VA loans are not your only option like some stated below...USDA is a great program. If you would like more information, please feel free to contact me at my direct office number (216-236-7266). We are located in Independence, about 10 miles outside of Cleveland. Also, check out our website at http://www.crefco.com. Good Luck!
Sr. Mortgage Consultant
Just to clarify Amanda's response, yes, there are 100% USDA loans available but they would be for properties in specific areas....more rural. Not Wadsworth, but Rittman would qualify. Seville, etc. The larger populated areas (Medina, Wadsworth, etc) would not qualify for the USDA. You can finance your own closing costs on USDA loans if the seller is reluctant to provide that assistance as long as the home appraises.
The VA is still feasible if you have VA benefits.
The FHA does require a minimum of 3 1/2% of your own money that is verifiable (in an account) or it can be gifted from a BLOOD RELATIVE. (Mom or Dad). Most of these offers that I have written or presented to sellers do ask that the seller contribute and pay for all of the buyer's closing costs, points and prepaids.
The $8,000 tax credit (up to 10% of the purchase of the home) is a great incentive for first time buyers to move forward and purchase before December. There is proposed legistation in the works to allow that credit to be used as a "loan" to pay the down payment requirement at this time.....hopefully that will come about before December as well!
Hope that helps. Let me know if I can answer any further questions or put you in contact with some great loan officers that can answer your specific questions.
As Sam mentioned below a VA loan is your only option. However, I would recommend that you wait to buy a home until you can save enough money for a down payment. The minimum you would need is 3% to 5% which can be saved in a relativly quick manner. While I do not claim to hold a crystal ball I feel the market will remain a buyers market a year from now. Which would allow for you to save enough money to cover your down payment. With many sellers covering half or all of the buyers closing costs your options remain open for a more advantages time to buy a year from now. The last thing you want is to buy a home with 100% financing and then be working and living to make your Trust Deed payment. Good luck!
I'm a Realtor in Wadsworth....there are programs available for 100% financing for 1st time buyers, VA loans, USDA loans and possibly even more.
I would be happy to give you some assistance.
Amanda Ondrey, Howard Hanna Real Estate - Wadsworth