With its flexibility, Ohio FHA (Federal Housing Administration) is one of the most popular Ohio mortgage programs available. Below, we will give some highlights and facts about the Ohio FHA mortgage program.
You can scroll down and read the whole page OR using the quick links below, you can jump to the Ohio FHA section of this page that is of interest to you!
What is Ohio FHA
Where to get an Ohio FHA mortgage
Ohio FHA Eligibility
Ohio FHA rates
Ohio FHA credit requirements
Ohio FHA loan limits
Ohio FHA home purchase
Ohio FHA refinance
Ohio FHA Streamline refinance
Ohio FHA Quick Info Checklist
What is Ohio FHA?
The FHA (Federal Housing Administration) is a Federal Sponsored home buying and refinancing insured mortgage program. FHA does not originate the loans, what they do is insure the lenders and banks that do.
The insurance they give banks and lenders is default insurance. In other words, if the borrower forecloses on a house that has an Ohio FHA mortgage, FHA will reimburse the bank or lender most of the amount they are owed.
Where do I get an Ohio FHA Mortgage?
Although Ohio FHA is a federally sponsored mortgage program, you DO NOT get your mortgage from the Federal Government.
You get an Ohio FHA mortgage from us!
Very few lenders and banks can offer Ohio FHA mortgages as The FHA approves banks and lenders that have the qualifications and experience to originate these mortgages.
Ohio FHA Eligibility:
Owner-occupied, 1 to 4 units, residential. Some condos OK if they have been FHA approved, we can find that out for you if you are looking at condos.
Ohio FHA Mortgage Rates:
One of the main advantages of an Ohio FHA mortgage is that the Ohio FHA mortgage rates are some of the lowest rates out there, even with blemished credit!
Ohio FHA Credit Requirements:
Ohio FHA has one of the most flexible credit requirements around! In fact, no credit at all can be accepted! Past bankruptcies can be accepted! Past foreclosures can be accepted! No minimum credit score!
Good credit is acceptable too: Just because Ohio FHA helps credit challenged borrowers, Ohio FHA serves good credit as well. In fact, the better your credit, the quicker you can become approved!
No credit: If you have no credit at all, you can be approved with non-traditional credit. Typically, this would be a monthly obligation you have, that is in your name and that can be proved that you pay these obligations on time for at least the past 12 months.
Some examples would be: Rent, utilities, insurance, and cell phone. Typically, acceptable proof would be cancelled checks, money orders, or statement printouts. IMPORTANT NOTE: If you have a private landlord (non-management company), you need to be paying your rent with checks or money order for acceptable proof of payment. DO NOT pay with cash, as there is no "paper trail" with cash.
Past Bankruptcies / Past Foreclosures: Currently with Ohio FHA, your past bankruptcy needs to be at least 2 years old in order to be considered for an Ohio FHA mortgage, that's 2 years from your discharge date. Also, since your bankruptcy discharge, you will need to have been "credit clean" since then. In other words, no new negative remarks on your credit report.
Currently with Ohio FHA, any foreclosure you've had in the past needs to be at least 3 years old in order to be considered for an Ohio FHA mortgage.
Typically, with traditional mortgages, you would have to wait 4-10 years to be considered. You can see the flexibility of Ohio FHA!
Less-than-perfect credit: Although Ohio FHA has no minimum credit score; they do have restrictions to this rule. The basics are: You can only have had one late payment in the past 12 months. No open judgments or collections, however, most medical collections can be overlooked or worked with!
Ohio FHA Loan Limits:
One thing about Ohio FHA mortgages, they do have limits on the loan amounts.
Currently, Ohio FHA loan limits range from $200,160 to $256,500 for single family homes, depending on what county the house you are buying is in.
Note: If you are buying a 2-4 unit property, these limits are higher.
Ohio FHA Purchase Program:
3% down payment, however, this can easily be gifted by one of our charitable programs or by one of your family members, making this a zero down payment for you! Most who purchase with an Ohio FHA purchase mortgage put very little money out their pockets!
You DO NOT have to be a first time homebuyer to use FHA. Contact us for full information.
Ohio FHA Refinance Program:
Ohio FHA can be used for both types of refinances, lower your interest rate and cash out, or both!
If you are only interested in lowering your interest rate, without taking cash out, you can finance up to 97% of your home's value.
If you are interested in taking cash out of your home's equity, an Ohio FHA refinance program will allow you to finance up to 95% of your home's value! 95% is probably the highest cash out mortgages out there today. So if you want to tap as much cash as possible, Ohio FHA cash out refinance is the way to go.
Ohio FHA Streamline Refinance Program:
The Ohio FHA Streamline Refinance Program is for those who currently have an FHA mortgage and would like to refinance into a lower interest rate to lower their monthly payment, without taking any cash out. Basically, if you are in good standings with your current FHA mortgage, the refinance underwriting process is streamlined, making it quicker for you.
Ohio FHA Quick Info Checklist:
- Purchase, refianance, & debt consolidation programs available
- Zero-out-of-pocket down payment option (for home purchases)
- Less-than-perfect-credit requirements, including no credit at all!
- Low, fixed, interest rates
- Awesome cash-out refinance program (up to 95% ltv!)
- Statewide program, loan amounts up to $256,500
- Not limited to first time homebuyers
- Streamline refinance option
