First Ohio Blog

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4 Important Facts You Need To Know About FHA Loans

Less severe lending standards and lower down-payment requirements make FHA loans popular among mortgage borrowers. What is an FHA loan? An FHA loan is a type of government-backed mortgage insured by the Federal Housing Administration, a branch of the U.S. Department of Housing and Urban Development, or HUD. FHA borrowers pay for mortgage insurance, which protects the lender from [...]

May 16th, 2018|

How To Buy a House With Student Loan Debt

For many consumers, buying a house is a major financial and life milestone. However, student loan debt is preventing some millennials from making home purchases. Having student loans won’t keep you from buying a house, although you should be comfortable with the idea of taking on a large amount of debt while still dealing with your student loans. Carefully [...]

May 10th, 2018|

How to Set a Budget For Home Renovations

If you don’t plan your renovation budget appropriately the process can become stressful and unpleasant. So before you start envisioning your dream space, determine how much you can afford to spend, and then breaking it down into sections so that you can figure out how much of your money needs to go into each part of the project. Then [...]

May 2nd, 2018|

Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference?

When buying a home, cash is king, but most folks don't have hundreds of thousands of dollars lying in the bank. Of course, that's why obtaining a mortgage is such an important part of the process. And securing mortgage pre-qualification and pre-approval are important steps, assuring lenders that you'll be able to afford payments. However, pre-qualification and pre-approval are [...]

April 23rd, 2018|

How To Consolidate Debt To Qualify For A Mortgage

Use debt consolidation to qualify for a mortgage carefully Consider the use of debt consolidation to qualify for a mortgage very, very carefully. Follow these tips to avoid being one of the 85 percent who fails debt consolidation. Debt consolidation can lower your debt payments, allowing you to qualify for a larger mortgage Debt consolidation can be a home [...]

April 23rd, 2018|

Programs for Ohio First-Time Homebuyers

The state of Ohio works with mortgage companies, lenders and credit unions to offer home loans to people with low and moderate incomes, including first-time home buyers. The Ohio Housing Finance Agency (OHFA) helps low- and moderate-income borrowers get 30-year, fixed-rate conventional, Federal Housing Administration, Veterans Affairs and U.S. Department of Agriculture Rural Development mortgages with relaxed income and [...]

April 10th, 2018|

Home Buying Help: Should I Lock in a Rate on My Mortgage?

Mortgage rates change daily, making it difficult to spot the perfect moment to lock in a mortgage rate. To simplify the decision, keep these things in mind: Timing is everything. Have a few options to compare. What is a Mortgage Rate Lock? It’s an agreement the lender will deliver a specific combination of interest rate and points if the [...]

April 4th, 2018|

How to Compete Against All-Cash Home Buyers

When buying a home, it can be a scary thought to think about competing against those who are making a cash offer on a house. Cash buyers can perform and close quickly and provide sellers with a sense of comfort. Does that mean to rule yourself out of the fight? Absolutely not. If you can’t make a cash offer on [...]

March 12th, 2018|

Homebuyers: How to Compete in the Spring Buying Market

It is no question that every year, the spring market is competitive. People usually take a break from home buying and selling in the winter then are ready to hit the ground running as soon as warmer weather is on the horizon. This is for many reasons: most people do not want to move during the winter, therefore buyers have [...]

March 6th, 2018|

Using Your Tax Return to Fund A Down Payment

Tax season is upon us, which means many people will shortly be receiving their tax returns. This is an exciting time for many, the much-needed extra money after the holidays or a chance to boost your savings. If you are looking to buy a house this year, take this opportunity to help you get closer to achieving your home ownership [...]

February 12th, 2018|