with down payment and closing costs and you’re in the market for your first home through a program called “Your Choice! Down Payment Assistance.” OHFA offers 30-year fixed-rate conventional and FHA, VA, and USDA-RD government loans designed for home buyers with low and moderate incomes, with generous income and purchase price limits. “Your Choice! Down Payment Assistance” allows home buyers to choose either 2.5% or 5% of the home’s purchase price. Assistance can be applied toward your down payment, closing costs, or other related expenses. Down payment assistance is forgiven after seven years, during which time you must avoid selling or refinancing to avoid penalty fees and having to repay all assistance given. Of course, there are programs available in other states, as well. HSH.com has compiled a list of state-specific home buyer programs throughout the U.S. to provide essential information to buyers regarding what type of homeownership financial assistance is available in their local area. Every state is different regarding how many programs are available, the different types of programs available, and the specific type of financial assistance offered. HSH.com ensured to collect programs that were available statewide, and included programs for both first-time home buyers as well as repeat buyers. “To qualify for one of these statewide home buyer programs, which can offer anything from below-market mortgage rates to down-payment assistance to special programs for police or firefighters, borrowers must almost always attend a home buyer education course,” adds Keith Gumbinger from HSH.com. “Statewide assistance programs must be acquired through a participating lender.”
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