It’s time to pay the bills, and the price of rent has gone up—yet again. Before signing away a third of your paycheck, do a little math. If you’re spending more than 30 percent of your income on rent, you might find that buying a home can actually save you money. And if you’re living in Cincinnati, you’re lucky. Our cost of living is actually 21 percent less than the national average, meaning the rustic ranch you’ve been looking for could be yours sooner than you think.
What’s that you say? You don’t have the down payment? Enter the Ohio Housing Finance Agency. OHFA’s Your Choice! Down Payment Assistance program allows first-time homebuyers to choose either 2.5 percent or 5 percent of the home’s purchase price. Assistance can be applied toward the down payment, closing costs, or other pre-closing expenses. To sweeten the deal, assistance is forgiven if you own your home for seven years. That’s right: You commit to the neighborhood and OHFA has a great housewarming gift.
OHFA offers 30-year, fixed-rate conventional loans (the kind mom says to always aim for) and FHA, VA, and USDA-RD government loans designed especially for qualifying homebuyers with low and moderate incomes. Purchase price limits run in the $255,000–$600,000 range, depending on the area. So do the math. You might find yourself closer to home ownership than you think.
Get more info at myohiohome.org/qualify