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What kind of grant can I get to pay my closing cost

Hello,

Im a first time home buyer and was reading that there are grants out there that would pay the closing cost on my first mortgage? If so could someone tell me what these grants are called and how to apply for them?
  • September 09 2013 - Dayton
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Answers (3)

Profile picture for Mike Romano
Sometime in March, local banks will offer the Welcome Home program.  Limited funds are available so it goes quickly.  Best program out there if you qualify and it's withing your time frame to buy.
  • January 29 2014
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Hi!

Wetdawgs is right. OHFA is one of the main programs used in Ohio. Not all lenders can use these funds in conjunction with their loan products though. I know the company I work for and each of us loan officer, we had to go through an approval process and a training process in order to be able to work with them. So, be sure when you call for prequalification/preapproval from a lender that, if you have intentions of trying to use these funds that you ask if they are authorized to work with them. On OHFA's site there is a list of approved company/locations you can look through too.

Other programs available for those located exclusively in the Dayton area:

*** City Wide Development: http://citywidedev.com/housing-program/down-payment-assistance

*** If you buy in Kettering: http://dev.ci.kettering.oh.us/departments/planning-development/housing-opportunities/buying-a-home/

***West Carrollton, here is the link to their site: http://www.westcarrollton.org/index.php?option=com_joomdoc&task=cat_view&gid=214&Itemid=

*** HUD has this information available (if you were to google ADDI):   http://portal.hud.gov/hudportal/HUD?src=/states/ohio/community/home

Add'l advice would be to stay away from any program(s) that requires seller or any other individual's involvement. Rules of thumb are that the only Down Payment Assistance Programs that are useful is if it's government funded. If it's funded by any other person/individual then you still are required to put the required down payment down and to pay closing costs. The only benefit to seller programs is being able to add their funds to yours for a larger down payment or for closing costs. It doesn't eliminate the requirement of the minimum down payment from you. Thing is, sellers can give credits to buyers for closing costs without the use of a program like this. 

I hope you find the information helpful.

Best wishes,
Kim Lawson
Ohio Licensed Mortgage Loan Originator
Contact and licensing information can be found on my profile.
  • September 09 2013
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Profile picture for wetdawgs
Here's a link to the Ohio first-time buyer program information.  It provides information on qualifications and how to apply.

  • September 09 2013
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