Getting Started 
If you are interested in any of OHFA’s home loan programs, including 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. You can also download the First-Time Homebuyer Program Loan Checklist and Process from our download center.
PREPARE
Homebuyer education can help you decide if you’re ready to buy a home. Many HUD-approved counseling agencies offer free classes to assist with this important decision. Find a HUD-approved counseling agency near you.
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
You may be required to complete a counseling course before your loan can close. OHFA also requires counseling if a mortgage payment under the new loan is 30 or more days late. For a list of available counselors, visit www.hud.gov, or ask your lender about other homebuyer education options including online courses.
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!
