Ohio college graduates can get free money to buy a new home and it's money they don't have to pay back.
The purpose of the Grads for Grants program, from the Ohio Housing Finance Agency, is to get Ohio college graduates to work and live in the state, instead of taking a job in another one.
Some students at the University of Cincinnati say having help with a down payment on a home would be just the key to get them to stay.
University of Cincinnati Junior, Stephen Baker, is studying to become a dietitian. He says many graduates in his field have accepted jobs out of state, but the new OHFA Grants for Grads program, with its home buyers assistance initiative, would entice him to stay in the Buckeye State.
"Help for down payment for a house, I would definitely be encouraged to stay in state rather than going elsewhere and working there. With the market today and the economy, it's definitely a big plus having assistance with that," Baker said.
Director of Home Ownership for OHFA, Cindy Flaherty, says the program will give eligible borrowers a grant for 2.5 percent of their home's purchase price to help with down payment and closing costs.
"This is really aimed at what we're calling Ohio's home grown talent. The program is aimed at people who were educated in Ohio through high school. So we're looking for a high school diploma. They can have their college degree from anywhere. And, that can be an associates, bachelors, masters or doctoral degree," Flaherty explained.
However, you will have to pay a portion of the loan back, if you move within five years.
Applicants must have graduated within 18 months of applying for the grant.
UC student Kristen Colyer says it's a program she plans to look into after graduating. "I want to stay close to the area. I want to stay by family and I like Cincinnati," Colyer said.
There are income and price restrictions.
There is no age limit to apply and you must be a first-time home buyer or haven't owned a home in three years.
