Luminary Homes
Realty Group
With so many loan options out there it's important to work with someone who both knows what's out there, but also takes the time to understand your goals. Finding out what's important to you and pairing you with the right loan is the first step of a successful home buying experience.
Loan Options
Loan Programs & Requirements
Luminary Statewide Access (Anywhere In Ohio)
No money down loan | No PMI Payments | $5000 Grant to cover closing costs
Requirements: 620 credit score | 2 years work history | Total income under $80,000 a year
Program details: This is a no down payment loan on the first $250k of the home's purchase price. Any amount above that has a 5% down requirement & that's only on the amount over the $250k.
Expected out of pocket: Less than 2,000
Luminary Franklin Advantage (Greater Columbus Area)
No money down loan | No PMI Payments | $7500 Grant to cover closing costs | Some Location Restrictions
Requirements: 600 credit score | 2 years work history | Total income under $86,000 a year
Program details: This is a no down payment loan with a grant to cover your closing costs. This loan has location restrictions and is available in limited areas.
Expected out of pocket: Less than 2,000
*Only available in Franklin County Ohio
Luminary Corridor Program (Central to South East Ohio)
No money down loan | No PMI Payments | $15000 Grant ($10,000 outside of Franklin county) to cover closing costs | Some Location Restrictions
Requirements: 640 credit score | 2 years work history | 12 Months rental history
Program details: This loan has the largest grant amount and lowest out of pocket. No down payment loan with a grant to cover your closing costs. This loan has location restrictions and is available in limited areas.
Expected out of pocket: Less than $1500
*not available in northern Ohio
Luminary Lakefront Program (Cuyahoga and surrounding counties)
No money down loan | No PMI Payments | Some Location Restrictions
Requirements: 640 score and 2 years work history (12 months rental history), income under $79,000 per year
Program Details: This loan will have some location restrictions and comes with a $7,500 grant to cover closing costs.
Expected out of pocket: Less than $2000
Luminary Preferred No-Down Payment (Anywhere in Ohio)
No money down loan | No PMI Payments | No Income or location restrictions.
Requirements: 660 score and 2 years work history
Program Details: No money down loan with no PMI payments from day 1.
Expected out of pocket: If the seller pays your closing costs is under $3000.
Expected out of pocket: Without seller paid closing cost $7000 - $9000
*Luminary Homes Is Not A Lending Institution.
All loan applications are completed directly with the bank of your choice..
Understanding Loan Types
100% LTV No PMI
These are conventional loans where the buyer puts no money down and does not have to make PMI payments throughout the life of the loan. As a buyer, you'll have a low mortgage payment and a very good interest rate. These loans are based on credit and will have additional requirements such as no missed payments the past 12-24 months, but are great for those who qualify.
State or Federal
Housing Assistance
In an effort to make home-buying easier there are multiple assistance programs that state and federal governments provide. The assistance you receive depends on the program you select and can be used for your down payment and closing cost. The assistance may be forgivable or you may have to repay it when you sell your home depending on the program you select.
Chenoa Fund
Chenoa Fund is a secondary assistance resource that provides coverage of the buyer's down payment in either a forgivable or repayable second mortgage. The interest rates are pre-determined so everyone who utilizes the program gets the same interest rate. Your max loan amount may be higher & these loans can be Conventional or FHA.
USDA
USDA loans are government-aided loans for homes purchased in qualified rural areas. They offer flexible qualifying and can be used for single-family or multi-family purchases up to 4 units. Buyers who take advantage of this loan will have no down payment and an interest rate based on the current market.
Conventionl
Traditional conventional loans are for well qualified buyers based on credit. They typically have a down payment of 3%-5% of the home's purchase price and will have an interest rate based on the current market.
FHA
FHA loans are government loans for entry-level buyers. These loans are meant to make it easier for homeownership & credit scores can go as low as 580 for some buyers. Traditional FHA loans will have a down payment of 3.5%
Talk To An Agent
Whether you're ready to get started or if you have more questions you can give us a call.