Appointments  |  Rates  |  Locations  |  Chat  |  JOIN NOW

Did you know that you can buy a house with no money down? There are several loans and/or grants available to first time buyers, military veterans and everyday people. I am a fan of no money down home loans and grant programs, and here is why I think you should be too.

Keep your cash

To paraphrase Forrest Gump, “Stuff Happens!” (Please note that this blog is G rated!) As a lender, I would rather see our members have cash on hand for when “stuff happens” versus wiping out their savings account to make a hefty down payment on a home.

Anyone who has purchased a home knows there are always wants and needs that arise once you take possession of your new home. For example, we want to make our new home ours, so things like new furniture, fresh paint, and additional storage (shelving or a shed) become essential. Or, maybe something like a wall or a door gets damaged during the move. You might prefer turning to your savings account instead of a credit card to pay for these things after your home purchase.

Did you also know that a mortgage payment decreases by roughly $5 for every $1,000 you put down on a home purchase? I ask you, would you rather save $25 a month on your payment – with little or no money in your savings account — or have peace of mind that comes with having cash on hand?


Several grants are available to qualified borrowers as well. Grant money can be used on down payments or closing costs. The following are a couple local examples:

  • Welcome Home $5,000 grant: the Welcome Home grants are available annually (typically starting on March 1) and is available at several financial institutions throughout Ohio, including Day Air Credit Union. Welcome Home grant monies are available to borrowers whose income is at or below 80% of the area’s median income limit. The money goes quick, so be sure to speak with a Mortgage Loan Consultant soon to get qualified.
  • Ohio Housing Finance Agency (OHFA): OHFA’s homeownership programs are geared for first-time buyers and community professionals such as law enforcement, teachers, health-care workers, firefighters/EMTs and active military or veterans.

Getting educated by learning about the various options available before purchasing a house can pay big dividends and help you keep your savings intact. Contact a Mortgage Loan Consultant today and learn about your options.

John Theobald | Vice President of Lending


Checking Accounts

Premium Perks

Freedom Checking

CashBack Checking

Direct Deposit


Savings Accounts

Savings Accounts

Super Saver

Money Market





Debit Card

Low Rate Credit Card

Rewards Credit Card

CU Rewards

Card Controls


Mobile Deposit

Online Banking

Pay Someone


Compare Rates

Vehicle Loans

Auto Loans

Refinance Your Car

Motorcycle & Jet Ski Loans

Boat & RV Loans

Mortgage & Home Loans


Refinance Your House

Home Equity Loans

Construction Loans


Personal Loans


StretchPay Loans

Student Loans

Credit Cards


Apply for a Loan

Pay a Loan

Online Bill Pay

Chat With Us

Financial Planning



Estate Planning

401(k) Rollover

Retirement Planning

Day Air Insurance

Auto Insurance

Home Insurance

Identity Theft Protection

Life Insurance

More Products & Services


Financial Counseling

Credit Reports

Reorder Checks


Online Banking

Online Banking

Online Bill Pay

Login to Online Banking

Mobile Banking

Mobile Banking

Mobile Deposit

Pay Someone

Text Banking


Apply for a Loan

Pay a Loan


Mobile Pay

Chat With Us


Business Checking

Business Savings

Business Certificates


Business Debit Card

Business Credit Card


Commercial Loans

Term Loans

PPP Loans

Line of Credit


Business Bill Pay


Online Business Banking

Login to Business Banking

Login to PIB MLO

Business Banking App

Join Day Air

Why Choose Day Air

Membership Eligibility

Annual Member Savings

Compare Rates

Join Day Air


Community Involvement

Financial Education

Dayton VA Medical Center

Dayton Dragons

Contests & Sweepstakes


Press & News

Newsletters & Reports



Helpful Resources