What a great program! I've had many clients take advantage of it.
You are right on to explore financing your next home as a first step. Here's some information on why that's a good idea: http://www.trulia.com/blog/davidmstevens/
Usually, your lender can give you a pre-qualification prior to you singing your contract to purchase. Then you'll have information you need to make a purchase within your budget, and you'll have greater strength in negotiating your terms. Final approval, though, would be based upon an accepted contract, appraisal and title work completion and final verification of your documentation, etc, and I'm guessing that is what your application is referring to, Did you find the application on the OHFA website or are you working with a lender yet?
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