OHFA Mortgage Tax Credit
Funding status: Active
How much assistance
Federal tax credit of 40% of annual mortgage interest paid, up to $2,000 per year (with OHFA loan). 15-20% with other lenders. (Tax Credit)
Available annually for up to 30 years as long as the property remains your primary residence.
Eligibility
- Income limits: Varies by county. Must meet OHFA income limits for your county.
- First-time buyer required: Yes — Must not have owned a home in the past 3 years. Veterans and buyers in targeted areas are exempt.
- Credit score minimum: 640
- Geographic restrictions: Must purchase a home in Ohio.
- Homebuyer education required: Yes
How to Apply for OHFA Mortgage Tax Credit
Step 1: Contact an OHFA-approved lender to apply. Can be combined with OHFA Down Payment Assistance. Tax credit rate is 40% with an OHFA loan (MTC Plus), or 15-20% with a non-OHFA lender.
Notes
Reduces federal tax liability dollar-for-dollar each year. Maximum annual credit of $2,000 with OHFA loan.