First Time Buyer Programs In Ohio

Rodney Reynolds First Time Buyer Programs In Ohio

This is Rodney Reynolds, your mortgage guy, mortgage guy coming at you. Today we’ll talk about some programs for first-time home buyers that are available to you in Ohio.

There’s a plethora of programs out there, and you can do your research on your own, but I’ll just give you a brief synopsis of some of the things that I can offer you at Ruoff Mortgage.

OHFA Ohio Housing Finance Agency

We have one through the state of Ohio called OHFA. Ohio Housing Finance Agency is what the acronym stands for. And, what they offer is down payment assistance. They’ll give you a 2.5% up to 5%, that’s a second mortgage. So all that means is that there’s no repayment as long as you live in the home for at least nine years.

If you move out prior to that, they can ask for a portion of what they gave you back. It’s called a recapture tax. But in my 21 years of doing mortgages, I’ve never seen a customer have to pay back a recapture tax.

Community’s First Down Payment Assistance Program

We also have a community’s first down payment assistance program. Now, unlike OHFA, which is a second mortgage attached to your first mortgage, this is a true down payment assistance grant. No second mortgages, no repayment necessary. So this is another option that you have if you’re using conventional financing.

Down Payment Gift From A Relative or A Family Friend

We also have a down payment program where all you have to put down is 3%, and the 3% can come in the form of a gift from a relative or a family friend, which is a beautiful program. And the seller can pay your closing costs on top of it and your private mortgage insurance, you get it at a reduced rate.

We also have VA Loan, which requires nothing down and no private mortgage insurance.

Renovations Loans for First-Time Home Buyers

We have some renovation loans for first-time home buyers where you can get down payment assistance as well.

So, these are just a few of the products that we have to offer for first-time home buyers.

I Custom-fit You For The Mortgage Program That Best Fits Your Needs

Now, please keep in mind as a lender, my job is to make sure that we custom-fit you for the program that best fits your needs and the needs of your family.

So you can do your homework to educate yourself, but I will also do the homework so that when you sit down in front of me, we’ll have options that we can explore. And in the end, you make the decision as to what best fits your needs.

Oh, one more thing. I forgot.

Special Programs Available Through Various Northeast Ohio Cities

There’s another program that’s available, and this is through various cities. So check with cities like Cleveland Heights or Shaker Heights. Check with the city hall and they’ll tell you the down payment assistance they have available. Right now, Cleveland Heights is giving up to $10,000 down payment assistance and it’s based on your area of medium income.

Many more First-Time Buyer Programs Are Available

There is many programs out there available to you, but rest assured, at the end of the day, we’ll make sure that we put you in the best program suited for your needs. This is Rodney Reynolds, your mortgage guy. Have a great day.

Email: rodney.reynolds@ruoff.com

Direct Line: 440-882-5403 | Fax: 440-398-8173

NLMS # 190606 | LO# 036126.000 | MB# 803389.000

Are you a first-time home buyer curious about loan programs available to you? Contact us today at (440) 628-1321, and we’ll find a program that best suits you.

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