Attention LGBTQ+ Ohioans: You really can own a home. Truly!

Let’s get the biggest misconception out of the way: Home ownership is out of reach. 

It isn’t. 

“A lot of folks think they need to make a lot of money to purchase a home, and that’s just not the case,” said Jim Matyas, an Ohio-based manager for Rate, a mortgage lender. “You can get a mortgage for less than you currently pay in rent.”

And yet despite the many documented benefits of homeownership – including tax benefits, the opportunity to build credit, wealth-building and access to an established local community – LGBTQ+ Ohioans are far less likely to be homeowners than their straight counterparts. 

The latest data indicates that LGBTQ+ people are a staggering 20% less likely to be homeowners: a 51% homeownership rate for LGBTQ+ individuals, compared to 71% straight cisgender people. 

Part of that discrepancy can be traced to the difficulties in navigating the financial lending process. The application process is fraught with questions determined by the federal government, including forcing homeowners into a male and female binary and a strict definition of marriage that doesn’t always include LGBTQ+ relationships. For LGBTQ+ potential homeowners, this can involve uncomfortable conversations with straight lenders who don’t understand the nuances of identifying as an LGBTQ+ individual. 

“Having queer representation in this process is key,” said Matyas, an out gay professional. “LGBTQ+ lenders know how to navigate the required questions in a caring and thoughtful way.”

“Although I can’t change the loan application, I know how to support LGBTQ+ individuals through stressful questions in a stressful process simply because I understand their experience,” added Matyas.

For LGBTQ+ Ohioans pursuing homeownership, the services at Rate are plentiful and include:

1. Inclusive mortgage pre-Approvals
   Offering judgment-free, welcoming consultations and mortgage pre-approvals tailored to all family structures and identities.
2. Down payment assistance guidance
   Helping LGBTQ+ clients access federal, state or local assistance programs that align with their financial situation and homeownership goals.
3. Credit and financial coaching
   Providing guidance to improve credit scores, understand debt-to-income ratios and prepare for long-term financial success.
4. Fair housing and anti-discrimination advocacy
   Educating clients about their legal protections and advocating for their rights during the homebuying process.
5. Trans-affirming name and ID support
   Working with borrowers who may be in the process of legal name or gender marker changes, ensuring respectful handling of documentation.
6. Partnership-friendly applications
   Supporting unmarried partners, co-buyers or chosen family arrangements in the mortgage process with flexible underwriting options.
7. Refinancing for equity access or renovation
   Helping LGBTQ+ homeowners tap into equity for renovations, especially in affirming or safe community areas.
8. Educational workshops and homebuyer seminars
   Hosting events specifically for LGBTQ+ individuals and couples to learn about the mortgage and homeownership process in a safe space.
9. Safe community referrals
   Connecting clients with real estate agents, appraisers and contractors who share inclusive values and understand LGBTQ+ client needs.
10. Post-close support and housing resources
    Offering continued support after closing, including resources on home maintenance, tax strategies and protection against discrimination.

But first is showing LGBTQ+ Ohioans – and disbelieving younger LGBTQ+ individuals in particular – that homebuying is indeed possible. Sometimes that just means showing clients some simple math.

“Paying rent for two years is the equivalent of putting 20% down on a $300K home,” Matyas explained. “That’s how much money we’re throwing away. That’s us not investing in ourselves but paying money to someone else for their financial gain.”

In his 20 years working with LGBTQ+ clients, Matyas has ushered clients through more success stories than he can count. But his greatest satisfaction is seeing that transformation from doubters into homeowners.

“Over and over again, I get to work with LGBTQ+ people who start with disbelief and end up moving into their own home 60 days later,” Matyas said. “There’s real joy in being a part of that journey.” 🔥

IGNITE ACTION

• “You don’t have to do this alone. With a team that understands your needs and values, buying a home becomes less intimidating and a whole lot more exciting. We’re here to support you every step of the way.” Connect with our team by scheduling a consultation here.