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Answers (7)
- Mark Nehs, Wisconsin, "WI Mortgage Lender"
- Contributions:250
Agree with comments below. In Wisconsin it would be RD loans and VA at 0% and then FHA at 3.5% and sounds like the same in Ohio.
- Metro Indy Expert.
- Contributions:197
Ask for referral of a mortgage broker who can offer several options.
- Thomas Hall, "Tennessee Loans"
- Contributions:381
The OFHA downpayment assistance is for 2.5% so you would still need to come up with a minimum of 1%
- Brandon Longhurst, "blonghurst"
- Contributions:8
Jennifer was right in many respects. In my area we have a loan that is call an RD Loan o Rural Development Loan Program provided by the USDA. It sis a 100% loan program and requires no money down.
FHA - 3.5 % Down Generally
IHFA or Idaho Housing & Finance Association - They have many great programs to use - here is there website for more information - http://www.ihfa.org/ihfa/about-ihfa.aspx
Conventional Loan Products - Starting at 5% Down
And a really good realtor to refer you to a great lender is always needed.
FHA - 3.5 % Down Generally
IHFA or Idaho Housing & Finance Association - They have many great programs to use - here is there website for more information - http://www.ihfa.org/ihfa/about-ihfa.aspx
Conventional Loan Products - Starting at 5% Down
And a really good realtor to refer you to a great lender is always needed.
- Thomas Hall, "Tennessee Loans"
- Contributions:381
Assuming you are buying in Ohio. You may be eligible for downpayment assistance available through Ohio Housing Finance Agency (OFHA). You must meet certain income eligiblity requirements as well as purchase price eligiblity.
Here is a link to their website http://www.ohiohome.org/homebuyer/first_time.aspx
If you would like further help on whether or not you are eligible for this program you can contact me through my profile.
Using OFHA you can possibly finance the home with little to no money out of pocket assuming the contract is negotiated to include closing costs paid by seller
Here is a link to their website http://www.ohiohome.org/homebuyer/first_time.aspx
If you would like further help on whether or not you are eligible for this program you can contact me through my profile.
Using OFHA you can possibly finance the home with little to no money out of pocket assuming the contract is negotiated to include closing costs paid by seller
- Randy Garrett, "Ga Mortgage Broker"
- Contributions:13
Jennifer's response was right on!
a couple of additional comments...
If you are buying in a qualified USDA rural development area, there are Gauranteed Rural Housing loans where you can actually finance up to 102% of the price (allowing financing of closing costs as long as the appraised value exceeds sales price covering additional 2%). There are geographic and income and some u/w restrictions.
...One comment regarding the FHA downpayment... If you do not have the funds yourself to meet the downpayment requirment it can be obtained as a gift from a family member or documented "significant other" that you can prove to have a "qualified relationship" with.
good luck
a couple of additional comments...
If you are buying in a qualified USDA rural development area, there are Gauranteed Rural Housing loans where you can actually finance up to 102% of the price (allowing financing of closing costs as long as the appraised value exceeds sales price covering additional 2%). There are geographic and income and some u/w restrictions.
...One comment regarding the FHA downpayment... If you do not have the funds yourself to meet the downpayment requirment it can be obtained as a gift from a family member or documented "significant other" that you can prove to have a "qualified relationship" with.
good luck
- Jennifer Dodge, "Destin.Fl.Realtor"
- Contributions:271
That depends on many factors. Short Answer:
VA - Military no down payment 100% financing, do not have to be first time buyer
FHA - 3.5% purchase price, do not have to be first time buyer
Bond Money - will be locally, possible to do 100% financing
The best thing to do is contact a local lender and possibly your bank. They will be able to give you a better idea as to the loan programs available to you. Hope this helps some! Good luck and congratulations on your decision to buy!
VA - Military no down payment 100% financing, do not have to be first time buyer
FHA - 3.5% purchase price, do not have to be first time buyer
Bond Money - will be locally, possible to do 100% financing
The best thing to do is contact a local lender and possibly your bank. They will be able to give you a better idea as to the loan programs available to you. Hope this helps some! Good luck and congratulations on your decision to buy!
How much downpayment do you need for first time buyer loan?
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