FOR IMMEDIATE RELEASE
Tuesday, August 13, 2024
Media Contact: Penny Martin
Phone: 614.728.2911
Email: pmartin@ohiohome.org
Ohio Housing Finance Agency and Ohio Department of Commerce Provide Ohioans Tips to Improve Financial Health
National Financial Awareness Day is August 14th
COLUMBUS, OH - August 14 is National Financial Awareness Day, and the Ohio Housing Finance Agency (OHFA) and Ohio Department of Commerce have partnered to remind Ohioans about the importance of financial literacy and establishing and maintaining healthy financial habits. Good habits over the long-term help improve credit scores and increase savings, which leads to better interest rates and terms on loans when purchasing a home. Together, OHFA and the Ohio Department of Commerce provide resources to help Ohioans realize their dreams of homeownership.
"Buying a home is one of the most significant financial decisions someone will ever make. By carefully and thoroughly assessing your finances early on, you can successfully navigate the home-buying process in Ohio with confidence and achieve your homeownership goals," said Sherry Maxfield, Director of the Ohio Department of Commerce and OHFA board chair. "We urge Ohioans to take advantage of the wide range of educational materials and resources available through OHFA and the Ohio Department of Commerce to help them learn about the financial intricacies of any real estate transaction in their future."
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.
- Build and/or refine a budget based upon current financial situation. Create realistic goals!
- Set up payment plans.
- Cut out extras.
- Ask for help by seeking 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 future 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 easier. To learn more about OHFA's programs, visit myohiohome.org.
In addition, Commerce's Division of Financial Institutions (DFI) has developed numerous online tools and resources to help Ohioans understand how to develop a budget. The Division also urges individuals to conduct a mid-year financial checkup to better understand their current financial health, and to determine if adjustments should be made to one's finances in order to achieve short- and long-term goals.
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.