Grants for Grads Helps Buckeyes Buy Real Estate
October 20th, 2009 categories: For Buyers
The State of Ohio is trying to keep more of its citizens in Ohio after college.
On Monday the Ohio Finance Agency (OFA) announced that the Grants for Grads program was open for business. Recent college graduates, including those earning postgraduate degrees, can now receive down payment and closing cost assistance and a favorable mortgage interest rate through OHFA’s 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. Income restrictions for the program limit income by area (see chart) so the income a grad wanting to live in Hamilton county could not exceed $69,200 in non targeted areas and $83,040 in targeted areas.
Like many other programs this one has a hook- in order to qualify for the grant the buyer must maintain residence in Ohio for at least 5 years- or pay back a portion of the grant. The aid comes in the form of a mortgage loan that’s forgivable after 5 years.
some of your up-front costs, you may still be required to contribute some money as well.
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