Overview
| Market Position | Top-15 U.S. homebuilder by closings; 9,055 homes delivered in FY2024 generating $4.5 billion in revenue (SEC 10-K, Feb. 2025) |
| Stock Ticker | NYSE: MHO |
| Headquarters | Columbus, Ohio (Easton Town Center corporate office since 2020) |
| Founded | 1976 by Irving and Melvin Schottenstein in Columbus, Ohio |
| Affiliated Lender | M/I Financial, LLC (NMLS #50684); wholly owned subsidiary since 1983 |
| FY2024 Revenue | $4.5 billion; net income of $563.7 million ($19.71/diluted share) (SEC 10-K) |
| Markets Served | Austin, Charlotte, Chicago, Cincinnati, Columbus, Dallas, Detroit, Fort Myers/Naples, Houston, Indianapolis, Minneapolis, Nashville, Orlando, Raleigh, San Antonio, Sarasota, Tampa |
| BBB Status | Not BBB-accredited in most markets; M/I Homes of Charlotte, LLC holds a D- rating with 38 unresolved complaints (BBB profile, accessed 2025) |
M/I Homes, Inc. was founded in 1976 in Columbus, Ohio by cousins Irving and Melvin Schottenstein, who had previously developed thousands of apartments and pioneered one of Central Ohio's first golf course communities. The company became Central Ohio's top homebuilder by 1979, expanded into Tampa, Florida in 1981, and went public on the NYSE in 1993. M/I Homes now operates in 17 markets across 10 states, including Ohio, Florida, Texas, North Carolina, Indiana, Illinois, Minnesota, Michigan, Tennessee, and Georgia. The company operates M/I Financial, LLC (NMLS #50684), a wholly owned mortgage lending subsidiary that has been in operation since 1983 and has closed on approximately 100,000 homes.
According to SEC filings, for FY2024 M/I Homes delivered a record 9,055 homes and generated $4.5 billion in revenue, a 12% increase over FY2023. The company reported net income of $563.7 million. M/I Homes' 10-K risk factor disclosures note that the company is subject to construction defect and warranty claims, litigation risks, and regulatory compliance obligations. Court records in Florida and Illinois document multiple construction defect lawsuits involving M/I Homes subsidiaries. The company's warranty program provides one year of workmanship coverage, coverage for distribution systems, and 10 years of structural warranty coverage.
Documented Contract Patterns
The following patterns have been documented in M/I Homes purchase agreements. Not every contract contains every clause, and language varies by state and community.
Mandatory Binding Arbitration
M/I Homes purchase agreements may contain mandatory binding arbitration provisions that require buyers to resolve disputes outside of court. The company's warranty documentation references a Dispute Resolution process that includes both mediation and arbitration pathways. Buyers who sign arbitration provisions may waive their right to a jury trial and to participate in class action lawsuits. Review these provisions carefully before signing.
Class Action Waiver
Arbitration provisions in new-construction purchase agreements frequently include class action waiver language. If present in an M/I Homes contract, this clause would prevent buyers from joining together in class action litigation over common construction defect issues, requiring each buyer to pursue claims individually through arbitration.
Limited Warranty as Exclusive Remedy
M/I Homes' warranty program provides one year of workmanship coverage and 10 years of structural warranty coverage. The limited warranty may be designated as the buyer's exclusive remedy, potentially displacing implied warranties of habitability or fitness under state law. In the Illinois Supreme Court case Acuity v. M/I Homes of Chicago, LLC (2023 IL 129087), a townhome owners' association alleged breach of implied warranty of habitability against M/I Homes for construction defects causing water intrusion. Buyers should verify whether their state permits waiver of implied warranties in new-construction contracts.
Deposit Forfeiture / Earnest Money Terms
M/I Homes purchase agreements govern the conditions under which earnest money deposits may be forfeited upon buyer cancellation. BBB complaint records for M/I Homes document disputes in which buyers sought return of deposits after financing contingency issues arose. The specific terms of refund eligibility and cancellation windows are set by the builder's contract language and vary by market.
Limitation of Liability / No Consequential Damages
New-construction purchase agreements typically limit the builder's monetary liability. M/I Homes' contracts may cap the builder's total liability or exclude recovery of consequential damages such as temporary housing costs, lost rental income, or diminished property value resulting from construction defects. Buyers should review whether the contract limits remedies to repair or replacement at the builder's discretion.
Affiliated Lender Incentives
M/I Financial, LLC (NMLS #50684) is the wholly owned mortgage subsidiary of M/I Homes, operating since 1983. M/I Financial offers conventional, FHA, VA, jumbo, and adjustable-rate mortgage products. Builder incentives such as closing cost credits or interest rate buydowns may be contingent on using M/I Financial. Under RESPA, buyers are not required to use the affiliated lender, but should compare rates and terms with at least two independent lenders to ensure competitive pricing.
Restrictive Limited Warranty Exclusions
M/I Homes guarantees homes are free from construction workmanship and material defects for one full year. Common issues such as exterior paint, drywall, trim, and finish defects must be reported within this 12-month window. BBB complaint records document homeowner disputes involving warranty claims for roof leaks, HVAC problems, plumbing issues, and drainage defects where coverage was contested or response times were disputed.
Third-Party Warranty Administration
Structural warranty claims may be administered through a third-party warranty program rather than by M/I Homes directly. This structure may require homeowners to navigate an additional claims process separate from the builder's own warranty department, potentially adding complexity and delay to dispute resolution for major structural issues during the 10-year structural coverage period.
Model Home / Specification Discrepancy Risk
The purchase agreement may specify that model homes contain options, upgrades, and decorator items not included in the base purchase price. Buyers who rely on model home presentations rather than written contract specifications may receive a home that differs from expectations. Ensure that specific material selections and features are documented in the purchase agreement or an addendum.
Material Substitution at Builder's Discretion
The builder may reserve the right to substitute materials, appliances, or fixtures with alternatives deemed equivalent at the builder's sole discretion without requiring buyer approval. This is standard in new-construction contracts but may result in buyers receiving different products than what was specified during the design selection process.
Independent Inspection Restrictions
The purchase agreement may limit when, how, or whether the buyer can hire an independent home inspector during construction or prior to closing. Given the documented construction defect litigation against M/I Homes subsidiaries in Florida and Illinois courts, independent inspections at pre-drywall and pre-closing stages are a key buyer protection. Buyers should confirm inspection rights before signing.
Closing Date Acceleration / Delay Penalties
If the buyer cannot close by the date specified in the purchase agreement, the contract may impose per-day financial penalties or grant the builder the right to terminate and retain the deposit. Buyers should verify whether the contract provides equivalent remedies if the builder causes closing delays.
Change Order Cost Escalation
Changes to selections or design after contract execution may be subject to significant change order fees and markups. The purchase agreement may grant the builder sole discretion over whether to permit changes and at what cost. Buyers should confirm change order pricing before signing the purchase agreement.
Punch List Limitation
The contract may restrict the timeframe or scope of the punch list, limiting the buyer's ability to document incomplete or defective work before closing. Items not identified within the builder's specified window may be excluded from the builder's repair obligations and instead fall under the limited warranty process.
Legal History
Selected cases and investigations involving M/I Homes construction quality, contract enforcement, and lending practices.
Acuity v. M/I Homes of Chicago, LLC
A townhome owners' association in Hanover Park, Illinois alleged breach of contract and breach of implied warranty of habitability against M/I Homes as the general contractor, developer, and seller, claiming that subcontractors used defective materials and faulty workmanship causing water intrusion and damage to the townhomes. In a landmark decision (2023 IL 129087), the Illinois Supreme Court addressed insurance coverage for construction defect claims, holding that property damage from faulty work can constitute an occurrence under standard CGL insurance policies.
Sanford v. M/I Homes of Tampa, LLC
James R. Sanford filed a construction defect lawsuit against M/I Homes of Tampa LLC on February 12, 2021. The case was disposed. (UniCourt case record)
Jones v. M/I Homes of Tampa, LLC
Raymond Jones filed a construction defect lawsuit against M/I Homes of Tampa LLC on April 26, 2021. The case was disposed. (UniCourt case record)
Jenkins v. M/I Homes of Orlando, LLC
Mario Thomas Jenkins filed a construction defect lawsuit against M/I Homes of Orlando, LLC on December 29, 2021. (UniCourt case record)
D'Amico v. M/I Homes of Tampa, LLC
Anthony D'Amico filed a lawsuit against M/I Homes of Tampa LLC. The case was filed in Hillsborough County. (Trellis.Law case record, Case No. 24-CA-002052)
Almodovar v. M/I Homes of Orlando, LLC (Stucco Defect)
Omar and Kristina Pulido Almodovar filed a complaint against M/I Homes of Orlando LLC alleging breach of contract and negligence, claiming damages from improper installation of the stucco system. The plaintiffs alleged M/I Homes failed to construct the home in accordance with the Florida Building Code and industry standards, and failed to adequately supervise construction. (Florida Record)
Sandoval v. M/I Homes of Orlando, LLC (Stucco Defect)
Aurelio and Lourdes Sandoval filed a complaint against M/I Homes of Orlando LLC alleging breach of contract, claiming the defendant improperly installed the stucco system on their Winter Garden home. (Florida Record)
Malik v. M/I Homes of Orlando, LLC (Stucco / Building Code)
Tahir A. Malik filed a complaint against M/I Homes of Orlando LLC alleging violation of the Florida Building Code and applicable standards by inadequately and improperly installing the stucco system. (Florida Record)
M/I Homes of Tampa, LLC v. Southeast Stucco, Inc.
M/I Homes of Tampa, LLC filed a construction defect lawsuit against its subcontractor Southeast Stucco Inc. on July 24, 2020. The case status was listed as pending. (UniCourt case record)
M/I Homes of Tampa, LLC v. MAB Stucco, Inc.
M/I Homes of Tampa, LLC filed a construction defect lawsuit against subcontractor MAB Stucco, Inc. on November 12, 2021. (UniCourt case record)
What Buyers Should Know
- Review arbitration and dispute resolution clauses carefully. M/I Homes' contracts may include binding arbitration and class action waiver provisions. These clauses can limit your ability to pursue claims in court or join with other homeowners in class action litigation. Consult a real estate attorney before signing to understand what dispute resolution rights you may be waiving.
- Compare M/I Financial with independent lenders. M/I Financial, LLC (NMLS #50684) is a wholly owned subsidiary of M/I Homes that has been in operation since 1983. While builder incentives may be tied to using M/I Financial, RESPA prohibits requiring buyers to use an affiliated lender. Compare rates, fees, and loan terms with at least two independent lenders before committing.
- Hire an independent home inspector before closing. Court records in Florida document multiple construction defect lawsuits against M/I Homes subsidiaries, including allegations of improper stucco installation, water intrusion, plumbing defects, and building code violations. The Illinois Supreme Court case Acuity v. M/I Homes of Chicago (2023) involved a townhome development with alleged water intrusion from faulty exterior work. Request inspections at pre-drywall, pre-closing, and final walkthrough stages.
- Understand the warranty coverage windows. M/I Homes provides one year of workmanship and material defect coverage, additional coverage for distribution systems (HVAC, plumbing, electrical), and 10 years of structural warranty. Exterior paint, drywall, trim, and finish defects must be reported within the first 12 months. Document and report any defects promptly in writing.
- Know your deposit forfeiture terms before signing. Understand the specific cancellation windows and conditions under which your earnest money deposit may be forfeited. BBB records document disputes over deposit refunds with M/I Homes. Confirm the refund timeline and any contingencies (financing, appraisal, inspection) that protect your deposit.
- Document all material selections and model home promises. The purchase agreement may allow the builder to substitute materials at its discretion. If specific finishes, fixtures, or features were shown in the model home or discussed during the sales process, ensure they are documented in the purchase agreement or an addendum rather than relying on verbal representations.
- Consider a professional contract review. M/I Homes' purchase agreement is drafted by the builder's attorneys and may include provisions limiting your remedies, waiving class action rights, and requiring arbitration. An independent review by a real estate attorney or contract analysis service can identify clauses that may limit your rights as a buyer.