Financing in Columbus>Question Details

Michael, Home Buyer in Columbus, OH

My wife and I are looking to purchase a home in Columbus this summer 2008. We both have excellent credit (780

Asked by Michael, Columbus, OH Sun Feb 24, 2008

)and will have no debt whatsoever by the spring. In the course of eliminating our debt, we have not been able to save much for a down payment. In the current lending climate, what kind of down payment should we expect to be required to put down. We are looking at homes in the 225,000 range and have a combined household income of $90,000 with no debt. Can we get away with a 100% loan?

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12
Hi Michael,
Yes, there are still 100% loans available, and if you use FHA financing, the seller is still able to "gift" your downpayment through a Downpayment Assistance Program. Several builders have new home financing available and will gift your downpayment as well as help with your closing costs. I hope this is helpful to you. I have a free Homebuyer Seminar scheduled for March 31st at the Dublin Library. You may sign up on my website or by calling 1-800-282-9871 ext. 3004.
Roberta Kayne
Re/Max Affiliates, Dublin, OH
614-766-5330
http://www.RobertaKayne.com
Web Reference: http://www.RobertaKayne.com
2 votes Thank Flag Link Tue Mar 11, 2008
Yes we do have lenders with 100% financing or we can work with sellers to put your down payment into your mortgage. I sell free standing ranch style condo's in the Columbus area. We are near New Albany, Gahanna and Westerville. We also have communities in Grove City. I'm a realtor with 15 years in the buiness and hope you will give me a chance to allow my expertise help you find the perfect home for your needs. Please call my toll free number or e-mail me with more information about your time frame and what the important things to you are in finding a home. 1-888-638-8145
2 votes Thank Flag Link Fri Mar 7, 2008
As long as Fannie Mae has not deemed the area you live in as declining market you should be ok for 100%, other wise you will need 5% or will need to look at going fha and have 3% down.
Web Reference: http://getprequalified.com
1 vote Thank Flag Link Tue Mar 4, 2008
Michael,

Absolutley, you can purchase a home with 100% LTV. Most lenders require you to have at least 2 months of future house payments in the bank. When you find the house you want, ask the sellers to pay your closing cost. This will limit how many if any you will need to bring to the table. You are in a perfit situation to buy because fo all the work you and you're wife have done. If you have any questions you can call my wife Lauren Woodrow, she is the Mortgage Advisor with Coldwell Banker/ King Thompson. They offer free pre-approvals within 20 minutes. Good luck and if you have any other questions about mortgage or buyer representation please feel free to contact anyone on my team. RW


The Woodrow-Martinez Team
Coldwell Banker King Thompson.
614 324 8031
1 vote Thank Flag Link Mon Mar 3, 2008
I am a mortgage banker in the Central Ohio area. There are many 100% programs available for people with good credit (your score is more than high enough) and loan amounts under the Fannie Mae limit of $417,000. What is becoming harder to find is the100% Jumbo or nonconforming. The 3 most popular programs are the 80/20, 100 % with PMI and 100% with out PMI. You will need to talk to lender that can offer all three options so that you can determine which one best serves your short and long term needs. You are making one the biggest decisions of your financial life and you need to work with a professional that will take the time to offer you all the options available in the marketplace. If you would like to schedule a no obligation consultation please email me.
Web Reference: http://www.chuckpearson.com
1 vote Thank Flag Link Sun Mar 2, 2008
Yes. In the current climate. Speak with a lender or two now. You will find a plethora of great homes. My Clients have been buying well.
1 vote Thank Flag Link Sun Feb 24, 2008
Michael,

Absolutley, you can purchase a home with 100% LTV. Most lenders require you to have at least 2 months of future house payments in the bank. When you find the house you want ask the sellers to pay your closing cost. This will limit how many if any you will need to bring to the table. You are in a perfit situation to buy because fo all the work you and you're wife has done. If you have any questions you can call my wife Lauren Woodrow, she is the Mortgage Advisor with Coldwell Banker/ King Thompson. They offer free pre-approvals within 20 minutes. Good luck and if you have any other questions about mortgage or buyer representation please feel free to contact anyone on my team. RW


The Woodrow-Martinez Team
Coldwell Banker King Thompson.
614 324 8031
1 vote Thank Flag Link Sun Feb 24, 2008
Hi Michael,
If you cannot buy and still are looking to get into a home please e-mail me or go to our website for home rentals in the Columbus areas. Our sites are ColumbusRealEstatePros.com and ColumbusRentalHomes.com. It is still hard to find 100% loans even with FHA and now as of the first of January the down payment has been increased on FHA loans.
0 votes Thank Flag Link Sat Jan 3, 2009
You are about to buy an investment in one of the best prospective places in Real Estate. For investment reasons, the stability of this market make it a great investment with your leverage ability with great income, credit worthiness, and price range. These Mortgage professionals should get your finances set; and you're ready to pick a Realtor you like, go find a great buy in a great area, and enjoy an inevitable turn-around. Good luck.
0 votes Thank Flag Link Sat May 10, 2008
Michael,

I work for a very competitive bank in columbus. If your are still looking to buy this summer and obtain financing, I would be more than happy to get you estimates, closing cost scenarios, etc. There is 100% financing and from your basic info it sounds like you qualify for any program. They key thing now is to shop rates, closing cost etc. My bank has a purchace prgram for $250. There all also many others. Let me know if I can help!

Brent Bester
Senior Loan Officer
(614) 622-8916
bbester21@hotmail.com
0 votes Thank Flag Link Sat May 10, 2008
MIchael, I am a Realtor and my husband is a mortgage banker. My husband structures loans on a regular basis that allow the buyer to get into the home with little to no money out of pocket, with a low, fixed interest rate. 90% of my clients in the past year have bought their homes with less than $500 out of pocket expenses.
0 votes Thank Flag Link Mon Mar 3, 2008
Michael, seldom 100% financing loans exist these days. The FHA has a great program that you only need to put down 3%, in your case $6,750. They have a zero out of pocket program that takes care of all the closing costs with concessions from the seller and the lender.

If you are first time home buyers or have not bought a home in 3 years they usually have city and county grants in your area that will help with down payments, closing costs, etc. that can be used in combination with an FHA loan. There typically called like the Columbus Redevelopment agency. With use of these tools from the government you can really get some help affording that house that you've wanted!
0 votes Thank Flag Link Sun Feb 24, 2008
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