The Ohio Housing Finance Agency (OHFA) celebrates National Homeownership Month in June – a time dedicated to highlighting the critical role homeownership plays in improving lives, creating jobs and strengthening communities across the country.
“Homeownership builds equity, provides stability and security, and strengthens communities where property taxes support schools and services to improve neighborhoods and quality of life,” said OHFA Executive Director Doug Garver. “From the first-time homebuyer to older adults aging in place, homeownership is an essential part of Ohio’s economy.”
But according to the Census Bureau, just 36% of Americans under the age of 35 own a home, down from 42% in 2007 and the lowest level since tracking began in 1982.
A recent study by Fannie Mae found that young adults want to buy homes, but student loan debt, tighter lending standards and a tight home inventory are holding them back. Many are intimidated by the lack of savings for a down payment.
“Judging by the media reports warning homeownership rates are falling, it’s hard not to become discouraged as a potential buyer,” Garver said. “However, we want to give Ohioans the additional leverage they need in this tight market by providing products available only through the State of Ohio.”
As the state’s affordable housing leader, OHFA uses innovative ways to help first-time homebuyers by offering 30-year fixed rate loans, competitive interest rates and up to $10,000 in down payment assistance to reduce out-of-pocket expenses. Additionally, OHFA’s mortgage tax credits can boost a homebuyer’s annual deduction by as much as 40 percent.
OHFA partners with a variety of lenders including banks, mortgage companies and credit unions through the state. Potential buyers can visit myohiohome.org to find a local OHFA-approved lender, current interest rates and more information on OHFA’s many homeownership programs.
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