OHFA FHA First Time Homebuyer Program
Best For: First Time Homebuyers, Low Down Payments, Lowest Rates
Flexible first mortgage option with competitive rates, designed to help Ohio first time homebuyers achieve affordable homeownership.
This loan program is not available in Texas
Program Description
This 30-year fixed FHA program can be combined with the YourChoice! Down Payment Assistance, which provides additional funds ranging from 0% to 5% of the loan amount. The assistance can be used towards the down payment, closing costs, or both.
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OHFA FHA First Time Homebuyer Program
Min. Credit Score
640
Min. Down Payment
3.5%
Max Loan Amount
$548,250
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Assistance available, between 0% and 5% of the first loan amount
- Available in all of Ohio
- Allows up to 50% DTI (Debt-to-Income)
- Also available for manufactured homes
- No purchase price limits
- Requires UFMIP (Upfront Mortgage Insurance Premium)
- Higher mortgage insurance costs
- Income and purchase price limits apply
Program Availability
OHFA FHA First Time Homebuyer Programs are available in 1 state.
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“Since FHA loans allow financing up to 96.5% of the home’s price, it’s important to factor in closing costs and affordability. Working with a knowledgeable lender ensures you understand terms, fees, and repayment options to secure the best loan for your needs."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
49.99%
Purchase Price Limit
No Limits
Income Limit
$109,560 - $153,600
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- FHA loan program option from OHFA; easier qualification than other options
- Access to favorable rates for first time homebuyers
- Ideal for buyers with moderate credit scores
Additional Conditions
- The conditions for a first mortgage through the OHFA FHA first time homebuyer program typically include a minimum credit score of 640, although some lenders may have stricter requirements. The down payment can be as low as 3.5% for FHA loans, making homeownership more accessible. Borrowers must meet specific income limits based on county and household size.
- Buyers must meet program guidelines, complete homebuyer education courses, occupy the property as a primary residence, and not exceed the income limits.
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: OHFA Homebuyer Education Course
This course is designed to educate first-time homebuyers on the homebuying process, budgeting, and financial management to help them successfully navigate purchasing a home. You can typically find approved providers or classes through Ohio Housing Finance Agency (OHFA) or other local HUD-approved agencies.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
OHCS Rate Advantage Conventional Loan
Best For: Flexible Terms, First Time Homebuyers, Low Credit Scores, Lowest Rates
Oregon Housing Conventional program for first time homebuyers featuring below market interest rates and no mortgage insurance.
FHFC Bond HFA Conventional Loan - Low Income
Best For: First Time Homebuyers, Low Down Payments, Lowest Rates, Easy Qualification
Florida Housing Conventional Loan for low income first time buyers with lower mortgage insurance that can be paired with assistance programs.
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* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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