Homeport Growing Homeownership Fund

What is Homeport Growing Homeownership Fund?

Homeport Growing Homeownership Fund is a forgivable loan for homebuyers in Columbus, Ohio, administered by Homeport (Columbus Housing Partnership Inc.).

• The Growing Homeownership Fund (GHF) is a down payment assistance program administered by Homeport for first-time homebuyers in Franklin County, Ohio. It offers up to $15,000 or 5% of the home's purchase price (whichever is less) as a 0% interest forgivable loan, provided as a 5:1 match to down payment savings documented in the borrower's personal savings. Funds may be used for down payment, closing costs, prepaid escrows, permanent rate buy-downs, up to $1,000 appraisal gap, and up to $1,000 in documented home repair costs.
• Up to $15,000 or 5% of purchase price.
• 0% interest, forgivable after a period of owner-occupancy.
• Stackable with OHFA, Franklin County, or lender programs.
• Covers down payment, closing costs, prepaid escrows, rate buy-downs, appraisal gap, and home repairs.
• Works with conventional, FHA, VA, and USDA first mortgages.
• Funding comes from Philanthropic/coalition-funded nonprofit down payment assistance fund (CONVERGENCE Columbus / Homeport; bank, foundation, and municipal contributions).

How much assistance does it provide?

Homeport Growing Homeownership Fund offers up to $15,000 in assistance.

• Buyer contribution: Assistance is provided as a 5:1 match to the down payment documented in the borrower's personal savings (borrower must document savings equal to at least 1/5 of the assistance). For 2-4 unit purchases, a 5% minimum borrower contribution from the borrower's own funds is required.
• The program can be combined with Ohio Housing Finance Agency (OHFA) programs, Franklin County programs, and proprietary lender programs.
• Amounts are the program's published maximums, not an offer — Homeport (Columbus Housing Partnership Inc.) determines any individual award.

Do you have to pay it back?

Homeport Growing Homeownership Fund is a forgivable loan, so the balance is forgiven once the program's conditions are met.

• Repayment is triggered by Due and payable upon sale or transfer of title, or if the property ceases to be the borrower's primary residence, during the forgiveness/occupancy period. Land contract agreements are not eligible.
• The assistance is recorded in Second (or as approved by administrator); any additional lender deferred-loan assistance must be in third position position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Homeport Growing Homeownership Fund is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Homeport Growing Homeownership Fund limits household income to 120% of the area median income, which varies by county and household size.

• Household income at or below 120% of the Area Median Income (AMI) for the Columbus MSA, as determined by HUD, adjusted for family size.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Homeport Growing Homeownership Fund can be used for Single Family, Condo, and 2-4 Unit.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Homeport Growing Homeownership Fund serves buyers purchasing in Columbus, Ohio.

How do you apply?

Applications for Homeport Growing Homeownership Fund go through Homeport (Columbus Housing Partnership Inc.), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Homeport (HUD-certified housing counseling agency); homebuyer education must be completed within the last year (8 hours from a HUD-certified agency; no Fast Track/Quick Start certificates)..

2. 2

   Contact Homeport (Columbus Housing Partnership Inc.) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.