homebuyer tax credit advantage program 
Let OHFA help you with down payment and closing costs through the Homebuyer Tax Credit Advantage Program featuring no interest and no loan payments until August 2010. Eligible borrowers participating in the First-Time Homebuyer Program or Ohio Heroes Program can use the loan to greatly reduce the out-of-pocket expenses associated with buying a home.
If you qualify for one of OHFA's home loan programs, you can choose to take advantage of the Homebuyer Tax Credit Advantage Program.
- OHFA will issue a loan, as a second mortgage, up to 3% of the purchase price of the home.
- You can use the loan to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing. Keep in mind that while the loan will greatly reduce your expenses, you may still be required to pay for some costs if they are not covered by the loan.
- If you take advantage of the loan, your second mortgage interest rate will be fixed at 1% higher than OHFA's current mortgage rates and you will begin paying August 1, 2010.
- You may be eligible for a new federal First-Time Homebuyer Tax Credit of up to $8,000. You may claim the credit on your 2009 federal tax return filed in 2010. More information about the First-Time Homebuyer Tax Credit is available from the IRS web site.
- Incentives are available if you choose to prepay the Homebuyer Tax Credit Advantage loan by June 30, 2010. Otherwise, your mortgage payment will increase slightly due to the added second mortgage loan payment.
Do I Qualify?
To qualify for the Homebuyer Tax Credit Advantage Program, you must meet all requirements for your OHFA homeownership loan program and close on the home by November 30, 2009. You may also want to claim the federal tax credit of up to $8,000 on your 2009 tax return filed in 2010. Check requirements for the First-Time Homebuyer Program and Ohio Heroes Program.
In addition, you must either:
- Complete a free homebuyer education course offered by any HUD-approved housing counseling agency, or
- Use the streamlined OHFA homebuyer education program.
Learn more about your homebuyer education options.
Downloadable Information
You can download information about our loan programs from our download center.
Questions?
Your lender can help you choose the down payment option that is right for you. You can also check out our 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
888.362.6432
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.
