I personally would favor the VA loan in most situations. There is no down payment requirment and no monthly PMI. Both programs will allow the seller to pay your closing costs for you , up to 6% of the purchase price. You may want to ask your lender about the USDA program as well. It has a lower up front MI and less inspections. Most of Ohio qualifies. 877-784-0077

Cara,
That is a great question and may be best discussed with the lender that approved you. A recent housing bill which was passed will be changing the down payment assistance programs in October, so your timing for purchase may be a consideration with the FHA loan. But, if you are a first time buyer, this bill also could provide you as much as $7500 in a tax credit given. The National Association of Home Builders has a helpful website regarding this new housing bill at http://www.federalhousingtaxcredit.com. Hope this helps!

Melissa Utterback, ABR
The Danberry Co., Realtors
419-787-8311 http://www.melissamovesmaumee.com

Hi Carla,
FHA and VA usually allow you the least down payment. Depends on your situation. A conventional loan is easier for the sellers and they like them the most However if you are a first time home buyer, there is a group that has been around for over 17 years just now in the Ohio area and are targeting the first time buyer and have made arrangements with certain lenders to do 0 down and 0 closing costs. If you think this is something you are interested in, call me direct and I will give you a contact name and number. You must attend a free workshop. 440 341-9100.

Cara - I would have your lender give you good faith estimates all three ways (FHA, VA & Conventional) to see which works out to the best terms for you. Also keep in mind that some sellers are willing to pay closing costs for you. If you have further questions or would like to work with a full time Realtor (free of charge), give me a call.

Jeff Kessler, Realtor
Century 21 Kasten
419.320.7198 (direct & text)
419.382.8009 x128 (24 hr voicemail)

Cara,

That is an excellent lender question, and you can email the lenders I recommend to get an answer. Their contact info can be found on my website at: http://www.realliving.com/Christina.AsadEdwards/MeetTeamEdwa…

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com http://www.teamedwards.info
mobile or text 937-205-4741
office 937-573-0082
fax 937-433-3561
Real Living Realty - #1 in OHIO!
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