It's that time of year when students of all ages are graduating from colleges and universities. If you graduated with an associate's, bachelor's, master's, doctorate, or other post-graduate degree from an accredited school of higher education and are thinking of buying a home, you may qualify for assistance through the Ohio Housing Finance Agency's Grants for Grads downpayment assistance program.
Grants for Grads provides a discounted mortgage interest rate to recent graduates as an incentive for them to make their homes in Ohio. Downpayment amounts available are 2.5% or 5% off the cost of a home. As long as graduates who participate in the program remain living in Ohio for a minimum of five years, OHFA forgives the downpayment assistance. However, if homebuyers either sell their homes and/or move out of Ohio prior to five years, they must repay some or all the assistance received.
In addition to being a recent college graduate, there are other eligibility requirements that can be found on our website at myohiohome.org.
To apply for the Grants for Grads program, interested homebuyers should contact an OHFA-approved lender in their area. A list of program-participating credit unions and mortgage companies is available on our website at https://www.ohiohome.org/lenders/Default.aspx.
For more information on Grants for Grads as well as OHFA's other available homebuyer programs, which may be combinable with Grants for Grads, visit www.myohiohome.org. Interested individuals may also call OHFA at 888.362.6432 for assistance.