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I'm a first time home buyer in Ohio. I'm interested in down payment assistance. Do they normally jack up the?

interest rate with this? Whats the catch? Is it starting to go away in todays market? Do they limit were you can buy? - Thanks
Wed Apr 9 2008, 06:42 - 43230 - Financing - 8 answers
 
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Matt
Home Buyer
in 43230
Matt, Home Buyer in 43230 in 43230
Answers (8)
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Chuck Patter… was FIRST TO ANSWER
I agree with the First Comment, you should look into the OHFA program (Ohio Housing Financing Agency). In my opinion they have the best programs with little money down and I do lots of them at my bank. Every lender does not have access to OHFA now because their is a waiting list so you would have to choose a lender that does. They offer 4% assistance and the rates are very low. The key thing is you must be truely a first time home buyer with a household income less than 64,000 in franklin county, if you are still looking for financing email me and I would be glad to get you more information on it.

bbester21@hotmail.com

Thu May 8 2008, 11:33
 
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Hi Matt:
There are many programs out there that may be of interest to you. In certain communities grant money is available. The best thing to do is select an agent and speak with a lender. Some lenders are happy to talk with you before making you actually make a trip to their office. If you need additional information, call me 440 341-9100 I'd be happy to work with you and on your behalf.

Wed Apr 30 2008, 20:13
Web Reference: http://jeanninesells.com
 
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Matt, the rate isnt jacked up,but finding the right home w/margins is the key.for the asst.program.I'll help you and explain the details.Call me w/any ?'s

TJ

Wed Apr 30 2008, 14:20
Web Reference: http://tjroberts.remax.com
 
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I agree with checking out the Ameridream program or even the nehemiah program. I also recommend checking out HUD homes. They have been offering downpayments as low as $100, you can ask for them to pay 3% of the closing costs, and they have been offering an additional $2500 in closing costs/repair credit for owner occupants. HUD recently changed their marketing and management company in OH, so it will be another week or 2 before HUD homes are listed again. If a seller does contribute to the downpayment and closing costs, it will usually affect the purchase price(instead of $5,000 off the purchase price, this $5,000 will show as seller concessions), not the interest rate.

Wed Apr 9 2008, 10:32
Web Reference: http://www.lowlistfees.com
 
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Hi Matt,

You may find the following website beneficial in researching First Time Home buyers Programs
http://www.fha.com/fha_programs.cfm.

Best wishes!

Wed Apr 9 2008, 08:59
 
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May I suggest that you ask your mortgage representative about the AmeriDream program. It works very well with FHA loans. This national charity works to provide down payment assistance through Seller negotiation- up to 16% can be contributed by the Seller for down payment and closing costs assistance. A Wells Fargo representative introduced this to me. Good luck.

Wed Apr 9 2008, 08:15
 
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Right now the My Ohio is a 30 yr conventional loan program for 1st time home buyers in Ohio in all 88 counties. Interest rate is 5.75% with only $500 buyer contribution and no down payment. Many loan companies are offering this but I got the information from an officer at Liberty Savings Bank. You can email me and I will give you his name and contact info. It is a great time to buy and be a first time home buyer in Ohio. I encourage to talk to a loan officer first then start looking for a home. Have fun searching!

Wed Apr 9 2008, 06:56
Web Reference: http://www.marystarkey.com
 
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FIRST ANSWER
Seller motivation is your best friend. A good Realtor that knows (and enjoys!) negotiating is your second best friend. There are great OHFA rates for Ohio first time buyers too. This is THE great time to buy!
You are not limted to area, price or anything else.

Wed Apr 9 2008, 06:49
Web Reference: http://www.ChuckGetsReal.com
 
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