As an OSU employee you have a special home ownership benefit that can provide you with financial education, access to significant savings when buying, selling or refinancing a home and access to non-commissioned advisors who can guide you every step of your journey.
As an employee, you are eligible for special homeownership benefits not available to the general public. Whether you’re thinking of purchasing a home, refinancing or selling a home - or if you plan to do so in the future, you have access to special services and significant savings when you use your Employee Home Ownership Program.
Talk with your benefits advisor to discuss your needs and your financial goals. Together, you can choose the benefits and services that best fit your needs, including:
The requirement of needing a 20% down payment is a myth that goes back to the days our grandparents bought homes. In our current market, less than 6% of first-time buyers have the ability to purchase a home with a 20% down payment. Today, there are options that can serve the needs of eligible employees who have a 20% down payment, only have a small down payment - or zero down payment. Through government-backed loan programs such as VA, FHA, USDA, special program through Fannie Mae and Freddi Mac, as well as down payment assistance loans and down payment grant loans, getting into a home of your own can be very affordable. Thinking of purchasing a home in the future? It’s never too soon to talk with your home ownership benefits advisor about what options may be available to you. Oh... and one of the best parts... for many of the low and zero down payment loan programs, you don’t have to be a first-time buyer!
Do you have family members who want to purchase, sell or refinance a home? Good news... they can use your Employee Home Ownership Benefits! Whether you have aging parents who are looking to downsize, adult children who are ready to buy their first home, a sibling that you like to pass on savings to, or other family members that you’d like to help out, they can use your benefits too - at no charge. All they need to do is give us your name and the name of the company you work for and your employee homeownership benefits advisor will be happy to answer all of their questions and treat them as part of our family too.
There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!
Only 25% of the Americans have a FICO® score between 740 and 800. Here is the breakdown according to Experian.
16% Very Poor (300-579)
18% Fair (580-669)
21% Good (670-739)
25% Very Good (740-799)
20% Exceptional (800-850)
There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a minimum FICO® score of 580 if you want to qualify for the low down payment advantage. The US Department of Agriculture (USDA) does not set a minimum credit score requirement, but most lenders require a score of at least 640. Most Veterans Affairs (VA) lenders require a 620 on a VA loan.
One of the challenges is that Americans are unsure about their credit score. They just assume that it is too low to qualify and do not double check. Credit. com confirmed that only 57% of individuals seek out their credit score at least once a year.
At least 84% of Americans have a score that would allow them to buy a house. If you are unsure what your score is or would like to improve your score in order to become a homeowner, talk to your employee homeownership benefits advisor who can help you create a plan to reach your dream!
Many questions can come up when considering purchasing, selling or refinancing a home. We're here to provide answers to the questions you have, and even the questions you don’t know you have.
Your home ownership benefits advisor can help you navigate the process and share useful information to help in making smart decisions that are a good fit for your lifestyle.
To help guide you in many different areas related to your benefits and home ownership, we have webinars on many topics. Our goal is to provide you with the information needed so you feel prepared and confident in the choices you are making.
Schedule a time to talk with your home ownership benefits advisor.