Best Home Loans Ohio Realtors Recommend
When you finally start to really explore the idea of buying a home, you get hit with information and one of the first questions to pop up is "what type of home loan is best for me?" There are several answers to that question provided here, take some time and learn more. It's in your best interest.
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"What is the Best Home Loan for Me?"
Some homes have a few restrictions on financing, for instance homes that need repairs. If you're financing, you cannot do the repairs yourself due to a federal law meant to protect the lender. Funds for repairs are structured into a loan called an FHA 203k. You do get choices and options of materials, colors and styles.
Something you'll need to consider as you learn about the different home loan types below is your credit and financial picture. Some loans are perfect for challenged credit, even down to a 580-600 credit score. Other loans save substantially on initial out-of-pocket expenses. Other loans may have location or condition restrictions.
FHA and FHA 203k - When people ask "what is the best home loan for me?" perhaps the most popular home loans of all are FHA and FHA 203k are both 3.5% down, typically a term of 15-30 years and also one of the most forgiving loans across the board when it comes to credit scores and debt-to-income ratios; a crucial factor for getting approved for a home loan. Again, FHA 203k loans are perfect for homes that need repairs for those buyers who are financing.
Along with FHA's attractive low down payment, some buyers can utilize OHFA (Ohio Housing and Finance Authority) down payment assistance. This is a forgivable grant equaling 2.5% of the purchase price, effectively reducing your down payment to 1%, very exciting for some! Learn more about down payment assistance and grants.
No Down Payment Home Loans; USDA and VA - This type of home loan does have location restrictions, good for communities and areas with populations under 25, 000. Some of the other restrictions include no stock animals such as horses, cattle, pigs or sheep and the home cannot have repairs needed in excess of $5,000. USDA is a home loan, but it's also a form of down payment assistance and grant. Funding for this opportunity tend to run out each year around the onset to middle of Fall. VA No Money Down - Perfect for our military men and women, this no money down financing option applies to homes in move-in-condition.
Ohio Hero's Program - While not a home loan, this program saves you a quarter percent on your interest rate if you're a qualified Ohio Hero. Eligible participants are teachers, paramedics, emergency medical technicians, healthcare workers, policemen, firefighters and active military men and women.
First Time Home Buyer Ohio Resources
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