Property Q&A in North Canton>Question Details

Kimberly, Other/Just Looking in 44720

Is it possible to get this home, or one like it, with no down payment?

Asked by Kimberly, 44720 Sun Apr 5, 2009

We make enough to afford the monthly mortgage payments and other bills, but not quite enough to come up with a down payment.

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Hi Kimberly,
Besides qualitying for the tax credit, there is the OHFA (Ohio Housing Finance Agency) grant that helps with down payment. FHA requires 3.5% down and OHFA may assist with 2.5%, leaving you with only 1% (on $62K, thats only $620), plus closing costs. Hope this helps.
0 votes Thank Flag Link Mon Apr 6, 2009
Kimberly - I forgot to mention another loan package that could put you in the home of your dreams with no money down: USDA Rural Community loans! USDA (The United States Department of Agriculture) is helping home buyers in rural areas to purchase a home with zero down. Other great features about this loan package besides needing "no money down" is that there are NO monthly PMI (Private Mortgage Insurance) payments, and very attractive and competitive interest rates.

The property that you are considering must qualify for the USDA loan because of it's location. Surprisingly nearly all of Louisville, Ohio qualifies for a USDA loan! One would not normally consider Louisville a rural area, but for this program it is! I've just helped some clients become homeowners in that city with a home of their dreams for zero down. I would have to check which (if any) areas in North Canton, Ohio would qualify for a USDA loan package for you.
0 votes Thank Flag Link Mon Apr 6, 2009
Hi Kimberly. We maintain a list of HUD homes that you actually can buy for only $100 down. The government will pay $2500 for your closing costs. These houses are backed by an FHA mortgage loan at very attractive interest rates. A credit score of 580 to 600 is about the lower limit for qualifying for an FHA backed loan for one of these $100 down homes. First time home buyers also will get 10% of the purchase price back as an incentive when you file your income tax, up to $8000. So, if you are well prepared and ready to act, yes, you can get a home like it from time to time (*with only $100.00 down).
0 votes Thank Flag Link Sun Apr 5, 2009
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