The Path to Your First Home Starts Here

Welcome Home: A First-Time Buyer’s Guide to Getting Started

Buying your first home is a big milestone—and it’s normal to have questions before taking the first step. Many renters and young buyers think homeownership is something that’s still years away, but with the right tools and guidance, getting started can be more achievable than it seems.

At CODE, our goal is to make the path to homeownership clearer, simpler, and less overwhelming. Whether you’re just starting to explore the idea or actively planning your next move, we are here to help. Click HERE to explore your homebuying options through our Financial Wellness Center and get started with the resources you need.

Start With the Basics

Before looking at homes, it helps to understand a few key pieces of the process:

• – Your budget: Knowing what you can comfortably afford each month is one of the most important first steps. This includes your potential mortgage payment, property taxes, insurance, and maintenance. See if you can afford a mortgage HERE.
• – Your credit and finances: Lenders look at your credit history, income, and existing debts to determine what loan options may be available. Check out our Get out of Debt budgeting coach or learn more about your Credit Score!
• – Your goals and timeline: Are you planning to buy soon, or are you still in the early planning stage? Defining your timeline helps shape the right next steps. To view our Budgeting Calculator click HERE.

Getting familiar with these basics early can make the entire process feel more manageable and far less stressful.

Rent vs Own in the Dayton Area

Recent county-wide data shows the average rent in Montgomery County is around $1,200 per month. At the same time, the average home sales price in the Dayton area is approximately $150,000*.

Depending on individual qualifications, purchasing a home at that price point may result in a monthly payment that is comparable to — or in some cases lower than — what many renters are currently paying.

That leads to an important question:

Paying around $1,500 in rent? Would you rather own a home for less?

Every situation is different, and actual payments depend on loan terms, down payment, credit profile, taxes, insurance, and other factors. That’s why we encourage members to review their personal numbers and use our calculators to compare renting versus owning based on their own financial picture.

The best way to know what’s possible is to run the numbers for yourself. Try out our “Should I Buy or Rent” calculator HERE! Or, read more here to determine if you’re ready to buy or not? To Buy or Not to Buy?

Explore Your Home Loan Options

Also available within the Financial Wellness Center, you can find great resources to help you navigate the home buying process. Topics include these and many more:

• – Learn about different home loan options https://codecu.banzai.org/wellness/resources/buying-a-home
• – Get a clearer picture of what you may qualify for

https://codecu.banzai.org/wellness/resources/buying-a-home#mortgage-affordability-coach

• – Start the application process when you’re ready

Continue Application | CODE Credit Union

You don’t need to have everything figured out on day one. The goal is to give you a clear starting point and helpful guidance along the way.

Your Next Step Starts Here – you many qualify for grant funds through the Welcome Home program!

Buying your first home doesn’t have to feel out of reach. With the Welcome Home Program, eligible members can receive up to $20,000 in grant funds to help with down payment and closing costs—making homeownership more achievable than ever.

Whether you’re just starting to plan or ready to take action, CODE’s mortgage team can help you prepare —reviewing income documentation, checking requirements, and pre-approvals—so you’re ready when funds open on April 6, 2026. For more information click HERE.

 

Build Confidence With Financial Education

One of the biggest challenges for first-time buyers is simply knowing where to start. That’s where CODE’s Financial Wellness Center comes in.

The Financial Wellness Center offers helpful tools and resources to help members:

• – Understand budgeting and saving
• – Learn how credit works
• – Prepare for major financial milestones like buying a home

Think of it as a way to build your knowledge and confidence before making big decisions. The more you understand your finances, the more prepared you’ll feel when it’s time to move forward.

 

*Data gathered from https://www.realtor.com/local/market/ohio/montgomery-county/dayton, https://www.zillow.com/home-values/31184/the%20area-oh/