How Much Down Payment Do You Really Need in Cincinnati?

The 20% down payment rule is one of real estate’s biggest myths. Many potential buyers in Cincinnati delay purchasing because they assume they must save tens of thousands before they can qualify. The truth is: that’s simply not the case.

In today’s market, the average down payment for first-time buyers in Ohio is closer to 6–10%, and in some cases, you can buy with far less. FHA loans allow down payments as low as 3.5%, conventional loans can start at 3%, and VA and USDA loans may offer zero-down options for eligible buyers.

Of course, putting more down does have advantages. You’ll start with more equity, possibly avoid private mortgage insurance (PMI), and reduce your monthly payment. But a smaller down payment doesn’t make you less qualified—it just means you’re using the tools available to make homeownership achievable sooner.

Cincinnati also offers several down payment assistance programs through the Ohio Housing Finance Agency (OHFA) and local lenders. Some of these provide grants or forgivable loans that help cover part—or all—of your required cash at closing.

When deciding how much to put down, balance what’s comfortable for your budget with your long-term goals. Sometimes, keeping extra cash available for moving costs, updates, or emergency savings is smarter than draining your account for a larger down payment.

If you’re ready to buy but aren’t sure how much you need, I can walk you through your loan options, explain local programs, and help you create a plan that fits your finances—and your future.

Presented by Tanya Roesel, Comey & Shepherd Realtors513-678-5001 | tanya.roesel@comey.com