First-Time Homebuyer in Ohio
Embarking on the purchase of your first home is a major milestone for anyone. However, it also raises many questions. Getting a mortgage loan can be a complex process - BMI Federal Credit Union® helps simplify it for you. The more you understand going into this process, the easier and faster it can be...and the sooner you can begin enjoying your new home in Ohio.
Home Ownership in Ohio
In 2014, the share of married couples purchasing homes rose to its highest levels since 2001. Although the financial situation continues to evolve, there are still many great opportunities for Ohio residents to enjoy the many benefits of home ownership.
In Ohio, the typical first-time homebuyer was 29, while the typical repeat buyer was 53. Thirty-eight percent of all buyers in Ohio were first-time buyers. The median income of Ohio home buyers was $75,200 annually, $60,300 for first-time buyers.
Today, Ohio's home ownership rate is about 66 percent. Recognizing the unique combination of economic factors in their favor, homebuyers from a wide range of backgrounds are moving forward on securing a home loan.
First-Time Homebuyer Program
BMI Federal Credit Union offers the First-Time Homebuyer program (for owner occupied properties in Ohio only). Our program provides an exceptionally low down payment of only three percent, and it can be a gift.
How to Qualify?
Anyone who lives, works, worships or attends school in eight eligible counties may qualify to join BMI Federal Credit Union. Likewise, most members of a member's immediate family are eligible. These include parents, grandparents, siblings and adoptive relatives. Relatives can qualify even if they do not live under the same roof as the BMI FCU® member.
Find out more about the difference between credit unions versus banks.
How Much Home Can I Afford?
"How much house?" When people use this phrase, they are thinking ahead to the overall costs of ownership of their home and how those costs will fit into their budget. These calculations can be complex.
Home mortgages don't have to be a headache. When you're looking for a home loan, our first-time home loan options may be perfect for you. To find out more, contact us today.