The Best Mortgages for First Time Home Buyers in Ohio
Are you a first time home buyer in Ohio? If so, you may be in luck—according to Investopedia, the closing costs for Ohio first time buyers are among the lowest in the nation, at $1,613.
Closing costs are just one of many expenses that a first time home buyer in Ohio will have to prepare for, including a down payment, mortgage insurance, and interest rates.
The best way to ensure that a mortgage for an Ohio first time home buyer remains manageable over time is to find an affordable mortgage, which often comes from first time home buyer grants in Ohio and down payment assistance in Ohio.
In the sections below, we’ll show you what to consider for your closing costs and provide a brief overview of the most common first time home buyer programs in Ohio that you may qualify for.
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How Much House can a First Time Home Buyer in Ohio Afford?
For first time home buyers in Ohio, affordability is much more complicated than simply finding out how large of a mortgage you can get approved for.
Ohio first time home buyers will also have to take into consideration additional affordability factors, like the closing costs of purchasing a home, monthly budget, and debt-to-income ratio.
Visit any of the Ohio first time home buyer calculators below to analyze factors like location, household income, down payment, and monthly debt.
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Hidden Costs for Ohio First Time Home Buyers
To ensure that the first few months of homeownership are as manageable as possible, first time home buyers in Ohio should factor these costs into their budget.
While researching your options for Ohio first time home buyers, it’s helpful to consider the following “hidden costs” of mortgage rates:
- Mortgage application fees (typically 1-2 percent of the total purchase price)
- “Good faith deposit” (helps the seller know that you intend to buy)
- Down payment (20 percent of the total mortgage)
There are also closing costs to consider, which can include a wide range of expenses like:
- Origination fees
- Appraisal
- Closing or settlement
- Credit reports
- Flood certifications
- Surveys
- Pest inspections
Columbus, OH
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First Time Home Buyer Programs in Ohio
Aside from the mountains of paperwork and lists of financial jargon, many first time home buyers in Ohio find that saving for a down payment is a significant financial challenge.
Thankfully, there are plenty of first time home buyer grants in Ohio that are meant to provide first time home buyers with down payment assistance in Ohio.
Below, you can find a list of the most common first time home buyer programs in Ohio that a first time home buyer in Ohio may be able to benefit from.
- Your Choice! Down Payment Assistance—Provides Ohio first time home buyers with either 2.5 or 5 percent in down payment assistance
- OHFA Advantage—Provides additional down payment assistance in Ohio (can be combined with Your Choice!)
- Grants for Grads—These first time home buyer grants in Ohio provide down payment assistance and a discounted mortgage rate for recent college graduates
- Mortgage Tax Credit—Provides Ohio first time home buyers with an annual tax credit (maximum $2,000)
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Conclusion – Getting the Best Mortgage as a First Time Home Buyer in Ohio
For many Ohio first time home buyers, saving for a down payment and the closing costs associated with a mortgage is one of the biggest obstacles.
Home loans can become more manageable when using first time home buyer programs in Ohio. Depending on eligibility requirements (income, location, tax bracket, etc.) you may be able to save thousands off your down payment or closing costs.
For additional information on programs for Ohio first time home buyers, visit the Ohio Finance Agency to see if you could be eligible for Ohio first time home buyer grants or down payment assistance in Ohio.
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