Ohio’s First Time Homebuyer Program (OHFA)

Ohio’s First Time Homebuyer Program (OHFA)

Lovingly called OHFA, the Ohio Financing Agency’s First Time Home Buyer Program has helped to fuel some of the greater Cincinnati housing recovery.  Many moons ago I provided information about the program   Recently the agency took the opportunity to pat itself on the back and published the following statistics about OHFA.

  • Recent statistics show that 55,000 homes were sold in Ohio from January to July of this year.
  • Of those 55,000 homes, nearly 40 percent of the homes sold during that time were purchased by first-time home buyers.
  •  Loans closed by the Ohio Housing Finance Agency accounted for nearly 11 percent of the homes sold in Ohio to first-time home buyers.
  • OHFA is always working to make the loan process more efficient and accessible for low- to moderate-income Ohioans.
  • Home buyers can obtain a lock on their mortgage interest rate for up to 180 days while construction of a new home is being completed.

Plus many buyers don’t know that:

  • The Agency also offers programs for buyers needing financial assistance for down payment or closing costs and for buyers who have recently received a college degree.
  • Buyers who are veterans or in the medical, public safety, law enforcement or teaching fields may qualify for OHFA’s Ohio Heroes Program offers a .25 percent reduction on our current interest rate for those who are employed full time* in one of these fields and hold a state license or certification in that profession as long as the borrower lives in the home.

All in all, OHFA has provided a much needed boost to the greater Cincinnati real estate market and if you need the names of lenders or help finding a property to purchase- help is only a phone call away!