Buying your first home is one of the most exciting (and nerve-wracking) steps you can take. If you’re a first-time homebuyer in Ohio, recent changes to the Ohio Housing Finance Agency (OHFA) programs could make that journey a little smoother—and more affordable.

We sat down with Mike Love of Great Move Realty and Mike Bernhart of Armor Mortgage to unpack what’s new, what’s improved, and how buyers can benefit in 2025.

Key Changes to First-Time Homebuyer Loans in Ohio

As of July 1st, the OHFA rolled out some notable updates to its first-time buyer assistance programs. Here’s what you need to know:

1. Down Payment Assistance Adjusted

While assistance is still available, the amounts have been slightly reduced:

• 2% assistance on conventional loans

• 1.5% on government-backed loans (FHA, USDA, VA)

This change helps balance affordability with market sustainability, and for many buyers, it still fully covers the minimum required down payment.

2. Dramatically Lower Interest Rates

Here’s the good news: interest rates on OHFA loans have dropped by more than 1% in many cases—and are now significantly below market rates.

Whether you need assistance or not, qualified first-time buyers can lock in rates far lower than traditional offerings. This could mean thousands saved over the life of your loan.

3. Even Better Rates If You Don’t Need Assistance

If you’ve already saved for a down payment and don’t need assistance, you may be eligible for even lower rates through OHFA’s first-time buyer program. It’s a smart way to stretch your buying power while minimizing long-term interest costs.

4. Limited Lender Access

Not all lenders are approved to offer these specialized OHFA loans. To take advantage, you’ll need to work with an approved lender—like Armor Mortgage. Our team understands the program inside and out and can walk you through every step.

Why This Matters for First-Time Buyers in 2025

With rising home prices and economic uncertainty, every dollar counts. These updated programs could:

• Help you get into a home sooner

• Save you thousands on interest

• Reduce your upfront cash burden

• Open doors to buyers who thought homeownership was out of reach

Connect with the Experts

Mike Love of Great Move Realty and Mike Bernhart from Armor Mortgage are here to help you navigate these new opportunities. Whether you're actively house hunting or just starting to explore your options, this is the perfect time to get expert guidance tailored to your goals.
📞 Have questions? Reach out to our team today. Your home is our priority.