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Ohio FHA Loan

What are Ohio FHA Loans?
FHA stands for Federal Housing Authority. FHA Loans provide low-cost insured Home Mortgage Loans that suit a variety of purchasing options. Whether you're buying a home or want to refinance your mortgage, FHA loans might be right for you. If you're unsure about your credit rating, or have concerns about a down payment, FHA loans can give you piece of mind with super low closing costs and flexible payment options.


What factors determine if I am eligible for an FHA Loan in Ohio?
To be eligible for an FHA Mortgage, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

What is the maximum amount that I can borrow?
The maximum amount for an FHA Mortgage is determined by:

Maximum Loan Amount in Ohio: The Maximum FHA Loan amount allowed for FHA Home Mortgages varies from county to county in Ohio. The highest maximum FHA Home Loan right now in Ohio is $310,500. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, please refer to the OH FHA Loan Limit chart at the bottom of this page.

Maximum financing: In Ohio, the maximum FHA financing will be 97.75% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs?
Ohio FHA loans require the home buyer to invest at least 3.5% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $3,500. However, the home buyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.

What property types are allowed for FHA Loans in Ohio?
While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.

More information on FHA Mortgages

What types of refinance programs does FHA offer in Ohio?
There are three main types of FHA Refinance loans available in Ohio.

FHA Rate/Term Refinance
The FHA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. This program helps borrowers who wish to have a stable, fixed rate FHA Insured Loan.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.


Streamline Refinance

The FHA Streamline Refinance is designed to lower the interest rate on a current FHA House Loan or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.

How much can I refinance in Ohio?
The maximum amount for an FHA loan is determined by

Maximum Loan Amount in Ohio
The maximum FHA Loan Amount allowed for FHA Mortgage Refinance varies from county to county in Ohio. The highest maximum FHA refinance loan amount right now in Ohio is $310,500. The lowest maximum amount available in any county is $271,050. To see what the limit is in the county in which you're interested, please refer to the Illinois Ohio FHA Loan Limit chart at the bottom of this page.

Maximum financing: In Ohio, the maximum financing for an FHA Rate Term Refinance (No Cash-Out) or FHA Streamline Refinance Program (No Cash-Out) will be 97.75% of the appraised value of the home or its selling price, whichever is lower. The maximum financing for an FHA Cash-Out Refinance in Ohio is 85%.

What factors determine if I am eligible for an FHA Refinance Loan?
To be eligible for an FHA Mortgage Loan Refinance in Ohio, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt.

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Ohio FHA Mortgage Limits by County

MSA Name County Name
One-Family
Two-Family
Three-Family
Four-Family
NON-METRO ADAMS $271,050 $347,000 $419,425 $521,250
LIMA, OH (MSA) ALLEN $271,050 $347,000 $419,425 $521,250
ASHLAND, OH (MICRO) ASHLAND $271,050 $347,000 $419,425 $521,250
ASHTABULA, OH (MICRO) ASHTABULA $271,050 $347,000 $419,425 $521,250
ATHENS, OH (MICRO) ATHENS $271,050 $347,000 $419,425 $521,250
WAPAKONETA, OH (MICRO) AUGLAIZE $271,050 $347,000 $419,425 $521,250
WHEELING, WV-OH (MSA) BELMONT $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) BROWN $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) BUTLER $271,050 $347,000 $419,425 $521,250
CANTON-MASSILLON, OH (MSA) CARROLL $271,050 $347,000 $419,425 $521,250
URBANA, OH (MICRO) CHAMPAIGN $271,050 $347,000 $419,425 $521,250
SPRINGFIELD, OH (MSA) CLARK $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) CLERMONT $271,050 $347,000 $419,425 $521,250
WILMINGTON, OH (MICRO) CLINTON $271,050 $347,000 $419,425 $521,250
EAST LIVERPOOL-SALEM, OH (MICRO) COLUMBIANA $271,050 $347,000 $419,425 $521,250
COSHOCTON, OH (MICRO) COSHOCTON $271,050 $347,000 $419,425 $521,250
BUCYRUS, OH (MICRO) CRAWFORD $271,050 $347,000 $419,425 $521,250
CLEVELAND-ELYRIA-MENTOR, OH (MSA) CUYAHOGA $271,050 $347,000 $419,425 $521,250
GREENVILLE, OH (MICRO) DARKE $271,050 $347,000 $419,425 $521,250
DEFIANCE, OH (MICRO) DEFIANCE $271,050 $347,000 $419,425 $521,250
COLUMBUS, OH (MSA) DELAWARE $310,500 $397,500 $480,450 $597,100
SANDUSKY, OH (MSA) ERIE $271,050 $347,000 $419,425 $521,250
COLUMBUS, OH (MSA) FAIRFIELD $310,500 $397,500 $480,450 $597,100
WASHINGTON, OH (MICRO) FAYETTE $271,050 $347,000 $419,425 $521,250
COLUMBUS, OH (MSA) FRANKLIN $310,500 $397,500 $480,450 $597,100
TOLEDO, OH (MSA) FULTON $271,050 $347,000 $419,425 $521,250
POINT PLEASANT, WV-OH (MICRO) GALLIA $271,050 $347,000 $419,425 $521,250
CLEVELAND-ELYRIA-MENTOR, OH (MSA) GEAUGA $271,050 $347,000 $419,425 $521,250
DAYTON, OH (MSA) GREENE $271,050 $347,000 $419,425 $521,250
CAMBRIDGE, OH (MICRO) GUERNSEY $271,050 $347,000 $419,425 $521,250
CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA) HAMILTON $271,050 $347,000 $419,425 $521,250
FINDLAY, OH (MICRO) HANCOCK $271,050 $347,000 $419,425 $521,250
NON-METRO HARDIN $271,050 $347,000 $419,425 $521,250
NON-METRO HARRISON $271,050 $347,000 $419,425 $521,250
NON-METRO HENRY $271,050 $347,000 $419,425 $521,250
NON-METRO HIGHLAND $271,050 $347,000 $419,425 $521,250
NON-METRO HOCKING $271,050 $347,000 $419,425 $521,250
NON-METRO HOLMES $271,050 $347,000 $419,425 $521,250
NORWALK, OH (MICRO) HURON $271,050 $347,000 $419,425 $521,250
NON-METRO JACKSON $271,050 $347,000 $419,425 $521,250
WEIRTON-STEUBENVILLE, WV-OH (MSA) JEFFERSON $271,050 $347,000 $419,425 $521,250
MOUNT VERNON, OH (MICRO) KNOX $271,050 $347,000 $419,425 $521,250
CLEVELAND-ELYRIA-MENTOR, OH (MSA) LAKE $271,050 $347,000 $419,425 $521,250
HUNTINGTON-ASHLAND, WV-KY-OH (MSA) LAWRENCE $271,050 $347,000 $419,425 $521,250
COLUMBUS, OH (MSA) LICKING $310,500 $397,500 $480,450 $597,100
BELLEFONTAINE, OH (MICRO) LOGAN $271,050 $347,000 $419,425 $521,250
CLEVELAND-ELYRIA-MENTOR, OH (MSA) LORAIN $271,050 $347,000 $419,425 $521,250
TOLEDO, OH (MSA) LUCAS $271,050 $347,000 $419,425 $521,250
COLUMBUS, OH (MSA) MADISON $310,500 $397,500 $480,450 $597,100
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (MSA) MAHONING $271,050 $347,000 $419,425 $521,250

Ohio Top Cities:

Akron Ohio FHA Loans Canton Ohio FHA Loans Cincinatti Ohio FHA Loans
Cleveland Ohio FHA Loans Columbus Ohio FHA Loans Dayton Ohio FHA Loans
Elyria Ohio FHA Loans Euclid Ohio FHA Loans Hamilton Ohio FHA Loans
Kettering Ohio FHA Loans Lakewood Ohio FHA Loans Lorain Ohio FHA Loans
Mentor Ohio FHA Loans Middletown Ohio FHA Loans Youngstown Ohio FHA Loans
                                                                                                                             

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 Why choose an FHA Mortgage?

  • FHA Loan Programs require a Low 3.5% down payment.
  • Non-occupant, co-borrower are permitted to qualify for an FHA Mortgage.
  • FHA Mortgages use Expanded qualifying ratios.
  • There are no prepayment penalties for an FHA Mortgage.
  • An FHA Mortgage is fully assumable.
  • FHA Mortgages have lower MI premiums.
  • An FHA Mortgage is eligible for non-credit qualifying, streamline refinance.
  • An FHA Mortgage is available all areas of the country, provided a market exists for the property and the home meets HUD's minimum property standards.
  • An FHA Mortgage may be used to purchase or refinance a new or existing one to four family home in urban and rural areas, including manufactured homes on permanent foundations.
  • FHA Mortgages are offered at terms of 15 or 30 years.

 FHA Refinance Programs

FHA Rate/Term Refinance
The FHA Rate/Term Refinance is for borrowers who currently have a conventional fixed rate or ARM mortgage and wish to refinance into an FHA Mortgage. This program helps borrowers who wish to have a stable, fixed rate HUD FHA Loan.

Cash-Out Refinance
An FHA Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

FHA Streamline Refinance
The FHA Streamline Refinance is designed to lower the interest rate on a current FHA mortgage or convert a current FHA adjustable rate mortgage into a fixed rate. An FHA Streamline Refinance can be performed quickly and easily. It requires much less hassle and paperwork than a normal refinance including no appraisal, no qualifying debt ratios and no income verification.


 FHA Refinance Questions & Answers

What are the guidelines for an FHA Refinance?
If the borrower wishes to take cash out of the property, then the maximum financing amount is 85% of the appraised value, depending on the borrowers qualifications. If the borrower does not take cash out then the maximum financing will be either 98.75% or 97.75% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower.

Why should I consider refinancing into a FHA-insured mortgage?
FHA Refinance Loans do not come with prepayment penalties, have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.

What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home to refinance?
If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new HUD FHA Mortgage, then you should ask your lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.

Does it matter that the value of my home is now less than what I still owe?
Not to The FHA, but your current lender will have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.


FHA Mortgage   |   FHA Refinance   |   FHA LOAN REQUIREMENTS   |   FHA MORTGAGE CALCULATOR   |   FHA MORTGAGE RATES

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