Next Home Down Payment Assistance program

Next Home Down Payment Assistance program is a deferred second loan for homebuyers in Statewide, Ohio. Next Home is OHFA's down payment assistance program for repeat homebuyers (no FTHB requirement) using the OHFA Next Home first-mortgage product. Borrowers select either 2.5% or 5% of the home's purchase price as a 0% interest deferred second mortgage, fully forgiven after 7 years in the home. Designed for move-up buyers and Ohioans relocating within the state who do not qualify as first-time homebuyers. Next Home Down Payment Assistance is OHFA's DPA option for repeat buyers (no first-time-homebuyer requirement). Borrowers receive 2.5% or 5% of the purchase price as a 0% interest, deferred second-mortgage loan to be applied to down payment, closing costs, or pre-paid items. The lien is 100% forgiven if the borrower stays in the home for 7 years. otherwise the full amount is due upon sale, refinance, or transfer of title. Next Home is paired with an OHFA Next Home first mortgage and is intended to expand homeownership opportunities to move-up and repeat buyers who do not qualify as first-time homebuyers. Funding comes from Non-bond capital (TBA capital markets execution); not bond-funded, so no IRS recapture.

Next Home Down Payment Assistance program provides assistance worth 2.5% of the purchase price, as set by the program. Homebuyer contribution: No OHFA-imposed minimum borrower contribution; loan-product overlays apply. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Next Home Down Payment Assistance program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Full balance due if home is sold, refinanced (without subordination), title transferred, or no longer occupied as principal residence within 7 years and lien fully forgiven at end of year 7. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Next Home Down Payment Assistance program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 640 minimum FICO for FHA, VA, and USDA-RD loans; 650 minimum FICO for conventional loans (Fannie Mae HFA Preferred and Freddie Mac HFA Advantage) and manufactured home loans. A homebuyer education course is required, through Free Streamlined Homebuyer Education from OHFA online (eHome America-powered) required prior to closing; HUD-approved counseling agencies also accepted. Residency requirement: Property must be in Ohio and occupied as principal residence within 60 days of closing. Citizenship or immigration status: U.S. citizen or qualified non-citizen per agency loan-product guidelines. No first-time-homebuyer requirement. Must use the OHFA Next Home first-mortgage product (non-bond). Maximum income $115,680 - $179,480 depending on county and household size; maximum purchase price $544,233 - $1,389,032 depending on county and target-area status. 640 minimum FICO for FHA/VA/USDA; 650 minimum for conventional and manufactured housing. 50% maximum DTI. Property must be primary residence; borrower must occupy within 60 days of closing. Cannot be combined with OHFA Mortgage Tax Credit.

Next Home Down Payment Assistance program limits household income to $179,480. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Next Home Down Payment Assistance program caps the purchase price at $1.4M. Eligible property types include Single-family detached, condominiums, townhomes, 1-unit owner-occupied and eligible manufactured homes (permanently affixed). New construction is eligible. Manufactured homes are eligible.

Next Home Down Payment Assistance program names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native homebuyers, educators, law enforcement officers, firefighters, healthcare workers, and homebuyers with disabilities among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Next Home Down Payment Assistance program serves homebuyers purchasing in Statewide, Ohio.

Applications for Next Home Down Payment Assistance program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Lender reserves rate, first-mortgage funds, and DPA via OHFA's Lender Online portal on a first-come, first-served basis. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.