Does anyone know of a program that offers first time home buyers money to go towards their dwn pmt?

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I live in Columbus OH. I used to live in Lima OH and they had a program there that offered up to $3000 to go toward a dwn pmt or closing cost for first time home buyers. Let me know if have any info. Thanks

2 comments to Does anyone know of a program that offers first time home buyers money to go towards their dwn pmt?

  • Jennifer W  says:

    You can get a government grant as a first-time homeowner, which you can use towards a down payment. There may still be a tax rebate, which gives you credit as a first time home buyer and that percentage can count towards your down payment. The financial institution you are using can calculate that within your loan.

    Also, you may also find an owner who will pay your closing costs. Check with your bank or loan company to see if they offer any programs which require zero down for your loan.

    On a side note, do NOT get suckered into getting an adjustable mortgage rate, in order to “afford” a house. Get a FIXED rate, otherwise, the lender can choose to raise your interest at any time for any amount, which will skyrocket your mortgage payment. Adjustable rates are nearly IMPOSSIBLE to get out of unless you sell your home or pay it off. If they are not willing to give you a standard fixed rate (such as 5%), than you do not need to get a loan from that company.

    Good luck!

  • real estate guy  says:

    talk with a LOCAL lender. There may be state programs. However,there are no fed programs. FHA requires 3.5% of YOUR OWN MONEY.

    However, there is USDA with 100% loans. And then ask the seller to pay your closing

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