FOR IMMEDIATE RELEASE
Thursday, June 15, 2023
Media Contact: Penny Martin
Phone: 614.728.2911
Email: pmartin@ohiohome.org
Brandon Klein
Division of Real Estate and Professional Licensing
Phone: 614.359.6665
Email: Brandon.Klein@com.ohio.gov
Make Homeownership A Part of Your Future
State of Ohio Recognizes June as National Homeownership Month
COLUMBUS, OH - The path to homeownership can be challenging for Ohioans, especially if they don't know where to start. The Ohio Department of Commerce, the Ohio Department of Insurance (ODI), and the Ohio Housing Finance Agency (OHFA) have launched a radio and social media campaign to connect Ohioans with the resources to guide them through their homeownership journeys.
"We want to encourage all Ohioans to make homeownership a part of their future," said Sherry Maxfield, director of the Department of Commerce and board chairperson of OHFA. "If you're ready to start the journey, our agencies are here to help you learn more about how to become a homeowner; including how to get down payment assistance, a licensed real estate agent, and collectively to lessen the stress of the experience."
Ohioans can check out OHFA's homeownership resources on its website. The agency offers down payment assistance, career-related interest rate discounts and other loan products to make buying a home more affordable. Ohioans can visit www.myohiohome.org for more information on programs available and to find participating lenders in their areas.
Commerce's Division of Real Estate and Professional Licensing offers resources for homebuyers and sellers including a homebuyer's guide. Tune in to the latest episode of Protecting What Matter's podcast to learn about the importance of working with a licensed real estate agent.
ODI has a variety of educational homeowners insurance information, including a guide to homeowners insurance, available at www.insurance.ohio.gov. Representatives at 800.686.1526 and consumer.services@insurance.ohio.gov can answer any insurance questions and address insurance complaints.
Here are five tips to help Ohioans on their home-buying journey:
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 about 2.5 times your annual salary.
Avoid major purchases and unnecessary spending. Keep in mind that once you decide to buy a home, you should avoid making any major purchases until after closing is complete. Purchases, such as buying a car or furniture or missing a bill payment, could cause a pre-approved loan to be denied.
Work with a licensed real estate agent. Having an expert guide you through the process of buying your new home can reduce some of the stress associated with being a first-time homebuyer. Interview several real estate agents to find the one 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.
Work with a licensed insurance agent. After reading ODI's educational homeowners insurance information, talk with friends and family for recommendations and utilize ODI's agent locator tool to find an agent for assistance determining and securing appropriate insurance protection for your property and its contents.
Find a lender and 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 who are ready to meet with you to discuss mortgage options. Once you obtain pre-approval from a lender, you will have a better understanding of how much you can spend when purchasing a home.
The Ohio Housing Finance Agency is an Equal Opportunity Housing entity. Loans are available on a fair and equal basis regardless of race, color, religion, sex, familial status, national origin, military status, disability or ancestry. Please visit www.ohiohome.org for more information.