Troy – October 13, 2026 -- First-time buyers in Ohio can lower their risk of financial surprises by checking their finances, credit and mortgage options before visiting a single property, according to a HelloNation article featuring Mary Couser of Galbreath Realtors in Troy.
Buyers should review income, savings and debts first
The article names a personal finance review as the starting point. Buyers should look at income, savings, monthly expenses and existing debts to set a budget they can comfortably afford.
Credit history comes next. Lenders review credit scores, payment records and outstanding debt, so checking reports early lets buyers spot errors and address concerns before applying.
Pre-approval sets a price range before the search begins
During pre-approval, lenders review a buyer's financial information to estimate how much they may qualify to borrow. That gives buyers a price range and shows financial readiness when they submit an offer.
Qualifying for a loan does not always mean a payment is affordable. The article says budgets should also cover property taxes, homeowners insurance, utilities, maintenance and possible association fees.
A 20 percent down payment is not always required
Some buyers believe they need 20 percent down, but several mortgage programs allow smaller amounts. Lower down payments may involve mortgage insurance or different loan conditions.
FHA and conventional loans may offer lower down payment options for qualified applicants. FHA loans generally have flexible credit requirements, while conventional loans depend on individual financial qualifications. The article also describes VA loans for eligible military borrowers and USDA loans for qualifying rural properties.
The Ohio Housing Finance Agency offers down payment assistance
The article highlights the Ohio Housing Finance Agency, whose programs may help eligible purchasers with down payments. Eligibility can depend on income, credit qualifications, purchase price and other factors.
An agent can explain offers and local values
A knowledgeable agent can help evaluate local property values, identify suitable homes and explain offers and purchase agreements. The article notes this can be especially useful when the housing market becomes competitive.
It also recommends keeping emergency savings and planning for future repairs rather than spending every available dollar, so a manageable monthly payment leaves room for unexpected homeownership costs.