Ohio Housing Finance Agency’s Homeownership Programs

An important part of a licensee’s duties is aiding clients with obtaining financing to purchase their home. Ohio’s Housing Financing Agency (or OHFA) offers homeownership products that help low to moderate income buyers purchase a home. The governmental agency helps first time homebuyers, renters, senior citizens and others to find affordable housing. This is done by purchasing qualified mortgages that are originated by OHFA partners (including banks, mortgage companies, and credit unions). Additionally, OHFA administers both state and federal housing programs that aid in the development and rehabilitation of affordable housing and works with managers of affordable housing to ensure the housing is healthy and safe. OHFA’s website lists information about its average homebuyer using an OHFA homebuyer program. The average age is 34, with an average annual income of $51, 227, with 82% being white and more than 17% being a minority.

In advising clients to consider OHFA’s homeownership programs, it is good to review some general foundational requirements:

• Client has not owned a home in the last three years, or is an honorably discharged veteran, or chooses to purchase a home in a target area
• For conventional, USDA, VA, and FHA Loans, the client has to have a credit score of 640 or higher
• Debt to income ratios vary depending on the loan product the client chooses
• Income and price limits vary by Ohio county and the loan product

OHFA’s website has a user-friendly tool your client can use to navigate all of the requirements and loan programs: Am I Eligible?

In its Winter 2018 publication, OHFA reported that it conducted over 75 outreach events in 2017. Among the events were programs for real estate agents that cover OHFA programs and eligibility requirements. These events provide an opportunity for agents to fully understand all of OHFA’s programs and how to better use these programs. These classes are free and are offered in person at locations throughout the state and also online. Click here for more information on OHFA informational programs.

OHFA released a report in May from the Ohio Human Services Data Warehouse, that nearly 60,000 Ohioans were homeless in 2016. In this competitive seller’s market, the need for affordable housing could not be greater. Taking time to familiarize yourself with the valuable resources OHFA provides, will help you to effectively represent those clients seeking low to moderate income housing or rental housing.