Sat Nov 21 2009
COLUMBUS -- Ohio residents who have earned a college degree now have a new option for getting the financial assistance to purchase a home.
The Ohio Housing Finance Agency (OHFA) has announced the Grants for Grads program that gives borrowers 2.5 percent of the purchase price of the home to help with down payment and closing costs.
Grants for Grads was established through the state's biennial budget in July as an effort to reduce the number of students leaving the state upon earning their degrees.
"By offering the program we can better position the state to meet the needs of future graduates as they make plans to build their personal and professional lives in Ohio after college," said Gov. Ted Strickland. "Retaining educated and qualified graduates will also help to attract new jobs and prevent others from leaving the state."
Participants must have graduated from an Ohio high school and apply for the program within 18 months of earning an associate', bachelor's, master's, doctoral or other post-graduate degree.
Funding will be awarded as a second mortgage loan that carries a 0 percent interest rate and is forgivable after five years.
Home buyers who move out of Ohio prior to the five-year time period would be responsible for paying a portion of the assistance back to OHFA, according to program rules.
"We look forward to working with talented graduates to assist them in achieving their homeownership dream as they begin the next chapter of their lives," said Doug Garver, OHFA executive director. "By working to keep more of our home-grown talent in the state, we can continue to strengthen our communities."
Certain income and purchase price limits apply, and all homes must be used as a primary residence.
Additional information on the Grants for Grads program is available at www.ohiohome.org.
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