Down Payment Grants Offered to First-Time Home Buyers in Ohio

In the Cincinnati housing market, two local organizations are offering an incentive to boost the city’s traditionally low home-ownership rate.

The city has as goal to enable those from lower income levels to take out Ohio mortgage loans; therefore, along with local Realtors and the Home Ownership Center of Greater Cincinnati, it is offering a $1,000 down payment grant to first-time home buyers purchasing a house inside city limits, regardless of income.

Potential buyers must take a nine-hour class at the Home Ownership Center in order to qualify for the grant, and must be represented in their home search by a member of the Cincinnati Area Board of Realtors.

This is not the only way the state is aiming to help borrowers. It has set aside $1 million to assist with late mortgage payments, as well.

“We are trying to spread awareness to the many renters out there who aren’t aware that they could very likely be homeowners at many places throughout the city,” said Gene Snavley, executive vice president of the CABR.

The program will be unveiled at the Homebuyer Fair, taking place March 3 at the Jordan Crossing development in Bond Hill. After that, an increased numbers of residents ought to be considering a variety of home mortgages with the costs slightly reduced.

The Cincinnati Area Board of Realtors represents about 5,000 commercial and residential real estate agents in the area. The Home Ownership Center is a nonprofit group that helps people prepare for, buy and maintain their homes.