June is Homeownership Month

The state of Ohio recognizes the value of homeownership, its benefits to Ohioans and to our communities. Let us help make your dream of homeownership a reality.

From resources that put a home purchase within reach, to protecting your investment for years to come, the State of Ohio has the tools to support homeowners at every step in the journey. The Ohio Housing Finance Agency (OHFA) helps first-time homebuyers make purchasing a home possible through down payment assistance and competitive mortgage rates. The Ohio Department of Commerce's Division of Real Estate and Professional Licensing oversees licensing and registration for real estate professionals throughout the state to protect consumers, support fair business practices, and empower Ohioans to feel safe and confident when homebuying. Guidance from the Ohio Department of Insurance supports residents when creating a financial safety net for their home after purchase. Make Ohio homeownership a part of your future!

State Resources to Help Future Homeowners

OHFA, the Ohio Department of Commerce's Ohio Division of Real Estate and Professional Licensing, and the Ohio Department of Insurance have guides to help homebuyers navigate their way through the homebuying process.

OHFA Homebuyer Guide – OHFA's comprehensive guide details the homebuying process and includes a budgeting tool, how to predict future home expenses, finding a real estate and insurance agent, what to expect at closing, and much more to help get you started on making homeownership a part of your future.
Ohio Division of Real Estate and Professional Licensing's Homebuyers Guide – This guide offers Ohioans a range of practical advice, including tips to understanding financing options and how to choose the right real estate professionals with whom to work. Tailored for first-time buyers, the guide breaks down the often-complex homebuying process, so it provides critical and timely information in an easy-to-digest format.
Ohio Department of Insurance's Homebuyer's Insurance Guide – Not sure what kind of homeowner insurance you'll need for your new home? The Ohio Department of Insurance has it all covered in this guide. Learn about perils and policies, coverage requirements, flood, earthquake and mine subsidence coverage, and more.

Top Five Tips for First-Time Homebuyers

Establish a budget and save money. Having a monthly budget will help you identify your expenses and how much you can afford for a mortgage payment. The general rule of thumb is that you can reasonably afford a home that costs approximately two-and-one half times your annual salary. There are plenty of calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

Be mindful that you will need money for a down payment, closing costs and the various other fees associated with buying a home. Begin saving as soon as you can. If you cannot put down the traditional 20 percent, you may still qualify for a loan. There are a variety of lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as three percent of the purchase price.
Know your credit score. To qualify for a mortgage and avoid higher rates, you will need to have a good credit score. Paying your bills on time and in full will help improve and maintain your credit. It's a good idea to obtain copies of your credit report, make sure the information is correct and fix any problems that you discover before meeting with a mortgage lender.
Seek professional help from an expert. Having a professional real estate agent guide you through the process of buying your new home can reduce some of the stress associated with being a first-time homebuyer. By asking trusted friends and family for referrals; interviewing real estate agents for good fit; and verifying with the Division that they are indeed licensed by the state, you can help ensure the individual you select is someone who will best represent your needs. If you have questions about an agent or how to locate one, contact the Ohio Department of Commerce's Division of Real Estate and Professional Licensing.
Receive pre-approval for a loan. Working with a reputable lender can make the home buying process much easier. OHFA has a network of lenders around the state that are ready to meet with you to discuss mortgage options. Find a participating lender near you. Once you obtain pre-approval from a lender, you will have a better understanding of how much you can spend when purchasing a home.
Complete Homebuyer Education. Buying a home is a tremendous commitment. Homebuyer education courses can help you learn about the responsibilities of homeownership before you actually make your purchase. By working with a housing counselor, you can determine what you need for a monthly budget, learn how the home buying process works and understand important terms you need to know for the closing. To locate a U.S. Department of Housing and Urban Development approved counselor in your area click here.

OHFA Resources

Ohio families have turned to OHFA since 1983 to provide the tools, education and services that make successful homeownership possible. As the state's housing agency, OHFA has helped nearly 163,000 families open the doors to an affordable place to call home.

With generous income and purchase price limits, OHFA offers 3% down payment assistance for conventional loans and 3.5% down payment assistance for government loans (FHA, VA, USDA). OHFA also offers 30-year fixed rate FHA, VA, USDA-RD and conventional mortgage loans. The Agency also uses target and non-target income limits for all first-time homebuyer programs.

Ohio Division of Real Estate and Professional Licensing Resources

The Division of Real Estate and Professional Licensing is part of the Ohio Department of Commerce. The Division oversees licensing and registration activities to protect consumers and support fair business practices. The following list includes resources designed to help Ohioans feel safe and confident when purchasing a home:

Ohio Department of Insurance Resources

The mission of the Ohio Department of Insurance is to provide consumer protection through education and fair but vigilant regulation while promoting a stable and competitive environment for insurers.

Media Contact: Paige Dixon, Brand Manager, 614.728.9755 or pdixon@ohiohome.org.