Homeownership FAQs 
Follow the links below to find answers to some of the most frequently asked questions we hear from prospective buyers. You can also talk to your lender and/or real estate agent about the home buying process or any of OHFA's programs.
Still have questions? Just give the Office of Homeownership a call at 614.466.3821 or 1.888.362.6432, and we'll be happy to help.
How can OHFA help me purchase a home?
Do I have to be a first-time homebuyer to use your programs?
How do I know which lender to use?
Do I need to have a down payment in order to purchase a home? Is down payment assistance available?
Am I required to complete homebuyer education?
How can I determine my eligibility for OHFA's programs?
Do I need to buy a home in a certain area to qualify?
What is the difference between "target" and "non-target" areas?
How much do the homes financed by OHFA usually cost?
What are the income limits for OHFA's program?
How do I begin the application process?
What financial information do I need to have available to participate in the program?
How can I get a copy of my Mortgage Credit Certificate (MCC)?
If I'm the holder of a Mortgage Credit Certificate, what happens if I refinance my home?
Q How can OHFA help me purchase a home?
A The Ohio Housing Finance Agency can turn your homeownership dreams into reality through our First-Time Homebuyer Program and Mortgage Credit Certificate Program. OHFA's First-Time Homebuyer Program meets your needs by letting you choose from a variety of competitive, fixed-rate, 30-year mortgages, including conventional loans and government mortgage products such as FHA, VA, or USDA-RD loans. The Mortgage Credit Certificate (MCC) Program is another option that may be right for you. By reducing federal income tax liability for your family, an MCC allows for more of your income to be available that you can use to make your loan payments.
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Q Do I have to be a first-time homebuyer to use your programs?
A No, there are options available for people who have purchased homes in the past. While the First-Time Homebuyer Program and Mortgage Credit Certificate Program are typically for individuals who have never owned a home, the programs are also available to individuals who have not owned or had an ownership interest in their principal residence in the last three years, or who are buying in a target area (Target Area Loan Program).
A target area is an economically distressed area designated by the U.S. Department of Housing and Urban Development (HUD). Most counties contain both target and non-target areas. For more information, download a list of target areas from our download center. You can also visit our target area maps page and click on your county to view target areas.
In addition, qualified military veterans who have owned a home in the previous three years may use the First-Time Homebuyer Program and Mortgage Credit Certificate Program under an exception in the Internal Revenue Code.
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Q If I want to apply for one of the homebuyer programs, should I contact OHFA, my real estate agent, or a lender?
A Your lender and/or real estate agent can guide you through the home buying process and should be able to answer any questions you may have regarding the program. This site can help you find a participating lender in your area; or if you need additional information, call the Office of Homeownership at 614.466.3821 or 1.888.362.6432.
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Q How do I know which lender to use?
A OHFA's program funds are originated through a network of participating lenders with more than 400 offices statewide. Find a participating lender in your area.
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Q Do I need to have a down payment in order to purchase a home? Is down payment assistance available?
A You may need to have a down payment, depending on the specific program you choose. However, OHFA does offer down payment assistance to eligible borrowers, which can greatly reduce out-of-pocket expenses, but you will pay a slightly higher mortgage rate on your loan. OHFA offers a Down Payment Assistance Grant in an amount up to 2.5% of your home's purchase price. These funds can help pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing. Borrowers using the Down Payment Assistance Grant are required to complete homebuyer education prior to approval.
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Q Am I required to complete homebuyer education?
A If you are obtaining a conventional loan through OHFA's First-Time Homebuyer Program, Target Area Loan Program, or Ohio Heroes Program, or if you choose to take advantage of OHFA's Down Payment Assistance Grant, you will be required to either (1) complete a homebuyer education course offered by a HUD-approved counseling agency, or (2) participate in OHFA's streamlined homebuyer education program. Even if education is not a requirement for your program, OHFA encourages all first-time homebuyers as well as existing homeowners to take advantage of these free courses. Homebuyer education can assist you with everything from solving your current housing challenges to preparing for the responsibilities of homeownership. Learn more about your homebuyer education options.
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Q How can I determine my eligibility for OHFA's programs?
A OHFA's homebuyer programs are available to first-time homebuyers (persons not owning or having an ownership interest in their principal residence in the last three years), qualified military veterans, or anyone purchasing a home in a target area. To qualify, homebuyers must also meet established income limits and home purchase prices limits. Purchase price limits vary according to whether a home is new or existing, or if it is in a target or non-target area. For more information on program eligibility, please visit our Getting Started page.
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Q Do I need to buy a home in a certain area to qualify?
A Not necessarily. First-time homebuyers (persons not owning or having an ownership interest in their principal residence in the last three years) and qualified military veterans can take advantage of OHFA’s First-Time Homebuyer Program or the Mortgage Credit Certificate Program, which do not place restrictions on home location. Those who are not first-time homebuyers may qualify for the Target Area Loan Program, in which case the buyer will need to purchase a home in a designated target area. A target area is an economically distressed area designated by the U.S. Department of Housing and Urban Development (HUD). Most counties contain both target and non-target areas. For more information, download a list of target areas from our download center. You can also visit our target area maps page and click on your county to view target areas.
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Q What is the difference between "target" and "non-target" areas?
A A target area is an economically distressed area designated by the U.S. Department of Housing and Urban Development (HUD). Most counties contain both target and non-target areas. For more information, download a list of target areas from our download center. You can also visit our target area maps page and click on your county to view target areas.
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Q How much do the homes financed by OHFA usually cost?
A All homes financed by OHFA must meet home purchase price limits. Maximum purchase prices vary according to location, whether a home is new or existing, and if the home is located in a target or non-target area. Check purchase price limits for your area.
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Q What are the income limits for OHFA's program?
A Homebuyers must meet certain income limits to qualify for OHFA’s program. These limits vary according to how many people are in your family and if the home is located in a target or non-target area. Check income limits for your area.
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Q How do I begin the application process?
A OHFA does not offer loans directly to homebuyers. Homebuyers apply for and receive mortgage loans through a network of participating lenders covering all 88 counties in the state. Your lender and real estate agent can guide you through the home buying process and should be able to answer any questions you may have regarding OHFA’s programs. You can also learn more about the process by visiting the Getting Started section of this site. If you need additional information, call the Office of Homeownership at 614.466.3821 or 1.888.362.6432.
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Q What financial information do I need to have available to participate in the program?
A In order for the lender to process your application for a housing loan, you will need:
- A signed purchase contract
- Signed and dated copies of your federal income tax returns—all applicants for the loan must provide copies for the past three years
- Recent pay stub
- The names, addresses, contact persons, and telephone numbers of your employer(s)
- Savings and checking account information including names and addresses of institutions and account numbers
- Creditor information including names and addresses of creditors, account numbers, and balances
- Landlord information including names, addresses, and dates of rental
The lender may also require that you pay an application fee at the time of application. For more information about the loan process, visit the Getting Started section of this site.
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Q How can I get a copy of my Mortgage Credit Certificate (MCC)?
A If you are a current MCC holder and you need information about your certificate to complete your income tax return, you can download the Request for Copy of MCC form from our download center. Fax the completed form to 614.995.0487 or mail it to:
Ohio Housing Finance Agency
Attention: Office of Homeownership
57 East Main Street
Columbus, Ohio 43215
Please allow seven business days after receipt of request to process.
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Q If I'm the holder of a Mortgage Credit Certificate, what happens if I refinance my home?
A The Ohio Housing Finance Agency will reissue a Mortgage Credit Certificate (MCC) within one year after the residence has been refinanced. During that year, OHFA must have from you, after refinancing, the following documents in order to reissue an MCC:
- Copy of original certificate or reissued certificate
- Copy of new note
- Copy of original note
- Copy of most recent year's federal tax return
- Copy of new Settlement Statement
- Current telephone number
In accordance with regulations in IRS Publication 530, the above requirements for a reissued MCC will:
- Replace the existing certificate
- Show credit rate used to calculate credit
- Show the certified indebtedness amount
If you have any questions about the new regulations or the MCC Program, call the Office of Homeownership at 614.466.3821 or 1.888.362.6432.
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