Do you want to buy a home? You’ll want to take advantage of the many down payment and closing cost options available to buy your first home. Financial assistance speeds up the home purchase process because you don’t have to spend years saving for a down payment. Let’s look at various down payment assistance options in Ohio and Texas and get started on the home-buying process.
OHFA Grants For Grads
You’ve dreamed of owning your own home for years but wanted to finish college and start your first real job. Now you’ve graduated college and qualified for a home loan but need help with the down payment and closing costs. Ohio Housing Finance Agency’s (OHFA) Grants for Grads can help you afford a house with a grant and other perks.
- Discounted mortgage interest rate
- 2.5%-5% down payment assistance
Some qualifications include the following:
- First home purchase, or you haven’t owned a home in the last three years
- Your credit score meets the requirements
- You meet income and purchase price requirements
- You graduated within the previous 48 months from college
- Homebuyer education program is required
To avoid repaying the OHFA grant, you must live in the house for at least five years. If you leave Ohio or sell the house within five years, some or all of the assistance must be repaid. For more information on Grants for Grads, click here.
San Antonio Down Payment Assistance
San Antonio, Texas, offers a variety of down payment assistance options to help you buy your first home. The Homeownership Incentive Program (HIP 120) provides a $1,000-$15,000 loan at 0% interest towards your down payment on a house or other home purchase costs. 75% of the loan is forgivable if you live in the home for ten years. For more information, check out their fact sheet.
- First home purchase, or you haven’t owned a home in the last three years
- House must be located within the city of San Antonio
- Max sales price must not exceed $236,000 for an existing home; $251,000 for new construction
San Antonio also offers a HIP 80 Homeownership Incentive Program for first-time homebuyers. HIP 80 lends between $1,000-$30,000 at 0% interest toward a down payment on a home and other costs associated with buying a home, like closing costs. Check out the HIP 80 information below and learn more here:
- $1,000-$15,000 loan 100% forgiven over a 5-year period
- $15,001-$30,000 loan 100% forgiven over a 10-year period
- House must be located within the city of San Antonio
- Max sales price must not exceed $215,000 for an existing home; $251,000 for new construction
Conclusion
As you can see, many opportunities for down payment and closing cost assistance exist for first-time home buyers. We hope you’ll look into these opportunities and talk to your real estate agent and mortgage lender to obtain the necessary paperwork to apply for the programs. Let us know if you take advantage of any of these programs. We’re rooting for you and look forward to hearing about the home you’ve purchased with help from these down payment programs!