First Time Homebuyer Information & Education

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Down Payment Assistance

Down Payment Assistance - One of the biggest topics for first time home-buyers involves down payment money. The questions range from do I need to have any money to make a down payment on a home to how can I get some money to assist with making a down payment. There are many different ways to buy a home with a down payment or without and there are many different down payment assistance programs available throughout the country. Consult your OH mortgage broker to find out more information about down payment assistance and home mortgage loan programs for first time home-buyers.

Down payment assistance programs are not a free ride. The buyer is often required to take first time home-buyer classes and meet with budgeting and credit counselors. The process can be lengthy.

Also, the home usually has to pass an inspection performed by the entity offering the down payment assistance. This can also slow down the transaction.

In addition, the buyer is often required to live in the property for a set period of time.

All down payment assistance programs work differently and not all lenders will allow a borrower to use them.

The types of programs that are available to you will depend largely on your credit history. For many first time homebuyers an FHA loan is an excellent choice because it allows your friend and family to assist you in the purchase of a house by providing a down payment "gift" to help you with your down payment. If you do not have any cash to put down yourself, and do not have family who are able to assist you there are plenty of other types of loans available that do not require a down payment at all.

Mny first time buyers look for down payment assistance programs because they erroneously believe they need a large down payment to buy a home. Actually a good loan officer, with the asistance of a good real estate agent, can usually get you 100% financing with liile or no closing costs.

OH down payment assistance programs - Questions about down payment assistance programs are a very common question for a homeowner to ask a mortgage professional. These types of programs are usually for first time home-buyers, and each community or program usually has its own rules, guidelines and procedures for figuring out who qualifies for them.

Contrary to popular belief, you do not have to be a minority or a low income borrower to qualify for down payment assistance. There are programs available for many different scenarios.

OH down payment - Sometimes, to get the best rate possible, youll be required to pay 20% of the purchase price as a down payment. Along with getting you a better interest rate, it will also allow you to avoid PMI, which is another expense added onto your mortgage payment.

If you are not able to put down a full 20% down payment on your home purchase, many lenders in OH offer alternative programs which allow you to use a smaller down payment.

Such programs offer 75% loan to value on your first mortgage, a 15% second mortgage, with a 10% downpayment. Some lenders also offer a 80% loan to value on your first mortgage, 10% second, along with a 10% down payment option.

Having MI is not always a bad thing, sometimes you can qualify for much lower rates and still have a lower payment with MI than you would at a higher rate with no MI...Not everyone has 10 or 20% to put down, don't feel bad...

Special programs such as VA loans do not require any down payment. Check with your mortgage professional for details on these programs.

Very few consumers in OH have little to any money available for a down payment to buy a home. This is why many consumers don't think they can buy a home without a big enough down payment. The truth is that there are so many programs available now-a-days that will allow people to buy a home with very little to no down payment. There are even many ways and programs to be able to avoid having to pay for closing costs out of your pocket when buying a home as well. There are 100% 1 loans with and without PMI, there are 80/20 combo loans, there are seller concessions, there are 103% loans, and many, many other programs out there just for people like you and me who do not have money for a down payment on a home. Consult a mortgage professional today to see which programs you qualify for and which program will work best for you to save you the most money.

There many special loan programs in OH that allow you to buy a home with little or no money down, as opposed to the conventional 20% down payment.
Contact Dave Zwierecki at 440-614-0130 or dave@gofirstsecurity.com to take advantage of these great programs!

Everyone deserves to be able to purchase a home. Unfortunately a lot of people just don't have much of a down payment, or so they think! There are programs available, some that not even your best friend may not tell you about! Call [full name] at 440-614-0130 or dave@gofirstsecurity.com, I'll guide you through that maze of loans and help you get that dream house you deserve!

 

Information listed above is to be used for educational purposes only and is not guaranteed

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