If you’re just getting started in life, possibly a recent graduate, recently married, or have a growing family, you may be looking to purchase a home – how exciting! Owning a home is a life goal for many of us and to accomplish that goal means you are going to need some upfront money (e.g. down payment and closing costs to name a couple.)
First things first, start saving any extra money as soon as you can, if you can. Having a larger down payment can save you a lot of money in the long run by securing better interest rates and possibly avoiding mortgage insurance (e.g. Mortgage Insurance Premium [MIP] or Private Mortgage Insurance [PMI]). This will also help reduce your monthly payments to something that is manageable for you.
Along with your savings, there’s also some great financial assistance options for you if you’re a first-time home buyer or haven’t owned a home in the past 3 years.
- Ohio Housing Finance Agency (OHFA) offers down payment assistance and interest rate subsides for qualified home buyers through an OHFA-approved lender. They have many other programs for military personnel, police, firefighters, emergency medical technicians, health care providers, teachers and even recent college graduates. For more information, check out their website:Â http://www.ohiohome.org
Franklin County, Ohio Residents
- Homeport offers down payment and closing costs assistance to qualified home buyers. The program can provide up to $4,000 in down payment assistance and $2,000 towards closing costs to those who qualify. One of the eligibility requirements is that the property is located inside Franklin County but outside the physical jurisdiction of the City of Columbus. For more information, check out their website:Â http://www.homeportohio.org
Chad P. Harris, Real Estate Sales Agent.