Down-payment help for first-time home buyers

By Lauren Lowrey - bio | email

Posted by LS - email

(WTOL) - An agency in our state is making sure finances don't stand in the way of home ownership. The Ohio Housing Finance Agency (OHFA) announced a program Thursday, March 26 that will help first-time home buyers make their down payment.

This downpayment program is for anyone who wants to take advantage of the low rates and the low prices on homes but just doesn't have the money for a down payment.

When you buy a house, one of the cheapest ways to finance it is through an FHA loan that requires you to put 3.5% down. This new program from will give you up to 3% down, meaning at the very least, you only come up with half-a-percent of the purchase price.

There are a few requirements on this new program like completing a Home buyer Education Class before closing and paying the loan back within 15 years.

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First-time home buyers can also qualify for an $8,000 first-time home buyer credit that was passed in the stimulus plan.