Ohio first-time homebuyer assistance programs
If you’re hoping to buy a house in Ohio, you’ve picked a budget-friendly place: The median sales price for a home in the Buckeye State is about $231,000, according to Redfin, which is well below the current national median price tag of $396,900. However, even if it’s relatively affordable, buying a house is still a steep financial commitment – especially if you’re a first-time homebuyer. If you’re looking for help with the cost of homebuying, programs from the Ohio Housing Finance Agency (OHFA) can make it more affordable.
- Median home price, as of Jan. 2025: $231,100 (Redfin)
- Median down payment, as of Dec. 2024: $29,000 (Attom)
- Most affordable counties: Adams, Belmont, Crawford, Gallia, Harrison, Jefferson, Lawrence, Meigs, Monroe, Morgan, Paulding, Pike, Scioto, Vinton (Attom)
Ohio first-time homebuyer programs
OHFA Homebuyer Program
The OHFA works with participating lenders to offer 30-year, fixed-rate mortgages for first-time buyers in the state. Qualifying borrowers may use a conventional or government-backed loan. Property can be situated on a maximum of two acres, or five acres if it’s in a rural area.
OHFA Ohio Heroes
If you meet the requirements for OHFA’s Homebuyer Program, and you work in a targeted job, you could qualify for Ohio Heroes. This offers a discounted mortgage rate for repeat buyers and first-timers in the following professions:
- Police officer, firefighter (volunteers included), EMT or paramedic
- Physician, nurse, nurse practitioner or STNA
- Teacher (pre-K through grade 12), administrator or counselor
- Active-duty military or members of the reserves, veterans or surviving spouses
OHFA Next Home
If you’re a repeat buyer who meets the requirements for the Homebuyer Program, you could get similar benefits from Next Home. Keep in mind that the home you’re buying must be your primary residence, and while you may continue to own your old home, it will affect your income for eligibility purposes.
Ohio down payment assistance and grants
OHFA YourChoice! Down Payment Assistance
Complementing the state’s mortgage program, OHFA’s YourChoice! Down Payment Assistance offers 2.5 percent or 5 percent of the home purchase price for a down payment, closing costs or other expenses. Borrowers don’t have to repay the funds provided they do not sell or refinance the property for seven years.
OHFA Grants for Grads
Recent graduates who meet OHFA’s program requirements may qualify for Grants for Grads. Available to first-time homebuyers who have completed an associate’s, bachelor’s, master’s, doctorate or other post-graduate degree from an accredited college or university within the last four years, it provides discounted mortgage rates, plus down payment assistance worth 2.5 percent or 5 percent of the home purchase price. Borrowers don’t have to repay the assistance if they live in the home for at least five years.
City-specific homebuyer assistance programs
Columbus: American Dream Down Payment Initiative
Low- and middle-income first-time homebuyers in Columbus may qualify for up to $14,999 in assistance with down payment and closing costs. Participants must buy a primary residence within City of Columbus corporation limits. If you live in the home for five years, the assistance will be forgiven.
Cincinnati: American Dream Down Payment Initiative
Similar to Columbus’ program, first-time homebuyers in Cincinnati may qualify for up to $14,000 in assistance with down payment and closing costs. You must buy within the City of Cincinnati and have a household income at or below 80 percent of the AMI. For each year you live in the home, up to five years, a portion of the assistance is forgiven. After five years, it’s forgiven completely.
Toledo: Home at Last
First-time homebuyers in Toledo may be eligible for up to $7,500 — or $9,500 in target neighborhoods — toward the cost of buying a home. Borrowers must have a household income of no more than 80 percent of the AMI. The assistance is forgiven once you’ve lived in the home for ten years.
Cuyahoga County: Down Payment Assistance Program
Cuyahoga County, which surrounds the city of Cleveland, offers low- to moderate-income buyers up to $14,900 — or 10 percent of their home purchase price — in down payment assistance. To qualify, you must have a household income at or below 80 percent of the AMI, and you must buy in an eligible community in Cuyahoga County. Unlike other programs on this list, the assistance is not forgivable. You must repay the full amount when you sell, transfer or refinance your home.
Other Ohio homebuyer assistance programs
OHFA Mortgage Tax Credit
After you buy your first home, OHFA’s Mortgage Tax Credit program can save you money when it’s time to file your taxes, beyond deducting some of your mortgage interest. There are two options:
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Mortgage Tax Credit Plus: If you obtain a loan through OHFA’s first-time homebuyer program, you can score a tax credit of up to 40 percent of your mortgage interest, up to a maximum of $2,000.
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Mortgage Tax Credit Basic: If your loan is not via OHFA, you can still apply for the tax credit, but it will be smaller: 20 percent for a property in a target area and 15 percent for all other properties.
Other Ohio first-time homebuyer loans
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FHA loans: Loans backed by the Federal Housing Administration can be a great match for first-time buyers with limited or less-than-perfect credit: With a 580 credit score, you may be approved to put down just 3.5 percent of the purchase price, and with a credit score between 500 and 579, you can put down 10 percent of the purchase price.
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VA loans: Loans backed by the Department of Veterans Affairs are a valuable benefit for qualifying service members, veterans and eligible spouses. There’s typically no down payment requirement, and lenders tend to accept lower credit scores while offering some of the most competitive rates available.
- USDA loans: If you aren’t trying to buy a home in one of Ohio’s major metropolitan areas, see if you’re eligible for a loan backed by the United States Department of Agriculture. These loans don’t require a down payment, but you will likely need a credit score of 640 or higher.
Get started
Ready to explore your options as a first-time homebuyer in Ohio? Here are some next steps:
- Use this simple questionnaire from OHFA to determine your eligibility for their programs.
- Compare current mortgage rates in Ohio to find out how much a loan might cost you.
- Read reviews on Ohio mortgage lenders. In some counties, OHFA works with more than 50 different lenders. Each offers different interest rates and terms, so carefully compare your choices.
- Explore your options for homeowners insurance in Ohio. This is another situation when comparing rates can save you money.
- Learn all about the process of buying a home in Ohio.
