Education / Resources

This is a basic checklist for first time home buyers who just need some guidance as they make their buying decision. We have made a PDF version available as well. 

1. Get your finances in order

1. • Check your credit score: Aim for a 620+ for conventional loans, but remember higher scores get better rates! 

   • Save for the Down Payment: 

     • 3-5% for conventional loans 

     • 3.5% for FHA loans 

     • 0% for USDA & VA loans (with eligibility) 

   • Budget for Closing-Costs: Typically 2-5% of the home price. 

   • Reduce Debt: For better loans approval chances, lower your debt-to-income (DTI) ratio!

2. Explore Ohio-Specific Programs

Ohio offers great "First time home buyer" assistance. 

• Ohio Housing Finance Agency (OHFA) Programs:

  • Your Choice! Downpayment Assistance: Up to 2.5% or 5% of the home price.

  • Ohio Heroes Program: For teachers, veterans, first responders, etc. 

  • Grants for Grads: Up to 5% down payment assistance for recent graduates. 

[OHFA WEBSITE LINK]

3. Get Pre-Approved for a Mortgage

Before looking at homes, meet with a local lender familiar with Ohio programs. Pre-approval tells you: 

1. What you can afford 

2. Your potential monthly payments

3. The loan options avaliable 

4. Choose the Right Real Estate Agent

Pick an agent that knows the market you are looking to buy in, and is also familiar with the property type that you are looking to purchase! 

Your agent should help negotiate offers, navigate inspections, and protect your interests. 

If you would like, please reach out to us and we will provide a referral to an agent we know, like, and trust.

5. Narrow Down neighborhoods

Research things like... 

• School district 

• Commute times

• Property taxes

• Local amenities

Make a list of things that are important to you, that way you dont forget to look into anything ahead of time. 

6. Understand the Home Inspection & Appraisal Process 

Always get a home inspection! Costs typically range between $300-600 but can vary. 

Be prepared for the appraisal to impact your loan approval (lender requirement). 

7. Plan for homeowner Costs Beyond the Mortgage

• Property Taxes: Vary by county (e.g. Medina County tax rate differs from Cuyahoga, and so on.) 

• Homeowners Insurance (Required by lender) 

• HOA Fees (If applicable) 

• Utilities & Maintenance (You must be realistic!) 

8. Don't Skip the Final Walkthrough 

Right before closing, make sure the home/property is in the agreed-upon condition. 

We wouldn't be truly committed to our goal of community service without trying our best to help those who have paved the way for us, our senior community member! 

SENIOR HOME OWNERS: 

Home Repair & Maintenance

1. Home Maintenance, Repair, and Modification Services:  The Ohio Department of Aging provides services to help older adults maintain their homes safely. This includes routine maintenance like furnace inspections, window repairs, and installing accessibility features such as grab bars and ramps.  

LINK:   https://aging.ohio.gov

2. (SHAP) Senior homeowner Assistance Program:  In Cleveland, SHAP offers grants to low-income seniors (age 60+) and adults with disabilities for essential home repairs, including roof replacements, electrical work, and plumbing issues. 

LINK:  https://www.clevelandohio.gov/city-hall/departments/community-development/programs-services/home-repair

3. (AFHIP) Age-Friendly Home Investment Program:  Also in Cleveland, AFHIP assists seniors and adults with disabilities in addressing one critical home maintenance or repair need, aiming to enhance home safety and accessibility.

LINK: https://www.clevelandohio.gov/sites/clevelandohio/files/aging/AFHIPApplication2024-2025.pdf

4. USDA Single Family Housing Repair Loans & Grants (Section 504):  This federal program provides loans and grants to very low-income homeowners aged 62 or older to repair, improve, or modernize their homes, or to remove health and safety hazards.

LINK: https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-repair-loans-grants