The BEST Government First Time Homebuyer Grants – Pickaway County and Circleville Home Grants

I wanted to point out a little known fact about Pickaway county, and some differences and figures from the Pickaway County Home Grant Program and the differences between it and other first time homebuyer grants.

I received a letter from the City of Circleville Grant Department Homebuyer Workshop today. They will be having another workshop July 14th and 15th, although this does YOU no good because it’s already past the date.

Even though it’s too late to enter the program, it’s a really great idea to plan this program in to your schedule. As you may of watched on a late night infomercial or two about programs to get government grants to buy a home (I bought one of the books too). It seems like government grants are hard to get or such, the simple fact is they’re not too awfully hard to get, but for Pickaway  county, they’re not only relatively easy to get, but they’re the best in the entire state of Ohio.

Columbus Ohio has several first time home buyer grant programs, which allow a buyer to attend classes to learn about home ownership and in return receive a reduction of interest or a sum of money to go towards the purchase of a property. Ohio Financing agency (OHFA) also has a bond program that helps first time buyers get a discounted rate and/or help with the down payment. OHFA also has a great program called “Ohio Heroes” which gives a discount to emergency workers and teachers in Ohio over the standard program.

I will list the 3 programs that I’ve done research on, and the greatest thing is, that the OHFA bond program may be able to be used with the Pickaway County program.

Columbus Housing Partnership (CHP) Down Payment Assistance Program -

  • Eligible homebuyers can receive up to 3% or $4,000, which ever is less, for down payment
  • assistance and up to $2,000 for assistance with closing costs. The assistance may not be
  • combined with other programs.

Requirements of Eligibility -

 

  • The homebuyer must have debt ratios of no more than 31% (housing) and 43% (totaldebt).
  • The interest rate on the first mortgage must be a fixed rate loan and may not exceed the current market rate by more than 2%.
  • Non-Conforming loan programs are ineligible.
  • The homebuyer must have a minimum of $500 towards the application fee, down payment and/or closing costs.
  • The homebuyer may not have more than $3,000 in liquid assets (excluding 401K andpension funds).
  • This loan is to be subordinate to the first mortgage on the property being purchased.

The are also ineligible tax districts and a maximum income allowance. You can find out more information at http://www.chpcolumbus.org/FranklinCountyGuideline.pdf

 

OHFA Bond Program – (Current rates are from Brett Rigney at Real Living Mortgage, 614-273-7919 and are only valid for a while)

 

 

Mortgage Rates

  • 6.125% for loans without 3% assistance grant
  • 6.625% for loans with 3% assistance grant
  • 8.125% for 4% Second Mortgage
  • 5.875% for Ohio Heroes without 3% assistance grant
  • 6.375% for Ohio Heroes with 3% assistance grant
  • 7.875% for Ohio Heroes Second Mortgage

 

  • 30-year fixed rate FHA/VA/RHS-RD/conventional loans are eligible
  • 2-1 buy downs are permitted, please check Underwriting Guidelines for specific product
  •  

 

 

 

 

Fees

  • 1% origination fee
  • $150 transfer fee to master servicer (US Bank fee)
  • $79 tax service fee (US Bank fee)
  • .25% Adverse market fee (Fannie Mae fee conventional loans only)

There are also income qualifications and property qualifications, I’ve had several clients go through this program without a issue.

And my favorite , Pickaway(And Circleville) County Grant Program -

  • Up to $20,000 in down payment assistance per household
  • Up to $5,000 to update/repair property.
  • 2 Night Classes must be completed
  • May take up to 8 weeks to complete paperwork with the grant
  • Grant is forgiven at a set % per year of occupancy.

I’ve known a dozen or so people to go through the Pickaway county grant program and it’s wonderful. With the median price in Pickaway county being around $140,000 , this program can get you close to the 20% down goal of many homeowners and help get the interest rate down. If you’re interested in this program, you can call me and I’ll put you in contact with the right people.

 

 

 

 

 

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