Down payment assistance programs are funded at the city, county, and state levels; due to this funding, the assistance programs are ever-changing. Each program operates on its own budget, and with its own set of requirements. Credit score, income levels, and other factors will play into your eligibility for these programs. For example, in Ohio, if you’re in the market for your fir st home and need help with down payment and closing costs, the Ohio Housing Finance Agency (OHFA) can help you if you need help with down payment and closing costs and you’re in the market for your fir st home through a program called “Your Choice! Down Payment Assistance.” OHFA o ff ers 30-year fix ed-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 a ft er seven years, during which time you must avoid selling or re fin ancing 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-spe cifi c home buyer programs throughout the U.S. to provide essential information to buyers regarding what type of homeownership fin ancial assistance is available in their local area. Every state is diff erent regarding how many programs are available, the diff erent types of programs available, and the spe cifi c type of fin ancial assistance o ff ered. HSH.com ensured to collect programs that were available statewide, and included programs for bot h fir st-time home buyers as well as repeat buyers. “To qualify for one of these statewide home buyer programs, 153
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