Save the Dream Ohio Programs
As of January 1, 2014 the Ohio Housing Finance Agency (OHFA) will no longer be accepting applicants who are returning for additional assistance through the Save the Dream Ohio Initiative. This will provide OHFA with additional time to assist other homeowners who have not yet been able to obtain assistance through our program.
Types of Financial Assistance
After a homeowner completes an application, approved housing counselors work with homeowners to develop individual action plans that may include one or more of the following programs:
- Rescue Payment Assistance: a lump sum payment up to $25,000 to a mortgage servicer to bring the first mortgage current.
- Mortgage Payment Assistance: up to $22,000 or 18 months of full mortgage payments on behalf of unemployed or underemployed homeowners.
- Modification with Contribution Assistance: a lump sum payment up to $25,000 to reduce the principal balance on a homeowner's mortgage to make it more affordable.
- Lien Elimination Assistance: a lump sum payment up to $25,000 to extinguish a first mortgage lien.
- Homeowner Retention Assistance: payments totaling up to $25,000 to reduce or eliminate delinquent second mortgages, property taxes and/or association fees.
- Transition Assistance: payment up to $7,500 to the homeowner for relocation in connection with an approved short sale or deed in lieu of foreclosure.
Some homeowners may qualify for up to $25,000 for a single program or up to $35,000 for more than one program. All homeowners, except those receiving Transition Assistance, must execute a subordinate mortgage for the amount of assistance. The subordinate mortgage balance will be forgiven over five years.