Digging for Ohio first time home buyer grants to purchase that home? Find the best grants for home buying in Ohio and other home mortgage grants available below.
Buying a house in Ohio? Great idea! Whenever you buy a home you are establishing yourself in a way no other purchase can.
I know you're excited, but probably a little nervous as well. That's okay, most of us are when we decide to make such a big commitment.
Many think about all the costs, especially the down payment. But don't worry, my plan is to give you Buckeyes useful information to help in this exciting adventure.
You want to know your credit score and determine if you need credit repair before proceeding.
Unfortunately, without a minimum credit score of 580, you'll not qualify for these low down payment programs. The FHA 203b loan works well with the various grant options. The higher your credit score is the lower your interest rate. The FHA loan products are very flexible and work well with other assistance programs. Would you like to know where you stand with their requirements? Learn what those requirements are by clicking here.
To begin with, the State of Ohio does offer an Ohio first time home buyer grant program for its residents. This is good news because not all states are able to offer assistance to first time home buyers.
The state agency which maintains Ohio's first time home buyer grant program is the Ohio Housing Finance Agency. Ohio has several first time home buyer programs available, depending upon your income.
One is called the "Your Choice! Down Payment Assistance." The grant can be up to 2.5% of the price for the home. One of the draw backs of this grant is the interest rate for your mortgage will be up a little bit. Of course, there are requirements and limitations that must be met, but all and all a cool option.
Another cool grant is called the "Grants for Grads Program." This program is actually a zero percent loan that can be used for the down payment, closing costs, or other prepaids.
You're probably wondering if you have to make monthly payments. No, but you do have to stay in the home for a period of seven years. Then the loan is forgiven. That's why they call it a grant. The loan becomes a grant as long as you stay in the home for a period of time.
If you leave the home before the seven years are up, then you will have to pay back a portion of the loan. The amount is dependent on the amount of time you stayed there.
They also have a wonderful mortgage credit program you will want to investigate. This program becomes a tax deduction on your income tax. This can lower how much taxes you pay saving you money in the long run, so be sure to check out the qualification.
They also have several loan programs that are pretty awesome too. Ohio is very good to their residents!
Each program will have restrictions and limitations you will have to understand before you apply. You should visit this website to determine your eligibility.
In addition, the federal government offers grant assistance for first time home buyers in Ohio. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program. Their website contains useful information and applications.
The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Visit the Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
No matter what type of Ohio first time home buyer grants or programs you use, you will need a lender who will work with that program. Most often its the FHA loan programs that are flexible enough to work with them.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!!
Happy House Hunting!!
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