Getting Started 
If you are interested in the First-Time Homebuyer program, the Target Area Loan product, or the Ohio Heroes product, you will need to take the following steps to complete the loan process.
CHOOSE AN OHFA-APPROVED LENDER
Lending institutions throughout Ohio work with OHFA to offer our homeownership products to qualified borrowers. Contact a participating lender to schedule an appointment and find out which product 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.
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
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 product, or Ohio Heroes product, or if you choose to take advantage of OHFA's Down Payment Assistance grant or Grants for Grads product, 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.
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 or Grants for Grads product, you may be required to complete homebuyer education. Even if education is not a requirement for your product, 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.
REVIEW AND PROCESS
Loan processing happens between 5 and 20 days of completing your loan application. The lender's processing department reviews your application and documents including your credit report and verifies your income, assets, and payment history.
UNDERWRITE AND APPROVE
The lender will underwrite the loan between 21 to 30 days of the application (or sooner). The underwriter is responsible for determining if information provided qualifies for the loan. A home appraisal must be performed during the underwriting process, which the borrower pays to the licensed appraiser at the time the appraisal 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!
