Financing
Understanding Your Financing Options
Dave isn't a lender, but he's worked with buyers and local lenders across Northwest Ohio for over a decade. Here's a starting point on what's out there.
Common Financing Routes
General information to help you start the conversation with a lender — not a substitute for advice from a licensed loan officer.
Conventional Financing
The standard mortgage route for most buyers — typically requires a down payment and works well for buyers with solid credit.
- Down payments as low as 3-5% with many lenders
- Fixed or adjustable rate options
- Works for most home types
USDA & Rural Development Loans
A strong option for eligible rural and small-town properties across much of Northwest Ohio — often with zero down payment required.
- 0% down payment for eligible properties
- Competitive fixed rates
- Great fit for many Williams, Defiance, Fulton & Henry county properties
FHA Loans
A government-backed option that can help first-time buyers qualify with a lower down payment and more flexible credit requirements.
- Down payments as low as 3.5%
- More flexible credit requirements than conventional loans
- Widely available through local lenders
VA Loans
For eligible veterans, active-duty service members, and some surviving spouses — often the strongest financing option available.
- 0% down payment for eligible veterans
- No private mortgage insurance (PMI) required
- Dave works with VA buyers regularly and knows the process well
Dave Dempsey is a licensed Realtor and auctioneer, not a mortgage lender. Loan eligibility, terms, and approval are determined solely by your chosen lender.
Side-by-Side Comparison
A closer look at how these four routes stack up feature by feature.
Scroll sideways to compare — the feature column stays put, and hovering a column highlights it.
| Feature | Conventional | FHA | USDA | VAVeterans |
|---|---|---|---|---|
| Down Payment | 3–20%+ | As low as 3.5% | 0% (eligible areas) | 0% (eligible veterans) |
| Credit Score | Often 620+* | 580 for 3.5% down; 500–579 with 10% down* | Typically 640+ preferred by most lenders* | No official VA minimum — set by the lender* |
| Mortgage Insurance | PMI required under 20% down — removable once you build enough equity | MIP required upfront and monthly, often for the life of the loan | Upfront + annual USDA guarantee fee in place of PMI | None — no monthly mortgage insurance at all |
| Occupancy Requirement | Primary residence, second home, or investment property | Primary residence only | Primary residence only | Primary residence only |
| Loan Limits | Conforming loan limit, set annually by FHFA | Varies by county — set annually by HUD | No set loan cap; eligibility is income-based instead | No limit for veterans with full entitlement |
| Assumable? | Generally not assumable | Assumable by a qualified buyer | Assumable with USDA/lender approval | Assumable — even by a qualified non-veteran buyer |
| Streamlined Refinance | Standard rate-and-term or cash-out refinance only | FHA Streamline Refinance available | USDA Streamlined Assist Refinance available | VA IRRRL — one of the simplest refinances available |
* Credit score figures are common industry reference points, not guarantees — actual minimums are set by individual lenders and vary. FHA's published minimums come from HUD program guidelines. ** VA funding fee rates are set by the U.S. Department of Veterans Affairs and subject to change; ask your lender for current numbers. This table is general information, not a loan offer or approval — Dave Dempsey is a licensed Realtor and auctioneer, not a mortgage lender.
For Veteran Buyers
Dave Helps a Lot of Veterans Buy and Sell
Dave works regularly with veteran and active-duty buyers across Northwest Ohio and knows the VA loan process well — not just the paperwork, but how a VA offer actually plays out in a deal. He can help you understand what it means for your offer, your timeline, and the property itself.
What veteran buyers should know
- VA loans typically require 0% down for eligible veterans and active-duty service members
- No private mortgage insurance (PMI), which can mean a lower monthly payment than a conventional loan
- The property has to meet VA minimum property requirements — Dave can help you think through what that means for a given home
- Sellers sometimes have questions about VA offers — Dave can speak to that directly, on both sides of a deal
Getting Started
From first conversation to a confident offer.
Talk to Dave First
Tell Dave what you're looking for and your general budget. He'll help you think through timing and next steps.
Get Pre-Approved
Dave can point you toward local lenders he's worked with, or you can bring your own. Pre-approval helps you shop with confidence.
Make an Offer With Confidence
Once you know what you're approved for, Dave helps you find the right property and put together a strong offer.
Financing Questions
Still have questions? Call Dave at (419) 799-0291.
Does Dave offer financing directly?
What loan type is right for a rural or farm property?
How does financing work for an auction property?
When should I get pre-approved?
Can Dave recommend a lender?
Does Dave have experience with VA loans?
Ready to Talk Numbers?
Tell Dave about your situation — he'll help you think through financing before you start looking.