There are still some home buying credits available to Cincinnati residents. For those of you not familiar with the program, there are a few things to keep in mind when talking with your lender about these credits. First, it’s focused on 1st time buyers, which means no ownership interest in property for the past 3 years. Second, there are income limitations, which differ depending on buying in a “Targeted” versus “Non-Targeted” area. Also, these programs are available for either FHA or conventional loans. I have included a link to an interactive map so you can research the income limitations by geography.
There are 3 main programs that people seem to be using: First Time Buyer Program, Ohio Heroes Program, and Grants for Grads Program. Brief synopsis of each:
First Time Home Buyers Credit
- First Time Buyers – just like it sounds. They can take an unassisted first mortgage only at a below market rate (currently 4.5%) or get assisted rate (currently 5.00%) with a 2.5% down payment assistance grant. Grant does not have to be paid back as long as borrower lives in the property as a primary residence for at least 5 years. The Ohio First Time Home Buyer Credit.
The Ohio Heroes Program
- Ohio Heroes Program – buyer must be in specific jobs fields (police/firefighter, medical profession, teacher, active military or reserves). Unassisted rate at 4.25%, or assisted with down payment assistance grant at 4.75%. Same repayment terms as First Time Buyers program. The Ohio Heroes Program.
Ohio Grants for Grads
- Grants for Grads – Associate, bachelors, masters, doctorate, or post graduate degree in the past 18 months for eligibility. Must have graduated from an Ohio high school. The special financing rate is 4.5%. The Ohio Grants for Grads Program.