What Does "First-Time Homebuyer" Mean?
You may be considered a first-time homebuyer even if you've owned a home before.
Many loan programs define a first-time homebuyer as someone who has not owned a primary residence within the past three years.
Being a first-time buyer may open the door to special loan programs, down payment assistance opportunities, and educational resources.
The Homebuying Journey
Review Your Finances
Before beginning your home search, take a close look at:
Your credit
Your savings
Your monthly budget
Existing debts
This helps establish a realistic homebuying budget.
Get Pre-Approved
A mortgage pre-approval provides an estimate of how much you may be able to borrow.
Pre-approval can:
Help you understand your price range
Strengthen your offer when house hunting
Give you confidence as you begin your search
Start House Hunting
Once pre-approved, you can begin searching for homes that fit your needs, lifestyle, and budget.
Your Realtor® can help guide you through neighborhoods, home tours, and the offer process.
Apply for Your Mortgage
After finding a home and signing a purchase agreement, you'll complete your mortgage application and provide supporting documentation.
Close on Your Home
During closing, you'll finalize paperwork, complete any remaining requirements, and receive the keys to your new home.
Did You Know?
Many first-time homebuyers qualify for programs that help with down payments and closing costs. The example below demonstrates how assistance programs may help reduce upfront homebuying expenses for eligible buyers.
Common Down Payment Assistance Programs
Ohio Housing Finance Agency (OHFA)
Kentucky Housing Corporation (KHC)
FHA Loans
VA Loans
Communities First
City of Cincinnati Programs
You're one step closer to getting the keys! Here's what happens next.
Read More