The Port created Communities First - Ohio as part of a commitment to increasing homeownership opportunities for residents in Ohio.
Communities First – Ohio is statewide down payment and/or closing cost assistance in the form of a grant.
A down payment assistance grant offers a number of advantages over a loan. With Communities First, there is no second mortgage, no restrictions on selling or refinancing, and offers instant home equity.
- Single family, owner-occupied (one unit) principal residence, including condominiums, townhomes, and PUD’s.
- Duplex, owner-occupied.
Depends upon Loan Type.
To be eligible, all borrowers must:
- Meet standard industry guidelines.
- Not exceed maximum income limits.
- Have a maximum debt-to-income ratio of 45% (may vary).
- Have a minimum FICO credit score of 640 (650 for FHA Loans).
- Occupy the property as their principal residence within 60 days.
- Apply through a participating lender.
- 115% AMI by County, any family size
- Credit qualifying income of homebuyer only, not household income