April is all about housing with it being both Fair Housing Month and National Financial Literacy Month. Here at the Ohio Housing Finance Agency (OHFA), we want to remind Ohioans about the importance of financial literacy and establishing and maintaining healthy financial habits as they start their homeownership journeys. Good habits over the long-term help improve credit scores and increase savings. Better credit scores also equate to lower interest rates and better terms on loans that can help Ohioans realize their dreams of homeownership.
Following are some tips for improving financial health and developing good financial habits:
- Evaluate current financial situation:
- Assess all assets, debts, and income.
- Check credit reports, including credit scores, for free with Equifax, Experian, and TransUnion, and contest any inaccuracies.
- Build and/or refine a budget based upon current financial situation. Create realistic goals!
- Set up payment plans.
- Cut extras.
- Seek financial counseling.
- Continue to grow financial literacy; never stop learning how to improve financially.
If someone is thinking of buying a home, OHFA can help. OHFA's Homebuyer's Guide provides information first-time homebuyers need to know as they navigate the process. OHFA also offers a variety of programs, such as down payment assistance, career-related interest rate discounts, and other loan products, that can make buying a home or condo easier. To learn more about OHFA's programs, visit myohiohome.org.
