YourChoice! Down Payment Assistance is one of the most flexible and valuable programs offered by the Ohio Housing Finance Agency (OHFA) to help homebuyers in Ohio cover their down payment and closing costs. Whether you’re buying your first home or re-entering the market, this program makes the process more affordable and accessible.
❓ What is the YourChoice! Assistance Program?
OHFA’s YourChoice! Down Payment Assistance provides eligible homebuyers with 2.5% or 5% of their home loan amount as a forgivable loan. That means if you stay in your home for at least 7 years, you don’t have to repay the assistance. It’s truly a smart financial choice for Ohio residents looking to build stability through homeownership.
✅ Who Qualifies for YourChoice! in Ohio?
This program is available to buyers who meet these basic requirements:
- 👨👩👧👦 First-time or repeat homebuyers
- 🏡 Purchasing a home in Ohio as their primary residence
- 💼 Meet income and purchase price limits set by OHFA
- 📘 Complete a homebuyer education course
💵 Key Benefits of YourChoice! Assistance
Here’s what makes this program stand out:
- 💲 Up to 5% of the home loan for down payment or closing costs
- ⏳ Forgivable after 7 years of occupancy
- 🎯 No monthly payments or interest
- 🔗 Can be combined with other OHFA homeownership programs
📝 How to Apply for YourChoice! in Ohio
- 📞 Contact an OHFA-approved lender in your area
- 🧾 Apply for a qualifying mortgage through the lender
- 🎓 Complete the required homebuyer education course
- 📂 Submit documents and income verification
- 🏠 Close on your home and receive YourChoice! funds at settlement
📋 Basic Requirements for Participation
Make sure you meet these core criteria:
- 📊 Minimum credit score of 640 (or 660 for certain loan types)
- 🏠 Must use the home as your primary residence
- 📘 Complete a HUD-approved education course
- 💼 Must meet OHFA income guidelines
💡 Tips to Strengthen Your Application
Follow these tips to improve your approval odds:
- 📋 Work with a lender experienced in OHFA programs
- 🔍 Review your credit report and fix errors before applying
- 📆 Plan ahead to complete your homebuyer education in time
- 📂 Organize your income and tax documents early
❓ FAQs About OHFA’s YourChoice! Program
📌 Do I need to repay the assistance?
Only if you move or refinance before 7 years. Otherwise, the loan is fully forgiven.
🔗 Can I combine this with other OHFA loans?
Yes! YourChoice! can be used alongside 📝 OHFA’s First-Time Homebuyer Program and the 🏡 OHFA Mortgage Options.
💰 Is the assistance taxable?
No. YourChoice! is considered a loan, not income—so it is not taxable.
🎯 Why Choose YourChoice!
If you’re planning to buy a home in Ohio and need help with upfront costs, the YourChoice! Down Payment Assistance program is a flexible and forgivable option designed to make homeownership more achievable. OHFA is committed to helping families like yours build financial security through homeownership.
📥 Apply Now on OHFA’s Official Website
