The Journey to Homeownership: What to Expect Along the Way

The Journey to Homeownership

The Ohio Housing Finance Agency's (OHFA) homeownership programs provide down payment assistance, lower interest rates, mortgage tax credits and more to help Ohioans become homeowners. While purchasing a home can seem complicated, OHFA and partnering lenders across the state are ready to guide you through the homebuying process.

Follow the steps below to achieve the dream of homeownership through one of OHFA's affordable homebuying programs.

  1. Choose an OHFA-approved lender and schedule a meeting.
    OHFA partners with a network of lenders, including banks, credit unions and mortgage companies to make these programs possible. Visit our website to find a lender in your area; then, schedule a meeting with your lender to begin the process.

    Bring the following items to your meeting: your Social Security number, tax returns, W-2s and paycheck stubs and banking statements. If applicable, also bring bankruptcy and divorce paperwork. If you have already found a home and are under contract, bring a copy of your purchase contract. If your real estate agent has asked for a prequalification letter, ask your lender for assistance.

  2. Complete the loan application.
    Once you've found your dream home and made an offer, work with your lender to complete the loan application. This application will verify your credit score, income, assets and payment history to determine if you qualify for an OHFA loan.

  3. Take OHFA's free homebuyer education.
    OHFA wants you to become a successful and responsible homeowner. How much maintenance does a home require? How much should you save for potential home repairs? What types of insurance will your home need?

    To help with these questions and more, OHFA required you to take our free homebuyer education once your loan is reserved, which is available online or in-person at a HUD-approved housing counseling agency. You should also review our homebuyer guide for information on the homeownership process, budgeting and more.

  4. Get an appraisal and an inspection for your home.
    The appraisal will make sure the value of your home is compatible with your loan amount, and the inspection will ensure that your home has no major structural issues. You can find an inspector for your home from the American Society of Home Inspectors. Once the inspection is complete, you and the seller may negotiate on repairs that need to be made prior to closing.

  5. Close on your home and schedule your utilities.
    Approximately 30 to 45 days after the completion of your loan application, you will schedule a closing date with a title or escrow company to sign all of the final paperwork. You will also need to schedule utility transfers for the same day, including water, electricity, gas and even internet service. You will also need to obtain homeowner's insurance and potentially flood insurance.

  6. Get the keys!
    Congratulations! You have signed the final paperwork, and you are officially a homeowner!

At OHFA, we strive to make the dream of homeownership affordable and accessible for Ohioans. If you have questions about any of our programs, please call our office toll-free at 888.362.6432.