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Replies (17)
- wetdawgs
- Contributions:26790
Unless you are eligible for a VA loan or a USDA (rural) loan, the answer is most likely not.
Probably the best bet is an FHA loan with 3.5% down, requiring a FICO score for most lenders of 640 or higher.
Probably the best bet is an FHA loan with 3.5% down, requiring a FICO score for most lenders of 640 or higher.
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
What wetdawgs said.
You can look into down payment assistance programs. Google ohio first time home buyer down payment assistance and see what comes up.
You can look into down payment assistance programs. Google ohio first time home buyer down payment assistance and see what comes up.
- Andy Matejka, "tejks"
- Contributions:352
USDA RD loans are available if the borrower and property qualify.
- Mike Bjork, "MortgagePlannerMike"
- Contributions:346
USDA and VA offer 100% financing. Another possibility, which may or may not be 100% will be some Down Payment Assistance Programs, but those will need to be specific to your area. Some times they are by the City or other various organizations. You may want to look into those programs. If there are any, then you may want to act fast; as sometimes these programs run out of money, then you have to start over. Best of luck!
- Thomas Hall, "Tennessee Loans"
- Contributions:381
We will orginate loans which will provide you the downpayment assistance needed for an FHA mortgage. You have to meet FHA UW guidelines and OHFA)Ohio Housing Finance Agency) downpayment assistance income guidelines.
Here is the link for the OFHA's website http://www.ohiohome.org/h ... time.aspx
You can contact me through my profile if you have any questions.
- Thomas Hall, "Tennessee Loans"
- Contributions:381
Sorry I forgot to add. The program is only available in a 30 year fixed option and the downpayment assitance at 2.5% is a little shy of the 3.5% required for FHA. So it's really a 99% option
- Sharon Lewis, "Sharon Lewis"
- Contributions:3915
I just saw a usda loan written that way...Talk to a mtg broker. Good luck
- Metro Indy Expert.
- Contributions:197
There are always local banks that have special loans to support community housing.
- Pasadenan
- Contributions:21450
If one can afford a 15 year payment plan, I can't imagine why they can't come up with a reasonable down payment.
Of course the other option that wasn't mentioned is the FHA foreclosures through HUD requiring only $100 down.
Of course the other option that wasn't mentioned is the FHA foreclosures through HUD requiring only $100 down.
- Keane Ng, "Keane Ng"
- Contributions:297
Everyone has already discussed VA and USDA options. If you're not a veteran or buying in a rural area, these won't appy.
The Ohio Housing Finance Commission offers down payment assistance for first time buyers and has special down payment assistance programs for current/ex military, firefighters, law enforcement, health care employees and teachers called "Ohio Heroes". There's also a special grant for recently graduated college students for "Grants for Grads".
Here's a link to the programs:
http://www.ohiohome.org/homebuyer/default.aspx
You can also buy HUD Homes for $100 down at www.hudhomestore.com
The Ohio Housing Finance Commission offers down payment assistance for first time buyers and has special down payment assistance programs for current/ex military, firefighters, law enforcement, health care employees and teachers called "Ohio Heroes". There's also a special grant for recently graduated college students for "Grants for Grads".
Here's a link to the programs:
http://www.ohiohome.org/homebuyer/default.aspx
You can also buy HUD Homes for $100 down at www.hudhomestore.com
- Mike Vazquez, Realtor at ERA, "Mike Vazquez"
- Contributions:62
yes, many wonderful options. if you still need a recommendation contact me through my profile.
Good Luck
Good Luck
- sunnyview
- Contributions:25127
I'm calling shenanigans. The person posting asked about ZERO down options in Ohio. What zero down options do you know about other than VA, USDA, HUD or the OHFA?
Most zero down loans outside of sponsored programs went pop with the bubble. Better to save up if you can to hit the minimum FHA down plus a small reserve if possible to give the you the most loan options possible.
Most zero down loans outside of sponsored programs went pop with the bubble. Better to save up if you can to hit the minimum FHA down plus a small reserve if possible to give the you the most loan options possible.
- Mike Vazquez, Realtor at ERA, "Mike Vazquez"
- Contributions:62
Wow bro, again, not sure where all of the hatred is coming from but let me shed some light on my responses. Many folks have similar questions as the original poster, so by adding answers and opinions, even if they are similar to previous opinions they help the poster and multiple other people out there with the same questions. This is why zillow keeps the posts active. Also, let's try to keep this a positive environment. Negativity doesn't help anything.
- Mike Vazquez, Realtor at ERA, "Mike Vazquez"
- Contributions:62
I was merely offering to recommend a few loan officers. They asked a questions about a loan so likley don't have a professsional yet, or atleast the time of the question. I know loan people. Just trying to help. Not everybody is out to get people. Just trying to offer obligation-free assistance.
Good Luck
- Mike Vazquez, Realtor at ERA, "Mike Vazquez"
- Contributions:62
I agree, and I also don't presume to know what they are thinking or what their current situation is, if things have changed along the way, if they aren't even buying or maybe have already bought. I'm really just trying to help. Can't ever have too many helpful people I think. It's nice Zillow makes it so easy for folks to ask questions and get answers.
Good Luck
Good Luck
- Natasha Kennedy, "Natasha Kennedy"
- Contributions:487
BB&T offers a program with 100% financing and it's not VA loans. You don't have to be military person. It's a special program other banks might offer as well. It's not new, but the property needs to be qualify for that program. Also, FHA loan requares 3.5% dowpayment. You can wrap it up into your offer, so the seller pays it.
" Also, FHA loan requares 3.5% dowpayment. You can wrap it up into your offer, so the seller pays it."
No you cannot. The seller cannot pay the 3.5% down payment on a FHA loan. If you don't know guidelines you should not quote them.
No you cannot. The seller cannot pay the 3.5% down payment on a FHA loan. If you don't know guidelines you should not quote them.
Are there 100% home purchase options anymore?
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