Buy a Home
Escape Ever Increasing Rent and Build Equity through HomeownershipTithe Lending is here to help you navigate the home financing process and find the best loan program that fits your needs. Whether you’re a first-time homebuyer or a seasoned homeowner, we have options for you.
Conventional Loans
Min Down Payment: 3%
FHA Loans
Min Down Payment: 3.5%Federal Housing Administration (FHA) loans are insured by the government and designed for first-time homebuyers or those with lower credit scores. With an FHA loan, you can enjoy a lower down payment and more lenient credit requirements. FHA loans typically require a down payment of 3.5%.
VA Loans
Min Down Payment: 0%USDA Loans
Min Down Payment: 0%Loans insured by the USDA’s Rural Housing program are available in select areas considered ‘rural’. However, more of Ohio is considered rural than you might think. These loans offer flexible credit requirements, no down payment options, and lower closing costs. That’s right, with a USDA loan, you can buy a home with no down payment.
Jumbo Loans
If you’re looking to buy a high-value home, a jumbo loan may be the right choice for you. Jumbo loans are designed for borrowers who need to finance amounts that are higher than conventional loan limits (currently $726,200). Jumbo loans typically require a down payment of 10% or more and may have higher interest rates compared to other loan types.Adjustable Rate Loans
Consider a hybrid adjustable-rate mortgage (ARM) if you want a lower initial interest rate. These loans usually start with lower rates than fixed-rate mortgages and remain fixed for the first 5-7 years. After the initial fixed period, your rate may fluctuate, but with caps each year. It’s worth noting that your monthly payment may go up after the initial fixed period ends. Hybrid ARMs are available for both conventional and FHA loans.2/1 Buydowns
When interest rates rise buydown features can be very helpful to new homeowners. It’s called a 2/1 buydown because your rate is 2% lower in Year 1 and 1% lower in Year 2. After year 2 your interest rate will normalize to the fully locked percentage at the time of your closing. For example, if you qualify for a 6% interest rate, your rate would be 4% in Year 1 and 5% in Year 2 before settling at 6% for the remainder of your loan term. The seller pays for the cost of the buydown through concessions negotiated at the time of contract. This option is available for both conventional and FHA loans.Disclaimer: Minimum down payment is not guaranteed if you do not continue to meet necessary criteria and other factors bearing on your credit worthiness (including acceptable property collateral, income and employment history). Not all applicants will qualify for the rate and monthly payment shown. Monthly payments do not include property taxes, property insurance, and homeowners association dues. Your exact loan’s interest rate and payments will depend upon the term of your loan, your credit history, and other qualifying factors. To qualify for a mortgage, borrowers must be U.S. citizens or permanent residents, and meet all underwriting and Investor requirements. Loan amounts range from $100,000 to $200,000,000 or at or under conforming loan limits within your state and county.