FAQ For First Time Home Buyers

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FAQ For First Time Home Buyers in Dayton & Cincinnati, OH AreasFAQ For First Time Home Buyers in Cincinnati & Dayton, OH Areas

If you are a first time homebuyer, you probably have a lot of questions about how it all works. As a Dayton & Cincinnati, Ohio local realtor, I've compiled the most commonly asked questions for first time home buyers.

Q: How much of a home loan can I afford?

A: Once you have determined the right loan company, you will be pre-approved for a certain amount by a loan officer. Their calculations are based on a variety of things including: debt-to-income ratio, income, credit score, job history, and type of property you are looking to purchase. If you aren't sure where to start with your loan company search, give me a call and I'll provide you a few recommendations. It's always best to get several loan companies offers.

Q: Is it cheaper to buy a home than it is to rent?

A: In most cases, it will be. If you don't have enough credit established or if you can't get pre-approved for a loan at this time, renting a house is always a good way to have insight into how owning a home will be. When you rent, they typically take care of any maintenance problems and don't reimburse you for any upgrades that you do while living there. When the home is yours, most if not all the money that you invest into renovations will be returned when the property is sold.

Q: What is mortgage insurance?

A: It's common for most first-time homebuyers to be required to carry private mortgage insurance. This is protection for the lender who is lending the money to you. It's typical for FHA and USDA loans. Enable to avoid paying mortgage insurance, your financed amount for the property has to be less than  80% of the value of the home. You can typically stop paying this additional fee once you've met that percentage criteria.

Q: Am I ready to own a home?

A: There are many things to consider when you have decided that purchasing a home is part of your financial future. Unlike renting, any maintenance upkeep or renovations will have to come out of pocket. Whether you choose to work on the property yourself or hire a contractor, there is additional time and money involved.


If there are other questions that I can help with or if you are ready to purchase your first home, give me a call today! I have the experience and local housing knowledge you can count on in Centerville, Springboro, Kettering, Dayton, Cincinnati, and all surrounding areas. 


Rhonda Hart
NavX Realty
Homes of Southwest Ohio
License #HARTRHOND109

(937) 397-9988

Photos provided by:  Kenny Eliason and Naomi Hébert on Unsplash
Location: Dayton Metropolitan Area, OH, USA

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