Rob Henry
Phone 330-945-6752 x206 • Fax 330-945-6940

Ohio down payment
Sometimes, to get the best rate possible, youll be required to pay 20% of the purchase price as a down payment. Along with getting you a better interest rate, it will also allow you to avoid PMI, which is another expense added onto your mortgage payment.

Special programs such as VA loans do not require any down payment. Check with your mortgage professional for details on these programs.

If you are not able to put down a full 20% down payment on your home purchase, many lenders in Ohio offer alternative programs which allow you to use a smaller down payment.

Such programs offer 75% loan to value on your first mortgage, a 15% second mortgage, with a 10% downpayment. Some lenders also offer a 80% loan to value on your first mortgage, 10% second, along with a 10% down payment option.

Having MI is not always a bad thing, sometimes you can qualify for much lower rates and still have a lower payment with MI than you would at a higher rate with no MI...Not everyone has 10 or 20% to put down, don't feel bad...

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