As an Exclusive Buyer’s Broker in the Columbus, OH area, I was exceedingly proud to see that MSN Real Estate named Ohio as one of the best states in terms of homebuyer help. I have dedicated my career to helping my Buyer Clients find the home of their dreams. I think that it’s important to provide the appropriate resources that will help all of my clients with this process. No matter if you’re a first time home buyer or have been through a transaction of this nature before; I think that many buyers experience struggle despite any familiarity with the process. The ample amount of home buyer help that Ohio offers allows us to provide superior service and multiple financing options to the Buyer Clients who work with us.
Ohio’s first time homebuyer program is one of the best in the nation, offering below-market interest rates on 30-year fixed-rate loans. This makes it possible for more people buying their first property to be able to better afford a mortgage. First time buyers can also take advantage of the Down Payment Assistance Grant, which gives a grant of 2.5% to be put toward down payment and closing costs. The overall interest rate is higher when you take advantage of the grant; however the size of the grant proves to be incredibly helpful for those who are struggling to finance a home in the existing economy.
The Grants for Grads program is another home buyer assistance initiative perfect for first time buyers who have obtained a high school or postgraduate degree in the past 2 years. Like the Down Payment Assistance Grant, this grad program provides a 2.5% contribution to the down payment and closing costs of a home. The difference is that this comes in the form of a second mortgage. There’s no interest rate on this mortgage and it’s forgivable after five years, given that the buyer stays in the home for that period of time.
For those who are looking to build their first home, the New Home Sweet Home Initiative is the resource to go to for help. Buyers receive an extended rate lock period of up to 180 days while the construction on their new home is being completed. At the time of the lock, the interest rates rise by 0.25%, but the aid you receive while waiting to move in to your newly constructed home is well worth it.
As an Exclusive Buyer’s Broker in the Columbus, OH area, I think it’s important when I work with first time Buyer Clients to let them know about the excellent programs our state offers aspiring homeowners in their situation. If they can take advantage of them, then they’ll see less of a struggle with financing their home and focus on achieving their dream of becoming a homeowner.
If you have any questions about buying a home in the Columbus, OH area, don’t hesitate to contact me, watch some of our informational videos or download our free ebook. I’m here to assist you in any way that I can. I hope to hear from you soon!
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
www.BuyersHome.com
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