Common Loan Types and Down Payment Ranges
Different loan programs carry different minimum down payment requirements. Conventional loans generally start at 3% to 5% down for qualified first-time buyers, while FHA loans sit at 3.5% for borrowers who meet credit guidelines. VA and USDA loans are zero-down options, but each has specific eligibility criteria that not every borrower will meet.
Down Payment Assistance in Columbus, OH
Ohio offers several assistance programs through state housing agencies that can help buyers in Columbus cover upfront costs. These programs may provide grants, forgivable loans, or second mortgages to reduce the cash you need at closing. Availability, income limits, and funding levels shift regularly, so check current program status with a HUD-approved counselor or licensed lender.
Other Upfront Costs to Plan For
Your down payment is only one piece of the upfront cost picture. Closing costs on a $200,000 home typically add several thousand dollars to what you need at the table. Budgeting for both your down payment and closing costs before you start house hunting helps you avoid surprises later in the process.