Down Payment Assistance Options | Guaranteed Rate

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Pride Home Loan Team

Down Payment Assistance Programs

Ohio Housing Finance Agency (OHFA)
- The Ohio Housing Finance Agency provides discounted mortgage rates, down payment, and closing cost assistance for eligible homebuyers. With generous income and purchase price limits, OHFA also offers 30-year fixed rate FHA, VA, USDA-RD and conventional mortgage loans.
- Homebuyers can choose either 2.5% or 5% of the home's purchase price to be used towards down payment, closing costs, or other pre-closing expenses
- Basic Eligibility Requirements
  - You meet credit score requirements
    - Conventional, USDA, and VA Loans : 640 or higher
    - FHA Loans: 650 or higher
  - You meet debt to income ratios for your loan type
  - You meet income and purchase price limits

Illinois Housing Development Authority (IHDA)
- The Illinois Housing Development Authority down payment assistance to be used towards down payment, and closing cost assistance for eligible homebuyers. With generous income and purchase price limits,
- Get up to $10,000 down payment assistance
- Homebuyer Programs
  - IHDAccess Forgiveable - up to $6000 assistance
  - IHDAccess Deferred - up to $7,500 assistance
  - IHDAccess Repayable - up to $10,000 assistance

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Guaranteed Rate EquityAid Program
- EquityAid gives eligible buyers up to 5% of the purchase price to help towards down payment and closing costs.
- Up to 100% financing
- No first-time homebuyer requirement
- No income limitations on FHA loans
- Available in ALL STATES except NY

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