How much do you really need to put down?
The biggest myth in homebuying is that you need 20% down. In Cleveland, where the median home price is well below the national average, first-time buyers routinely get in with a fraction of that — and several programs allow zero down. Here's how the main loan types compare:
Most popular for first-time buyers. Credit as low as 580. Flexible on credit history.
As little as 3% down for first-timers. Drop mortgage insurance once you hit 20% equity.
For eligible veterans & service members. No down payment, no monthly mortgage insurance.
Zero down in eligible areas outside the urban core — parts of Cuyahoga's outer suburbs qualify.
Pair any of these with down payment assistance (below) and your out-of-pocket cost can shrink even further.
What credit score do you need?
There's no single cutoff — it depends on the loan:
- FHA: 580+ for 3.5% down (sometimes 500–579 with 10% down).
- Conventional: usually 620+, with the best terms above 740.
- VA / USDA: no government minimum, but most lenders look for ~620.
Not sure where you stand? You can start a no-credit-pull quote and a specialist will help you read your options.
Cleveland & Ohio first-time buyer programs
OHFA & local down payment assistance
The Ohio Housing Finance Agency (OHFA) and local programs can cover much of your upfront cost:
- Your Choice! Down Payment Assistance — 2.5% or 5% of the purchase price toward down payment & closing costs.
- OHFA Grants for Grads — extra help for recent Ohio graduates.
- Mortgage Tax Credit — a federal tax credit on a portion of your mortgage interest.
- City of Cleveland & Cuyahoga County — additional grants for buyers in target neighborhoods.
Eligibility depends on income limits, the purchase price, and a homebuyer education course. We'll flag which programs you likely qualify for when you request a quote.
Your path to a first home, step by step
Check your budget & credit
Get a realistic price range and see which loan types fit your credit and savings.
Get pre-approved
A pre-approval shows Cleveland sellers you're serious and locks in what you can borrow.
Layer in assistance
Apply OHFA or local down payment help to reduce your cash to close.
Make an offer & close
Find the home, negotiate, inspect, and close — typically 30–45 days.
Compare lenders for first-time buyers
We earn a fee when you connect with a partner — it never changes what you pay.
First-time buyer FAQ
No. FHA allows 3.5% down, conventional first-time programs go as low as 3%, and VA/USDA can be 0%. With Cleveland's lower home prices, that's a very reachable number — and OHFA assistance can reduce it further.
Generally, anyone who hasn't owned a primary residence in the last three years. Many OHFA programs use that definition, and some areas waive it entirely in target neighborhoods.
Closing costs typically run 2–5% of the loan. OHFA's Your Choice! assistance and seller concessions can cover much or all of them, which is why pairing programs matters.
Yes. We're an independent comparison service, not a lender. Starting a quote doesn't pull your credit and you're never obligated to proceed.
First Time Home Buyer Guide
Complete guide to buying your first home with step-by-step instructions and helpful tips.