Home Buying in Miamisburg>Question Details

Sbutler121, Home Buyer in Miamisburg, OH

purchase contract signed before establishing financing?

Asked by Sbutler121, Miamisburg, OH Sun Jul 10, 2011

I am looking into ohio's ohfa downpayment assistance program for first time homebuyers and the documents required to start the application process includes a purchase contract...does that mean ill have to make an offer on the home that is accepted before even starting the financing? this just seems backwards to me..

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David M. Stevens’ answer
Hello!

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?

Cogngratulations to you in advance. I hope this is helpful to you. If I can be of service in any way, please contact me anytime at davidstevens@remax.net or 937-469-4798.

David Stevens
RE/MAX Victory
davidstevens@remax.net
937-469-4798
0 votes Thank Flag Link Mon Jul 11, 2011
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