homebuyer advantage program 
Let OHFA help you with down payment and closing costs through the Homebuyer Advantage Program. Eligible borrowers participating in the First-Time Homebuyer Program or Ohio Heroes Program can use this second mortgage loan to greatly reduce the out-of-pocket expenses associated with buying a home.
If you qualify for one of OHFA's home loan programs, you can choose to take advantage of the Homebuyer Advantage Program.
- OHFA will issue a loan as a second mortgage of up to 3% of the purchase price of the home.
- You can use the loan for the down payment, closing costs, or other prepaid expenses incurred prior to closing on the home. The second mortgage loan will greatly reduce your expenses; however, you may still be required to pay for certain costs that may not be covered by the loan.
- If you are approved for the second mortgage loan, the interest rate will be fixed at 1% higher than OHFA's current mortgage rate at the time your loan is reserved by your lender. The loan term is 15 years.
- Your lender will include the payment on your second mortgage loan when calculating how much you are eligible to borrow.
Do I Qualify?
To qualify for the Homebuyer Advantage Program, you must meet all requirements of the OHFA homeownership loan program and have a credit score of 620 or higher. (You may be eligible even if you have no credit score. Check with an OHFA participating lender.) Check requirements for the First-Time Homebuyer Program and Ohio Heroes Program.
In addition, you must either:
- Complete a free homebuyer education course offered by any HUD-approved housing counseling agency, or
- Use the streamlined OHFA homebuyer education program.
Learn more about your homebuyer education options.
Downloadable Information
You can download information about our loan programs from our download center.
Questions?
Your lender can help you choose the down payment option that is right for you. You can also check out our homeownership FAQs for more information.
If you need additional assistance, please contact:
Office of Homeownership
Ohio Housing Finance Agency
57 East Main Street
Columbus, Ohio 43215
888.362.6432
The Ohio Housing Finance Agency is an Equal Opportunity Housing entity. Loans are available on a fair and equal basis regardless of race, color, religion, sex, familial status, national origin, military status, disability or ancestry.
