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.
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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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Ohio down payment assistance programs 

Ohio 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.

Can I buy a home without having a down payment? - Is it possible to buy a home without any money for a down payment? This is one of the most common questions asked, especially by first time homebuyers. Yes it is very possible to buy a home without the availability of any money for a down payment. In fact, in 2005 almost half of the first time home buyers that purchased homes bought a home without having a down payment and using a 100% financing program.

There are many different options for buyers looking for zero down programs. Some offer true 100%financing by allowing you to borrow up to 103% or 107% of the purchase price to cover closing costs. Others allow gifts from family members to cover all or a portion of a down payment.

Even if you are approved for 100% financing, there are still other costs to consider. There will be closing costs and things like homeowner's insurance and home inspections. You may be able to get the seller to agree to pay your closing costs. They are generally allowed to contribute up to 6% of the purchase price. Make sure you ask your loan officer how much cash you will need to close.

When a seller pays your closing costs, there are usually limits as to which closing costs they can pay. Most of the time, the seller can only pay for non-recurring closing costs, and you will still be required to pay the rest.

There is a downpayment assistance program that I am involved in that helps home buyers to get downpayment and closing help. If you want to know more, please send an email to oncoursellc@bellsouth.net.

Saving for a down payment - Saving funds for a down payment should be part of an overall program to get your finances in order prior to shopping for a home. This includes rounding up financial records, examining your spending habits, and setting a budget you can live with. Remember, too, that the down payment is not the only up-front expense. An allowance for closing costs should also be included in your savings budget.

Many people use tax refunds every year to help with for a down payment and/or closing costs when trying to buy a new home. There are many other ways to save for a down payment, however in this day and age it is not even necessary to always have to come up with any money to use for a down payment and/or closing costs. There are a lot of 100% home loan financing programs available and there are many ways to be able to not have to pay any money out of pocket for closing costs as well. Consult your Ohio mortgage broker now before interest rates increase to see if you can qualify for a mortgage with zero down, or better yet no money at all out of your pocket.

Making a down payment is the best way to reduce your interst rate because the loan is less risky to the lender. As little as 5% down can sometimes make a big difference your interest rate and lower your montly payment.

Consider setting up an automatic savings plan where you work. A certain amount of money can be deposited in your "down payment savings account" automatically each week and deducted from your paycheck.

One way some engaged couples accumulate their down payment money is with a Down Payment Bridal Registry Account. Friends and family can give gifts in the form of cash or checks to the couples registry account. As much fun as it is to open up gifts of towels, casserole dishes, crystal and candles at your wedding reception, knowing your friends and family are helping you buy your first home together is better!


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