You do not need 20% down. Conventional loans accept 3% down through programs for qualified buyers, FHA accepts 3.5% down with a score of 580 or higher, and VA and USDA loans often require zero down. Recent data puts the median Ohio down payment around 7% to 8%, meaning most buyers are nowhere near the 20% people fear.
Ohio also has down payment assistance through the Ohio Housing Finance Agency. Your Choice! provides 3% of the purchase price on conventional loans or 3.5% on FHA, VA, and USDA loans as a 0% interest, forgiven grant, and Grants for Grads and Ohio Heroes add rate discounts for recent graduates and public servants.
The trade-off for a low down payment is usually mortgage insurance, and the smart move is to model it. A slightly higher monthly cost can still beat years of renting while you save. I will run the real numbers with your lender so the decision is math, not myth.
Go deeper
Still wondering?
Ask me directly about first-time buyers in the Mahoning Valley.
Bring whatever question brought you here to a free, no-pressure conversation. You will leave with a clear first step, no matter where you are in the process.
Here to help, Melanie.
Loan programs, rates, and program details change. Verify current terms with a lender before relying on anything here. I serve every buyer and seller equally, in line with the Fair Housing Act.