Another challenge for the Columbus Ohio real estate market – no more down payment assistance for first time home buyers.
Ohio First Time Home Buyer Down Payment Assistance programs – Temporarily Discontinued – Effective October 13, 2008
I received a memo regarding OHFA – Ohio Housing Finance Agency’s First Time Home Buyer Program which has been providing down payment assistance grants, enabling Ohio first time home buyers to buy a home with no money down in Central Ohio. It appears the financial crisis is now affecting Ohio’s ability to help first time home buyers make buying their first home more affordable. I have had many first time home buyers over the years utilize this program for their down payment and am sad to see this program being discontinued. It will certainly have an impact on the Columbus Ohio real estate market, with even less buyers qualified to buy homes now, especially homes under $150,000.
Here’s the core message from the memo: As the financial market continues to be volatile, the Ohio Housing Finance Agency is unable to meet the needs of first time home buyers because they don’t have the capital to continue providing down payment assistance grant money. The recent elimination of no money down gift loan programs probably increased the number of buyers that were seeking down payment assistance from OHFA, since that was the only other way to obtain down payment assistance money. The Ohio Housing Finance Agency (OHFA) Ohio first time home buyer program volume has been increasing at a rate they can no longer sustain so they have to discontinue providing down payment assistance grants for first time home buyers.
There are now very limited ways for Central Ohio home buyers to buy homes with no money down in the Columbus Ohio area. A few options still remain including: obtain a gift for your down payment from a family member, 100% VA loans for veterans and 100% mortgage loans for medical doctors.
Also HUD has a great program right now where you can buy a HUD home in Central Ohio, with only $100 down plus they’ll provide a $2500.00 repair credit that can be used toward closing costs or repairs. If you’re open to considering a HUD foreclosure home in Central Ohio, it’s a great deal to take advantage of, while it lasts.
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