Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
Providing financing in Lucas, Cuyahoga, Lorain, Medina, Wood, Summit, Montgomery, Licking, Deleware, Warren, Hamilton, Butler, Franklin, Fairfield, Stark, Wayne, Knox and many other Ohio counties.
Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
 
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.

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Downpayment - How Much is Needed? 

When buying a home you may be required to make a down payment depending on numerous factors, such as your credit score, your debt to income ratio, your employment information, the amount of money you have in reserves and various other factors. Consult with a mortgage professional to see how much of a down payment you would need to come up with to buy a home. You may even be able to buy a home without making a down payment at all. This is often referred to as 100% financing. Many homeowners buy their homes without a down payment so that they can save their cash for other things or for emergencies.

How much is needed for a downpayment on a mortgage will depend on a variety of number factors including but not limited to your credit scores, the mortgage program you are trying to qualify for, your employment history, your debt to income ratios, and many other factors. Another factor in determining how much of a downpayment is needed is how much, if any, you as a homebuyer can afford and would prefer to put down on the purchase of a new home. Therefore, how much of a downpayment that is needed is dependent upon many different factors and this number is different for everyone. Some people may be required to make no downpayment at all, while others may need to make a 20% or more downpayment because of a variety of different factors.

Many times you can qualify for better financing terms if your have 2 months mortgage payments in reserves after closing. This shows savings for unexpected circumstances and reduces the risk associated with a loan.

The amount of down payment required in relation to house price changes with economic conditions. During times of market contraction and credit crunch, banks tend to set higher downpayment requirements.

In determining how much of a downpayment is needed consider your risk tolerance. If a low downpayment is made then potentially you could have problems if the value of your home declines. With a larger down payment you can sleep soundly knowing you have enough of a cushion to protect against any downturn.

It is also important to have some savings to fall back on after you close on a home. You may be better off with a smaller down payment with some savings for unexpected expenses or necessary repairs and updates. For each additional $1000 put down on a home, the monthly payment reduction is generally less than $7.

A popular source of down payment for First Time Home Buyer's is a gift from family. Not only does the down payment make the loan less risky to the lender, the buyer's payment is often reduced to a manageable level as well.

Your Down payment will depend on:

-If your seller is going to help contribute to the purchase of your home.
-If you qualify for a 100% LTV mortgage
-Your credit score
-Length of employment


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