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Ohio First Time Home Buyer

Real Estate Market News

ohio-first-time-home-buyerFirstHomeBuyers predicted that rates would tick up to 4.25% in 2013 and currently, rates sit at 4.00%-4.25% range. Our forecast for mortgage rates for 2014 is 5.50% by the end of next year due to the strong probability of Federal rate tightening policies in 2015. Furthermore, any bad news such as a prolonged government shutdown could cause rates to skyrocket to 6% to 7% so buy your first home now before the opportunity of a lifetime slips through your hands.

The inventory of foreclosures are shrinking so bargain basement prices on homes are starting to disappear and home prices have gone up about 4% in the last year. Ohio first homebuyers need to contact a loan professional to get preapproved and find themselves a good local real estate agent to improve their chances of becoming a homeowner while prices and mortgage rates are still low.

 

Ohio First Time Home Buyer Programs

USDA 100% Financing Program apply now
Zero down payment
640 minimum credit score
Property must be located in targeted area. Check property eligibility. Email Dream@Firsthomebuyers.net with property address if you want us to check if the home is eligible.
Income restrictions apply. Check income eligibility.  
NO PMI or Private Mortgage Insurance
Seller can pay 6% of purchase price toward closing costs

FHA Program* apply now
3.50% down payment
600 minimum credit score
Credit score less than 600 may qualify with increase in down payment
Check single family, condo, and 2-4 unit property loan limits
FHA approved condos eligible
Kiddie condo option: Parents or family member can co-sign on loan
$100 down payment option available in Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee if you purchase FHA Foreclosure
Down payment can be 100% gift or down payment assistance or grant funds
Seller can pay 6% of purchase price toward closing costs

Good Neighbor Next Door apply now
good-neighborGet home at 50% discount on home in target areas. Search homes now.
Must be law enforcement, police officer, teacher, firefighter, or emergency medical technician to be be eligible for this program
FHA $100 Down Payment Option available in HUD Participating Communities.**

Neighborhood Solution Program apply now
teacher-first-time-home-buyer  You may be eligible for this program is you are a Teacher, Law Enforcement Officr, Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), or Military Personnel
620 Credit Score
Reduced mortgage insurance which means lower monthly mortgage payment
Flexible Qualification Guidelines

VA Loan
apply now
va-first-time-home-buyer0 down payment
Great 30 year fixed loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard. Reservists eligible with 6 years service.
640 minimum credit score
No maximum loan limit
Single family home-VA approved condo-townhome

FHA Streamline 203k Renovation Loan* apply now
203k-rehab-loanRepairs which range from $5,000-$35,000+ may be included in loan amount.
Great program to fix up foreclosures. 
Visit 203K Loan for more details on Streamline 203k program
 

PMI Buster*** apply now
no-pmi
5% down payment
NO PMI or mortgage insurance
720 minimum credit score

 

Rent Versus Own
Rents are moving up and you need to stop paying your landlord. When you own a home you build up wealth, get tax breaks, and experience the pride of homeownership. Try rent vs own calculator now and find out why owning a home is better than renting.

10 Steps To Buying Your First Home
Don't know where to start? View video on how to buy your first home.

Search Homes
Search for homes in your area. Start working with a Realtor and get the lastest property listings emailed to your email inbox. The inventory of homes on the market are down so it is important that you take action and set up an appointment to see the home you like as soon as possible. In most cases, you should use a Realtor to increase your chances of getting your offer accepted on the home you have your heart set on.

Down Payment Assistance
Ohio Down Payment Assistance provides up to 2.50% of purchase price toward down payment and closing costs.
Community Development Block Grant Program
provides 1st homebuyer grants in targeted Ohio communities.
Dream Makers Program
Grant program which matches your contribution three-to-one up to maximum $5,000. Military personnel (Active Duty, Reserve, National Guard, Veteran) are eligible for this program. FHA, VA, USDA programs available
There are maximum income limitations.Apply for grant

 

*200,000 purchase, $7,000 down payment, $196,377 loan amount with 1.75% financed mortgage premium, 30 year fixed loan paid in equal and consecutive monthly installment payments of $966.06 plus taxes and insurance, 4.25% rate(4.31% Annual Percentage Rate as of 11/25/13).
**200,000 purchase, $100 down payment, $203,398 loan amount with 1.75% financed mortgage premium, 30 year fixed loan paid in equal and consecutive monthly installment payments of $1,000.60 plus taxes and insurance, 4.25% rate(4.31% Annual Percentage Rate as of 11/25/13).
***200,000 purchase, $10,000 down payment, $190,000 loan amount, 30 year fixed loan paid in equal and consecutive monthly installment payments of $934.69 plus taxes and insurance, 4.25% rate(4.31% Annual Percentage rate as of 11/25/13).