Do you want to buy a home, but struggle with the cash for your down payment and closing costs?
There are still incentive programs available. Here’s one offered by the Ohio State University. It’s for faculty and staff. You have to be a regular employee, 50% FTE or more.
The home ownership assistance program offers a zero-interest forgivable loan of up to $8,000. The funds can be used for down payment, closing costs and principal reduction on your home purchase. They will record a second mortgage on the property, but there’s not interest to pay. The loan will be forgiven at a rate of 20% a year. So, after 5 years it’s “paid off”.
Home ownership incentives are available for the University District and the Near East Side. See maps below …
The University District
The University District covers a vast area east of the main campus. It extends to Arcadia (Clintonville) in the north and goes south to 5th Avenue. It also includes the Weinland Park area, which saw a lot of renovation activity over the past few years.
The total amount of this incentive is 6% of the appraised value of your home, up to $15,000. Funds can be used to purchase single family homes, condos, 2 – 4 unit apartments and new construction, as long as they are your primary residence.
The program is managed by Campus Partners. You can download their brochure here.
The Near East Side
The Near East Side is the area around University Hospital East. It’s north of Broad Street and includes parts of Old Towne East. It extends north up to I-670 and east to Woodland Avenue and the Franklin Park area. You will find many brick mansions in this part of town. It is quickly becoming one of the most desirable and affordable historic districts of Columbus.
The incentive amount is $8,000. The same rules apply like in the University District area.
The program is managed by PACT (Partners Achieving Community Transformation).
You can download their brochure here.
Call or text me at (614) 975-9650, if you want to learn more about these programs. Our lenders have access to other down payment incentives, if you are not an OSU employee.