First-time homebuyers typically do not have the advantage of second time buyers. The most inclusive down payment assistance program in the State of Ohio is offered via the Ohio Housing Finance Agency (OHFA). The OHFA down payment assistance program offers 2.5% of the sales price towards down payment assistance. There are numerous first-time home buyer programs offered through OHFA which have several restrictions. Also, all first-time home buyer programs require the purchaser to occupy the property. If you do not qualify for the OHFA down payment assistance program or other first-time homebuyer assistance programs, there are alternative mortgage financing options that may be just as beneficial to homebuyers with limited savings.
This financing type requires upfront and monthly mortgage insurance. FHA offers owner occupied financing only.get more info