Did you know that the City of Columbus has a special program for first-time home buyers? They sure do! It’s called the American Dream Downpayment Initiative (ADDI).

The ADDI program joins with participating lenders to provide funds for low and moderate-income first-time homebuyers in the Columbus City School District. The program can be used in conjunction with the Housing Development Program (HDP).


What First-Time Buyers Need To Know About The Downpayment Initiative

Here’s some of what you need to know about the ADDI program to get downpayment assistance as a first-time homebuyer in Columbus, Ohio.

  • ADDI offers a deferred, forgivable loan to use for downpayment and closing costs
  • The buyer(s) must live in the property for five years after closing in order for the loan to be forgiven
  • The Columbus home cannot be sold, rented, or transferred during the five years
  • It must be the sole residence of the buyer(s)
  • After the five-year period, the restrictions are released on the home, and the loan is forgiven

Who Is Eligible For The Downpayment Initiative?

In order to qualify, applicants must be first-time* homebuyers. They must also meet income guidelines** and receive homebuyer education from a HUD-certified agency.

The property can be a single-family home or a condo. However, it must be located in the City of Columbus, Columbus City School District.

IMPORTANT: Downpayment assistance funds are limited. They’re on a first-come, first-serve basis.

What’s The First Step?

As with any homebuyer journey, it begins with knowing where you stand financially. The best way to do that is to reach out to one of the approved lenders (we can send you the list) to find out if you qualify. It’s also important to determine how much house you can afford before you start seriously looking at homes. There’s nothing worse than falling in love with a house only to find out that you can’t actually buy it. That said, you can easily browse homes for sale in Columbus City Schools below.

Let Us Help!

The last couple of years has been a real struggle for homebuyers, especially first-timers. If you’re tired of renting and paying your landlord’s mortgage, call or text us at 614-830-9767. We have strategies to help you become a homeowner and build your family’s wealth!

*”A first-time homebuyer is defined as an individual and their spouse who have not owned a home during the three-year period (36 months) prior to the purchase of a home with ADDI assistance. A minimum of six months of residency in the State of Ohio and a permanent resident of the United States are also required to be considered a first-time homebuyer.” Source: City Of Columbus

**”Households whose income is at or below 80% of the Area Median Income (AMI) as defined by the U.S. Department of Housing and Urban Development (HUD), may qualify for up to six percent (6%) of the purchase price of the home, a maximum loan of $7,500.” “All buyers must contribute $500 of their own funds toward the purchase of the home. This $500 may not be gifted or come from any other source other than the buyer themselves.  Appraisal and Home inspection costs will be considered up to $250 ($250.00 from appraisal and $250.00 from inspection) based on approved criteria.  Buyer must fall within 35% House Debt/Income ratio and 45% Total debt/Income ratio based on City income and debt calculations in order to qualify.” Source: City Of Columbus

Browse Homes For Sale in Columbus Schools

View All Columbus Ohio Posts