Getting Started 
If you are interested in the First-Time Homebuyer Program, the Target Area Loan Program, or the Ohio Heroes Program, you will need to take the following steps to complete the loan process.
PREPARE
Homebuyer education can assist you with everything from solving your current housing challenges to preparing for the responsibilities of homeownership. Depending on the type of loan you choose, or if you use OHFA's Down Payment Assistance Grant, Grants for Grads, or Homebuyer Advantage Loan, you may be required to complete homebuyer education. Even if education is not a requirement for your program, OHFA encourages all first-time homebuyers as well as existing homeowners to take advantage of these free courses. Learn more about your homebuyer education options.
PRE-QUALIFY
OHFA’s new eligibility module is coming soon!
OHFA’s new web site will make it easy to find out if you’re eligible for OHFA’s program. You will be able to enter your personal information and instantly find out if you pre-qualify for an OHFA loan.
COMPLETE THE BORROWER CHECKLIST
To start the application process, you will need to provide your lender with the following primary items:
- Photo ID
- Social Security number
- W2's for the last two years
- Paycheck stubs for the most recent 30 days
- Checking and savings account statements for the last 30 days
- Bankruptcy paperwork (if applicable)
- Divorce paperwork (if applicable)
- Copy of Purchase Contract
CHOOSE AN OHFA-APPROVED LENDER
Lending institutions throughout Ohio work with OHFA to offer our homeownership programs to qualified borrowers. Contact a participating lender to schedule an appointment and find out which program best meets your needs. Before beginning the actual loan process, your lender will pre-qualify you. The lender will gather information about your income and debts to determine your pre-eligibility for OHFA’s loan products.
APPLY
You will complete the loan application with your loan officer, usually within five days of initially contacting your lender. Your lender will review financing and required disclosures. In addition to the primary items listed in the borrower checklist above, you will need to supply all required documentation for processing including:
- Signed and dated copies of federal income tax returns for the past three years for all loan applicants
- Names, addresses, contact persons, and telephone numbers of your employer(s)
- Creditor information including names and addresses of creditors, account numbers, and balances
- Landlord information including names, addresses, and dates of rental
Your lender may also require you to pay an application fee at the time of the application.
COMPLETE BORROWER EDUCATION
If you are obtaining a conventional loan through OHFA's First-Time Homebuyer Program, Target Area Loan Program, or Ohio Heroes Program, or if you choose to take advantage of OHFA's Down Payment Assistance Grant, Grants for Grads, or Homebuyer Advantage Loan, you will be required to either (1) complete a homebuyer education course offered by a HUD-approved counseling agency, or (2) participate in OHFA's streamlined homebuyer education program.
REVIEW AND PROCESS
Processing happens between 5 and 20 days of completing your loan application. The processor reviews your credit report and verifies your income, assets, and payment history.
UNDERWRITE AND APPROVE
Your lender will underwrite the loan between 21 to 30 days of your application (or sooner). The underwriter is responsible for determining if information provided by the processor qualifies for the loan. A home appraisal must be performed during the underwriting process, and as the borrower, you must pay for the appraisal service at the time it is completed.
CLOSE
Closing can be scheduled once your loan is approved. Closing usually occurs 30 to 45 days after completing the application. You will finish the loan process by signing all final documents. Then you will get the keys to your new home!
