If you’re thinking about buying a house in Ohio, the first step is to know what lenders and the state expect from you. It isn’t a mystery—just a checklist of credit, cash, and paperwork. Below you’ll find the most common requirements broken down in plain English so you can move forward with confidence.
Most Ohio lenders start with your credit score. A score of 620 or higher gets you into conventional loans, while a 580‑plus score can still qualify for FHA loans if you’re a first‑time buyer. Request your credit report, fix any errors, and try to lower outstanding balances before you apply.
Next up is the down payment. Conventional loans usually need 5‑20 % of the purchase price. FHA loans are more forgiving, asking for as little as 3.5 % if your credit meets the minimum. Some local programs let you pay as low as 0 % if you qualify for down‑payment assistance, so check with Ohio’s Housing Finance Agency.
Income verification is the third pillar. Lenders will ask for recent pay stubs, W‑2s, and possibly tax returns if you’re self‑employed. They’ll calculate your debt‑to‑income (DTI) ratio – ideally below 43 % – to see if you can handle the mortgage plus other debts.
Once your finances are in order, you’ll need to choose a mortgage type. Fixed‑rate loans lock in a payment for the life of the loan, which many Ohio buyers prefer for budgeting. Adjustable‑rate mortgages (ARMs) start lower but can rise after a set period. Talk to a local mortgage broker to compare rates and fees.
Before you sign anything, get a home inspection. Ohio’s climate can lead to hidden issues like foundation cracks or roof leaks. An inspection protects you from surprise repair costs and can give you leverage to negotiate a better price.
When the inspection is cleared, the title search begins. The title company makes sure the seller actually owns the property and that no liens or judgments are attached. You’ll also pay closing costs at this stage – generally 2‑5 % of the home price. These cover things like loan origination fees, appraisal fees, and title insurance.
First‑time buyers in Ohio have a few extra perks. The state offers the “Ohio Homeownership Fund,” which provides grants and low‑interest loans for down‑payment help. There are also city‑specific programs in places like Columbus and Cleveland that can shave thousands off your upfront costs.
Finally, remember to budget for ongoing expenses: property taxes, homeowner’s insurance, utilities, and maintenance. Ohio’s property tax rates vary by county, so ask your real estate agent for an estimate based on the area you’re eye‑seeing.
By keeping this checklist handy – credit score, down payment, income proof, mortgage choice, inspection, title, and closing costs – you’ll avoid most surprises and feel ready to put an offer on a home you love.
Ready to start the search? Grab a pre‑approval, talk to a local lender, and let Ohio’s diverse neighborhoods guide you to the right fit. Happy house hunting!
