Learn How to Buy Columbus Ohio Real Estate with a No Money Down Home Mortgage in Central Ohio
Columbus Ohio - No Money Down Home Mortgage Loans
The sub prime mortgage mess and foreclosure rates have caused lending guidelines to change drastically. Today, most lenders require a minimum credit score of 620 to obtain a home loan.
There are still a few ways to buy a home with no or almost no money down mortgage loan in Columbus Ohio including: government down payment assistance grants, OHFA Ohio bond money, USDA loans, Grants for GRADS, Ohio Heroes Loan Program and VA loans - no money down mortgage loans for veterans. Which one is best for you depends on your qualifications, financial situation, employment history, credit status and how long you plan to be in the home.
We work with home buyers throughout Central Ohio - we can help with your financing, too!
First time home buyer government programs
In July 2008, the Housing and Economic Recovery Act was passed. Among the key provisions of the bill, the program that allowed sellers to provide down payment assistance to FHA buyers through a down payment assistance (DPA) program such as Nehemiah and AmeriDream were eliminated as of October 1, 2008. In addition, the bill increased the down payment requirement for FHA loans from 3.0% to 3.5%.
If you haven’t owned a home in the last 3 years . . . you might qualify as a first time home buyer!
Ohio still offers down payment assistance grant programs, which require almost no money down, for first time home buyers. You must be a first time home buyer – or have not owned a home in the last 3 years, meet income and credit guidelines. It is usually provided 2 times a year until the allotted money runs out.
Ohio Housing Financing Agency Grant Money
The Ohio Housing Finance Agency (OHFA) offers FREE grant money for down payment assistance called Ohio Bond Money, for first time home buyers. This is a great way to buy a home, with almost no money down because OHFA will provide a 2.5% down payment grant, which enables you to buy a home with only 1% down! OHFA offers special benefits for Ohio Heroes (military, veterans, teachers, health care workers, police officers, fire fighters).
CALL 614-746-2115 or complete the form below to get started!
USDA Rural Housing Loans
USDA loans allow you to buy a rural home in Ohio, with zero down. Homes in most of the counties surrounding Franklin County should qualify for a USDA no money down loan. There is an up front guarantee fee of 3.5% of the final loan amount, most of which can be payed by the seller or financed into the loan. Closing costs (not including discount points) can also be financed or paid for by the seller, provided the property appraises high enough to include those costs in the loan.
Start by completing the form below or call Petra at 614-746-2115.
VA Home Loans for Military Veterans
If you’ve served in the military, you may qualify for a VA no down payment mortgage home loan. VA loans offer great benefits including: zero down payment, low rates, easy qualification and NO MORTGAGE INSURANCE (PMI) to keep your monthly payment lower. You’ve earned it and you deserve to take advantage of this incredible opportunity!
Loan Limits Increased – To $417,000!
The US Department of Veterans Affairs, raised the VA loan limits allowing more Veterans and individuals on Active Duty to qualify for VA home Loans. You can now get a VA mortgage loan up to $417,000 with no money down, if you qualify!
I have seen online VA lenders charge much higher closing costs, loan fees, interest rates and inferior service. Local lenders care about their reputation and are highly motivated to provide excellent service, because they want to continue receiving referrals from Columbus REALTORS®.
I recommend using a reputable, experienced local Columbus Ohio lender for your VA mortgage and would be happy to refer you – just call me at 614-746-2115.
NO MONEY DOWN PHYSICIAN HOME LOANS FOR PHYSICIANS IN OHIO
I recently had an Ohio State University medical resident doctor buy a home in the Columbus Ohio area, with a conventional 100% medical professional mortgage Loan! If you’re a doctor interested in buying a home in Central Ohio, with no money down, let me refer you to a Columbus lender who offers a no money down physician home loan, with no private mortgage insurance.
This zero down mortgage for Ohio doctors offers competitive interest rates and closing costs too! This no money down home loan is offered for physicians and other medical professionals including: doctors, dentists, physicians, DDS, DMS, Optometrists, Ophthalmologists, surgeons and more!
CALL PETRA AT 614-746-2115 or complete the form below and I’ll be happy to help find your ideal home and recommend the lender that has the best loan option for you.
Buying Real Estate Investment Property With No Money Down . . .
Because of the sub prime mortgage mess and increased foreclosure rates in Ohio, lenders are no longer offering no money down mortgage loans for investment property. However, if you plan to be an owner occupant on a 2-4 unit multi family dwelling, you could still use the FHA – OHFA first time home buyer down payment assistance grant money loan programs, if you qualify.
Start by completing the form below or call Petra at 614-746-2115.
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- Chris Counts & Jessica McClary, Gahanna, Ohio
“My wife and I needed to move within two months and were very worried about the entire process since we were first time buyers. Petra helped us every step of the way. As soon as we contacted her she began searching for houses in the area and price range we requested. Once we found the house we wanted, she helped us through the offer and counter offer stage and recommended a lender to help us with the financing. She even worked on a counter offer for us on Easter Sunday. We are extremely happy that she was recommended to us and would recommend her very highly to anyone needing a great real estate agent. She patiently answered all of our questions and was very honest with us. The entire home buying process went very smoothly due to Petra’s knowledge, work ethic, and experience. We can not thank her enough.” -Mark & Lisa Grantz