Congratulations to everyone who met a graduation goal this June! Whether it was high school or some level of college, hard work is always to be commended. What is your next move? Staying in Dayton Ohio, we hope. Buying a home? If so, you might want to take a look at the Grants for Grads program. If you have graduated within the past 18 months, there is a down payment assistance program called Grants for Grads and it’s being offered through the Ohio Housing Finance Agency, aka OHFA (pronounced Oh’-fuh). From the OHFA site:
Recent college graduates can now receive down payment and closing cost assistance and a favorable mortgage interest rate from an OHFA participating lender through the Grants for Grads Program. Eligible borrowers can use the grant to reduce the out-of-pocket expenses associated with buying a home.
If you are an income-eligible first-time homebuyer, graduated from an Ohio high school and have earned an associate, bachelor’s, master’s, doctorate or other postgraduate degree within the last 18 months, you can take advantage of the Grants for Grads Program.
* OHFA will issue a grant in an amount for 2.5% of your home’s purchase price.
* You can use the grant to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing. Keep in mind that while the grant will help cover some of your up-front costs, you may still be required to contribute some money as well.
* The grant will be issued as a second mortgage with a 0% interest rate with no payment due. The loan is forgivable after five years. However, if you move out of Ohio prior to the five-year mark, you are responsible for paying a portion of the grant back to OHFA as indicated (on their site).
What if you don’t qualify for Grants for Grads? There are several other programs through OHFA that are always worth looking into: First-time Home buyers, Target Areas, Ohio Heroes (for police, firefighters, teachers, healthcare workers, veterans).
Details are available on the OHFA site, or contact a participating lender. And best of luck to all 2011 graduates!
This communication is provided to you for informational purposes only and should not be relied upon by you. Teri Lussier and Exit Realty Central are not mortgage lenders and so you should contact your own mortgage lender directly to learn more about mortgage products and your eligibility for such products.
Graduate: Andrew Mackenzie
Fire fighters: Brett Gustafson