In Ohio, a DUI is known as an OVI, or operating a vehicle impaired. OVIs are serious and can have far-reaching consequences beyond legal penalties.
Buying a home is one significant area where an OVI conviction can have a lasting impact.
Creditworthiness and mortgage approval
Lenders carefully evaluate the creditworthiness of mortgage applicants. A key factor in this assessment is the applicant’s credit history. It includes any past convictions or legal issues. An OVI conviction can negatively affect a person’s credit score, making it harder for a person to get a mortgage or favorable loan terms. Lenders may view individuals with an OVI conviction as higher risk borrowers, potentially resulting in higher interest rates or even denial of the mortgage application.
Insurance premiums and homeownership costs
Homeownership comes with various costs, including homeowners insurance. Insurance companies consider many factors when determining premiums. A history of OVI convictions can signal to insurers higher odds of risky behavior, such as property damage or personal injury accidents. As a result, individuals with an OVI conviction may face higher insurance premiums, increasing the overall cost of homeownership.
Potential impact on employment and income
Employment stability and income level are major considerations for lenders when they assess mortgage applications. An OVI conviction can jeopardize both of these factors. Depending on the nature of the offense and the individual’s occupation, an OVI conviction could lead to job loss or difficulty getting future employment opportunities. A decrease in income or loss of employment can make it harder to afford mortgage payments, potentially leading to financial strain or foreclosure.
It is important for individuals to carefully consider these implications, among other issues, when they face OVI charges.