FOR IMMEDIATE RELEASE
Tuesday, June 3, 2025
Media Contact: Penny Martin
Phone: 614.728.2911
Email: pmartin@ohiohome.org
Ohio Housing Finance Agency Celebrates June as National Homeownership Month
Providing tips and resources to help Ohioans realize their dreams of homeownership
COLUMBUS, OH - Buying a home can be challenging, especially in a competitive housing market. The Ohio Housing Finance Agency (OHFA) wants Ohioans to know that there are resources available to help prepare them for homeownership and, when they are ready, help them purchase a home. Throughout Homeownership Month (June), OHFA will provide Ohioans with resources and tips to support their homeownership journeys.
"Homeownership is a goal for most Ohioans, and we want them to know there are resources available to make it a reality," said Bill Beagle, executive director of OHFA. "Whether it's getting familiar with homebuyer terminology, finding a real estate professional, or finding a lender, the state of Ohio and OHFA are here to help."
OHFA works with more than 120 lenders throughout the state to provide discounted mortgage rates, down payment assistance, and other loan products to make buying a home more affordable. The Agency offers 30-year, fixed-rate conventional, FHA, VA, and USDA-RD government loans with generous income and purchase price limits, designed especially for homebuyers with low- and moderate-incomes. Ohioans can visit www.myohiohome.org for information on programs available and to find participating lenders in their areas.
The Agency also works closely with the Ohio Department of Commerce's Division of Real Estate and Professional Licensing and the Ohio Department of Insurance (ODI) to educate Ohioans on the importance of working with licensed real estate agents and insurance agents throughout their homeownership journeys.
Ohioans can consult the Division of Real Estate & Professional Licensing's online License Information Lookup system to learn more about a real estate agent or broker, such as whether or not a prospective agent is licensed to sell real estate in Ohio and if so, whether or not his or her license is in good standing.
ODI has a variety of homeowners insurance information, including a guide 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 homeownership journeys:
Establish a budget. 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. 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, may impact your pre-approved loan.
Find a lender and receive pre-approval for a loan. Working with a reputable lender can make the homebuying process much easier. OHFA has a network of lenders throughout the state who are ready 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 selecting a home.
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, the Ohio Department of Commerce's Division of Real Estate & Professional Licensing offers online resources to help you get started.
Work with a licensed insurance agent. After reading ODI's educational homeowner's 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.
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.