Central Ohio Real Estate Frequently Asked Questions

Q: I’ve never bought a home before. Where do I actually start?

A: Start with these four steps before you ever look at a listing:

• Get pre-approved for a mortgage (this tells you your true price range and makes sellers take your offer seriously).
• Review your credit report and correct any errors.
• Determine a comfortable monthly payment (including taxes, insurance, and HOA if applicable).
• Save for down payment + closing costs (typically 3–6% of the purchase price).

We walk first-time buyers through all of this during our complimentary buyer consultation.

Q: How much do I really need for a down payment in today’s market?

A: It varies by loan type:

• Conventional: as low as 3% (5–20% is more common)
• FHA: 3.5%
• VA or USDA: 0% possible
• Physician loans & other specialty programs: 0–5%

Many buyers are surprised at how little they actually need upfront when using the right program.

Q: How do I choose the best mortgage for my situation?

A: The “best” loan depends on your timeline, credit, and plans. A trusted lender will compare options side-by-side and explain trade-offs.

We can connect you with several experienced local lenders who consistently close on time and communicate clearly. Getting pre-approved early is one of the biggest advantages you can give yourself in this market.

Q: How long does it take to buy a house right now in Central Ohio?

A: From accepted offer to closing: typically 30–45 days for conventional/FHA, and 45–60 days for VA or certain jumbo loans. The search itself can take anywhere from a few weeks to several months depending on inventory and your criteria.

Q: What are closing costs, and how much should I expect?

A: In Ohio, buyers typically pay 2–4% of the purchase price in closing costs (lender fees, title insurance, escrow, taxes, and related expenses). Sellers traditionally pay the real estate commission.

Q: What happens at the home inspection, and can I back out if issues are found?

A: A professional inspector examines the roof, foundation, HVAC, plumbing, electrical, and more. You’ll receive a detailed report (often 30–60 pages). In Ohio you generally have the right to negotiate repairs, request credits, or — if major issues arise — terminate the contract and receive your earnest money back, subject to the terms of the contract.

Q: Can I buy a home if I’m self-employed or have commission/bonus income?

A: Yes — self-employed buyers close every day. Lenders typically average the last two years of tax returns. Providing clear profit & loss statements and working with a mortgage professional experienced in self-employed files makes the process smoother.

Q: Should I wait for interest rates to drop further?

A: No one has a crystal ball. Historically, buyers who wait for the “perfect” rate often end up paying more for the house itself. Many choose to buy now at today’s price and refinance later when rates improve, if it makes financial sense at that time.