If paying for a down payment and closing costs have kept you from getting into a home of your own, Your Choice! Down Payment Assistance allows homebuyers to choose either 2.5% or 5% of the home’s purchase price. Assistance can be applied toward your down payment, closing costs or other pre-closing expenses. Down payment assistance is forgiven after seven years. If you sell or refinance your home within seven years, you must repay all of the assistance provided. If you qualify for one of OHFA's home loan products, you can choose to take advantage of the Down Payment Assistance: - OHFA will issue assistance in an amount of 2.5% of your home's purchase price. - You can use the assistance to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing. Keep in mind that while the assistance will greatly reduce your expenses, you may still be required to pay for some costs out of pocket. - If you take advantage of the assistance, your mortgage interest rate will be up to .5% higher than OHFA's current mortgage rates. - The down payment assistance will be issued as a second mortgage with a 0% interest rate and no payment due. The loan is forgivable after five years. However, if you sell or refinance prior to the five-year mark, you are responsible for paying the assistance back to OHFA.