If you are holding off buying a home because you don’t have much of a down payment you need to continue reading.

There are numerous loan programs that don’t require any down payment at all. Then there are specialty loans to help you with construction and renovation projects. And, finally, there’s one type of loan that does not require any monthly payments.

Curious? Read on …

Zero Down Payment Programs

Here are 7 loan programs to help you buy with no money down:

Fifth Third has a down payment assistance program for buyers with scores as low as 600. Qualified customers can get 3% (up to $3,600) toward their down payment or closing costs. There’s no payback required. It’s a gift. The home you buy must be located in a low-income census tract or you must meet a low-income threshold.

Civista Bank offers a similar program with 100% financing, up to 3,000 for down payment or closing costs and no mortgage insurance.

First Financial’s first-time home buyer program promises down payment grants of up to $7,500.

The Professional Loan, also by First Financial, allows for as little as 0% down and has NO PMI Insurance. This loan is for buyers with an advanced degree such as Physicians, Attorneys, Accountants, Pharmacists, Financial Planners, Nurse Practitioners, Veterinarians, and many others with household incomes over $100,000.

Downpayment Assistance from the Ohio Housing Finance Agency (OHFA) is available for eligible buyers. There are income and home price limits. The assistance is forgiven after 7 years.

USDA (Dept of Agriculture) offers zero down loans in rural areas. The good news for buyers is that most properties outside of Franklin and Delaware Counties qualify.

VA loans can cover 100% of the purchase price and don’t require any down payment – as long as the property appraises.

Construction | Renovation Loans

The next 2 programs can help you with new construction or home renovations:

Construction to Permanent Loan Conversion is a great option if you are planning on building a new home. The construction loan can be used to fund both the lot purchase and the construction of your new home. Once you move in the lender converts it to a permanent loan without additional fees.

ECO Link is a loan program to install energy-efficient upgrades or renewable energy products like solar panels or new windows. The State of Ohio offers a 3% interest reduction on ECO-Link loans for up to 7 years. The loans are serviced by participating lenders and go up to $50,000. The ECO loan gives buyers an opportunity to pay for upgrades without taking out a home equity line. It’s independent of the appraised value.

Home Equity Conversion Mortgage (HECM)

With this FHA insured loan you can purchase a home or condo for 50 to 60 cents on the dollar. You must be 62 or older and have a substantial cash down payment.

The HECM is perfect for older buyers who want to move to a home they can enjoy for retirement.

A HECM purchase requires a cash down payment of between 50 and 60% of the purchase price, depending on your age. The remainder is financed with an FHA insured mortgage.

As long as you live in the house you do NOT have to make any mortgage payments. Neither you nor your heirs will be personally liable for the loan.

Click here for details on the HECM and ECO Loans.

​​Call or text me TODAY at (614) 975-9650, I can connect you with lenders offering these programs!