Thinking about buying a new home in the Dayton area? You can get your new home sooner than you ever dreamed possible. Ohio is offering a new program designed to help make home ownership a reality. The Communities First – Down Payment Assistance for Ohio program, offered through the Port Authority of Greater Cincinnati, is a home buyer grant that can cover up to 3% of the purchase price of a home and can be applied either to closing costs or to the down payment. The best part is that this assistance never has to be repaid.
Here’s what you need to know about the application requirements:
* Any home buyer living in Ohio can benefit from this program.
* Buyers must have an annual income of less than $75,035.
* Even if your household income is higher than $75,035, you may still be able to qualify by having only one person apply for the loan.
* The minimum credit score is only 640, making this a great option for people working on improving their credit score.
What does this mean for you? With the Communities First – Ohio program, buying a home that costs $100,000 could only require a down payment of $500 out-of-pocket. If you’re seeking an FHA loan, this might be the perfect way to buy a home sooner, even if you can’t make the 10 or 20 percent down payment required for a typical mortgage.
As of right now, not many lenders are approved for this program. Thankfully, your friends at Coldwell Banker Heritage Realtors recommend using Prime Lending to take advantage of this offer. To see if you qualify for the program, or for additional information, visit the Own Your Dream website. As always, Coldwell Banker Heritage Realtors are on-hand to discuss this program.