First Time Home Buyers, Ohio
Before any first time home buyer, Ohio programs, incentives or down payment assistance are explored, you still have to get "your ducks in a row." The licensed, preferred mortgage lenders we work with do, however, know how to obtain these first time home buyer Ohio programs.
First, start calculating a comfortable monthly payment, don't bite of more than you can chew. Second, understand how much money you need to buy a home initially, Third, get pre-approved. No matter what you think your credit is like, good or bad, you simply must get pre-approved with a lender. No seller will entertain a financed offer without a pre-approval letter from a qualified mortgage lender. Fourth, work with a Realtor that understands your needs, be it working with down payment assistance, specialized financing or other constraint and has integrity.
First Time Home Buyers, Ohio Realtors That Can Help.
Obviously, there's a little more to first time home buying, or buying real estate period. Our point is, start with these four on our site, and the rest will come into focus. We save our clients thousands, helping them with matching the right financing to the right property, making use of any and all means to save them money from down payment assistance and grants to savings on peripheral expenses like title insurance, home warranty, negotiating for appliance or getting your closing costs covered.
How Much Money Do I Need to Buy a Home?
Calculate an affordable monthly payment, you'll have four items in your mortgage payment: Principle, Insurance, Taxes and Interest and depending on your type of financing, PMI or private mortgage insurance protects lenders in case of default.
It's far better to choose what's comfortable and allows the household budget to still save and set aside money each month. Too, you cut the life of a thirty year loan in half with a 20% extra payment of the principle portion of the mortgage each month, or make one extra payment a year. This builds your equity and credit faster too.
How Much Do I Need for a Down Payment?
Your down payment could be anywhere from zero to 20%, Low down payment loans like FHA for instance are 3.5% and OHFA can get you down to 1% but has some location restrictions. USDA is 0% but has even greater location restrictions though there is ample opportunity in the Buckeye State still. VA is also no money down, however, USDA and VA both have other expenses like the VA's funding fee.
In addition to the down payment, there are closing costs. Closing costs are, in most cases, around $3,000 - $4,000, but again, we excel at getting that expense covered for you. There are additional initial expenses to prepare for, around $1,500 to $2,000 total.
- Earnest Money
- Home Warranty; we typically get the seller to provide this.
- Home Owners Insurance; we get this covered in your closing costs.
One reason it's so important you speak with a lender now, is that they can pull your credit. We don't do that on our site, we just forward your requests to our preferred lenders. But once our licensed preferred lenders pull it, you'll know about about your score, discover errors that need correcting or can obtain guidance to push you past the finish line and get qualified. There are many simply things you can do to improve you credit.
Talk to our preferred mortgage lenders. We don't ask for any sensitive information, but forward your request to our preferred licensed mortgage lenders that we work with and help you get preapproved quickly.
Work With Us
We'll help you every step of the way, answer all your questions and champion your cause. Our business runs on satisfied clients that refer to us year after year. We buy and sell dozens of homes annually without chasing commission checks. See the homes you want to see, share your concerns. We're on your side, and proud of our reputation.