Six Steps to Homeownership with OHFA

Six Steps to Homeownership

As spring officially comes to an end and homebuying season reaches its peak, we celebrate National Homeownership Month. Homeownership can impact our health, education and wellbeing and can be a fundamental piece of building generational wealth. We are proud to offer programs that can help Ohioans find and afford a safe, affordable place to call their own. You can get started on the path towards homeownership with these six easy steps.

  1. Meet with an OHFA-approved lender. OHFA works with lenders, credit unions and mortgage companies across the state to offer our programs to qualified borrowers. To find an OHFA-approved lender and get started in the homebuyer process, click here. Please let the lender know you were referred to them by the Ohio Housing Finance Agency and that you want to know if you qualify for one of our many programs that offer down payment assistance, lower mortgage interest rates and more. The lender will be able to help you determine if you qualify, and the best homebuyer program for you.
  2. Bring the required documents.
    • Social Security number
    • Tax returns and W2s for the last three years
    • Paycheck stubs from the last 30 days
    • Checking and savings account statements for the last 30 days
    • Bankruptcy paperwork (if applicable)
    • Divorce paperwork (if applicable)
    • Copy of purchase contact (if you have already found a home and are under contract)
  3. Complete the loan application. Once you have found a home and obtained contract acceptance, you will complete the loan application. Your lender may require more documentation during the application process. Ask your lender for an estimate of all costs associated with your loan.
  4. Complete homebuyer education. OHFA requires free homebuyer education for all borrowers once their OHFA loan is reserved. OHFA's homebuyer education can not be completed until after the homebuyer has submitted their loan application with their loan officer.
  5. Review and approval. The lender verifies credit reports, income, assets and payment history to determine if borrowers qualify for OHFA loans. During this time, a home appraisal will be completed by the lender to determine if the value of the property meets the mortgage loan amount.
  6. Closing. The closing will be scheduled once the loan is approved. Closing usually occurs 30 to 45 days after completing the loan application. Once borrowers sign all of the final documents with the title/escrow company, they will receive the keys to their new home!

Check out our homebuyer guide; it's a great resource to know what to expect as you navigate the homebuying process. Ready to get started? Contact a lender today!