FOR IMMEDIATE RELEASE
Wednesday, June 25, 2025
Media Contact: Penny Martin
Phone: 614.728.2911
Email: pmartin@ohiohome.org
Ohio Housing Finance Agency Updates Homebuyer Assistance Programs
Changes go into effect July 1
COLUMBUS, OH - Over the last year, the Ohio Housing Finance Agency (OHFA) has seen a drastic increase in volume for its homebuyer assistance programs. Reservation volume reached more than $1 billion in 2024 and is on track to be more than $1.5 billion by the end of the fiscal year on June 30, 2025.
To ensure the Agency's ability to provide Ohio homebuyers with discounted mortgage rates and down payment assistance, OHFA's down payment assistance will change to 3% for conventional loans and 3.5% for government loans (FHA, VA, USDA). The changes will be effective with reservations on or after July 1, 2025. The Agency will also begin using target and non-target income limits for all first-time homebuyer programs as are currently used in the Mortgage Tax Credit program. Updated income limits will be posted on July 1.
"Today's housing market is very competitive and we've seen increasing demand for our discounted mortgage rates and down payment assistance programs," said Bill Beagle, executive director of OHFA. "The program changes will allow us to help as many Ohioans as possible over the coming years."
OHFA works with 140 lenders throughout the state to provide discounted mortgage rates, down payment assistance, and loan products to make buying a home more affordable. The Agency offers 30-year, fixed-rate conventional, FHA, VA, and USDA government loans with income and purchase price limits designed especially for homebuyers with low- and moderate-incomes.
The Down Payment Assistance program will provide homebuyers either 3% for conventional loans or 3.5% for government loans of a home's purchase price to be applied toward the down payment, closing costs, or other pre-closing expenses. Grants for Grads will provide a discounted mortgage interest rate to individuals that graduated within the last 18 months with an associate, bachelor's, master's, doctorate, or other post-graduate degree from an accredited school of higher education. The Ohio Heroes program provides Ohio veterans, active-duty military members, members of reserve components, police officers, firefighters, volunteer firefighters, EMTs, paramedics, doctors, nurses (RNs, LPNs, and STNAs), and pre-K through 12th grade teachers, administrators, and counselors with a discounted mortgage interest rate.
For more information on the Ohio Housing Finance Agency programs visit myohiohome.org.
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. Please visit www.ohiohome.org for more information.