Buying a Home in Marysville, OH

Are you thinking of buying a home in Marysville, OH? Founded in 1817, the town of Marysville has come a long way while still retaining its small-town, historic charm. If you’re considering buying a home in Marysville, OH, there are some important things to keep in mind during your search. 

As the county seat of Union County, Marysville offers the charm of small-town living with a fast-growing economy due to its well-planned neighborhoods. Marysville is also dedicated to the preservation of nearby historical sites. 

Conveniently located near the Marysville School District, which includes Edgewood Elementary and Marysville High School, Adena Pointe is a good option for families. 

Located near Mill Valley Park, the Mill Valley neighborhood offers ample opportunity for outdoor recreation. Residents can quickly jog over to the park to access its ball fields, disc golf course, and lake for fishing.

The Residences at Bethel Woods are for those who prefer the finer things in life. These residences offer beautiful ranch-style homes, many of which have their very own courtyards on the property.

The median home price in Marysville is $281,762, which means that Marysville homes cost less than the national median of $376,286.

In Ohio, expect to pay between 2-3% of what you pay for your house.

Be aware that at closing, mortgage lenders possibly and will more than often likely ask that you pay half of a year’s worth of property taxes. 

To qualify for a conventional loan when buying a home in Marysville, borrowers generally need a minimum credit score of 620, a stable income, and a low debt-to-income ratio. Additionally, borrowers will typically need to have a down payment of at least 3% of the home's purchase price. They will also have to provide documentation of their income, employment, and assets. It's worth noting that conventional loan requirements vary by lender and may also be affected by the property's condition and location. Therefore, it is important to check with the lender for specific guidelines.

To qualify for an FHA loan in Marysville, borrowers need a minimum credit score of 580, a stable income, and a low debt-to-income ratio. Additionally, borrowers will typically need to have a down payment of at least 3.5% of the home's purchase price. They will also have to provide documentation of their income, employment, and assets. Unlike conventional loans, FHA loans require a mortgage insurance premium (MIP) which can be financed into the loan or paid out of pocket. Furthermore, The property must also meet certain standards set by the FHA, and the lender will also have to be approved by the FHA to originate FHA loans.

To qualify for a VA loan in Marysville, Ohio, you must be a current or former member of the U.S. military or a surviving spouse of a veteran. You will also need a stable income and a low debt-to-income ratio. A minimum credit score is not set by the VA, but most lenders will have their own minimum credit score requirement. Borrowers will typically need to have a down payment of 0% of the home's purchase price, and they will also have to provide documentation of their income, employment, and assets. The property must also meet certain standards set by the VA. VA loans also require a funding fee which can be financed into the loan or paid out of pocket.

To find the best mortgage rate, shop around and compare offers from multiple lenders. Use online tools and check rates from banks, credit unions, and mortgage brokers. Check your credit score and work on improving it before applying. Consider a shorter loan term or a larger down payment to lower your rate. Don't forget to factor in additional costs, such as closing fees.

A larger down payment can help keep monthly mortgage payments lower. By putting more money down, you can decrease the amount of the loan and the interest you'll pay over time. Additionally, a larger down payment may also qualify you for a lower interest rate, further reducing your monthly payments. Consider saving for a bigger down payment before buying a home to keep your monthly payments more manageable.

Increasing your credit score can help you buy a home by making you a more attractive borrower to lenders. A higher credit score can qualify you for a lower interest rate, which can result in lower monthly mortgage payments. Additionally, a high credit score may also increase your chances of being approved for a mortgage loan. Improving your credit score can help you save money and make it easier to purchase a home.

Closing costs are an expected part of buying a home, but that doesn’t mean the buyer needs to be the one to pay them. Your agent can help negotiate terms in which the seller pays the closing costs, allowing you to put your money toward other parts of the home buying process.

Are you thinking of buying a home in Marysville, OH? If so, consider real estate expert Erika Fetherolf of The Fetherolf Group. The dedicated team at The Fetherolf Group is excited to help you through every step of the home buying or selling process and looks forward to being your trusted local advisor on all things Marysville real estate.