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OHIO DOWN
PAYMENT ASSITANCE
At Fairway, we are proud to partner with the Ohio Housing Finance Agency (OHFA) to make your dream of homeownership a reality. We offer personalized mortgage solutions, including down payment assistance and special programs for first-time buyers, recent graduates, and public service professionals.
Explore our FAQ for more details or schedule an appointment with one of our experts today. Let us help you open the door to your new home!
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What type of OHFA down payment assistance programs does Fairway Offer?First-Time Homebuyer Program Grants for Grads Ohio Heros Your choice down payment assistance.
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Do I have to be a first time homebuyer to qualify for OHFA?No, OHFA offers homeownership to Ohioans who have not had ownership interest in a primary residence in the last three years. OHFA also offer the Next Home program, which assists homebuyers who previously owned a home. For more eligibility requirements click here. Or schedule a one on one appointment with one of our experienced loan officers today to discuss your eligibility.
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Do I need to purchase a home in a certain area to qualify for OHFA's programs?No, OHFA's programs can be used throughout the entire state of ohio.
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Am I eligible for OHFA's mortgage programs?Eligibility criteria vary by program. Common requirements include: Minimum credit score (640 for Conventional, USDA, and VA loans; 650 for FHA loans) Meeting debt-to-income ratios Income and purchase price limits Specific career requirements for Ohio Heroes (e.g., veterans, public service professionals)
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How does the Down Payment Assistance program work?OHFA’s Down Payment Assistance program offers 2.5% or 5% of the home’s purchase price to help with your down payment and closing costs. This assistance is forgiven after seven years. If you sell your home within this period, you must repay the assistance provided.
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Are there any special requirements for first-time homebuyers?First-time homebuyers who have not had ownership interest in a primary residence in the past three years. They must meet credit score, income, and purchase price limits, along with other program-specific requirements. A borrower is also considered a first-time homebuyer if they purchase in a target area. Honorably discharged veterans also have a once-in-a-lifetime exemption to be considered a first-time homebuyer when they do not otherwise meet the definition.
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What is the Grants for grads program?The Grants for Grads program provides recent graduates with a discounted mortgage interest rate and down payment assistance of 2.5% or 5%. The assistance is forgiven over five years if you remain in Ohio. If you move out of Ohio within five years, you must repay a portion of the assistance.
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What is the Ohio Hero's Program? Who qualifies?The Ohio Heroes program offers discounted mortgage interest rates & down payment assistance to Ohio residents in specific public service careers, including: Veterans, active duty military, and reservists. Police Officers, firefighters, EMTs, and paramedics Physicians, nurse practitioners, nurses, and STNAs Teachers, administrators, and counselors
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Do I need to complete homebuyer education?Yes, all buyers qualifying for OHFA loans must complete a free homebuyer education course. This can be done through OHFA’s streamlined education program or any HUD-approved counseling agency in Ohio.
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Where can I find more information about income and purchase price limits?Income and purchase price limits vary by Ohio county and community. For specific limits in your area, please visit myohiohome.org.
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