||80%|
|24 months to 36 months||60%|
|36 months to 48 months||40%|
|48 months to 60 months||20%|
Do I Qualify?
To qualify for the Grants for Grads product, you must:
- Be a first-time homebuyer purchasing a single family home
- Meet OHFA income and purchase price limits. The limits vary by county.
- Apply for the grant within 48 months of graduating from an educational institute recognized by the US Department of Education's Database of Accredited Postsecondary Institutes having earned an associate's, bachelor's, master's, or doctoral degree
- Obtain a mortgage through an OHFA participating lender
In addition, you must either:
- Complete a free homebuyer education course offered by a HUD-approved housing counseling agency, or
- Use OHFA's Streamlined Homebuyer Education.
Your lender and/or real estate agent can guide you through the home buying process and answer any questions you may have regarding OHFA's Grants for Grads product. You can also check out our Grants for Grads FAQs and homeownership FAQs for more information.
If you need additional assistance, please contact:
Office of Homeownership
Ohio Housing Finance Agency
57 East Main Street
Columbus, Ohio 43215
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.