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.
"What is the Best Home Loan for Me?"
You've come to the right place to learn about home loans for first time buyers. Some homes have a few restrictions on financing, i.e. homes that need repairs. If financing, you cannot do repairs yourself due to federal laws that protect lenders. Funds for repairs are included in an FHA 203k.
Something you'll need to consider is your credit, savings and debt-to-income ratio. 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 - A popular home loan for distressed properties is an FHA 203k; and one of the most forgiving loans across the board when it comes to credit scores and debt-to-income ratios; a crucial factor.
Along with FHA's attractive 3.5% down payment, buyers can utilize OHFA down payment assistance; A forgivable grant equaling 2.5% of the purchase price, reducing your down payment to 1%.
No Down Payment Home Loans; USDA and VA - This home loan has location restrictions, good for locations with populations under 25, 000. Other restrictions include no stock animals; horses, cattle, pigs or sheep and cannot require repairs exceeding $5,000. Funding for this opportunity runs out each year around 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.
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