FHA Loans in Ohio

Buying your first home can be both thrilling and overwhelming. The house hunting process is fun, but deciding on how to finance it usually isn’t. It seems everyone has a different opinion on which type of home loan is best, and with so many types of loans on the market, making a decision can leave you with a headache.

Most first-time home buyers in Ohio find themselves in the same position, and many of them decide to take out an Ohio FHA loan. Keep reading to find out why an FHA loan may be right for you.

Why Use an FHA Loan in Ohio?

Choosing the right mortgage is confusing, but many Ohio residents decided an FHA loan was the best option for them. As of April 2019, the total value of FHA loans in the state of Ohio was $317 million! So whether you are looking to settle on the lake in Cleveland or maybe down south in Cincinnati, an FHA loan in Ohio might be the most reliable home loan option for you.

FHA Loan Limits in Ohio

Maximum FHA loan limits in Ohio depend on location and are adjusted annually. In most of Ohio, the baseline limit of $498,257 applies, but in Columbus, the limit is $546,250 due to the relatively high cost of real estate in the area. This is done to ensure everyone can afford a home. See the link below for a full list of Ohio FHA loan limits.

Learn More About FHA Loan Requirements

Credit Requirements
Employment Requirements
Mortgage Insurance Premium Requirements

What Do You Need to Apply for an FHA Loan in OH?

Buyers must be able to provide the following information and documents as requested by lenders:

• The addresses of all your residences over the past two years.
• The names of your employers over the past two years.
• W2's for the past two years and current paycheck stubs.
• Your current gross monthly salary.
• Your Social Security Number.
• Names, addresses, and account numbers with balances on all checking and savings accounts.
• Addresses and loan information of any other real estate you owned.
• Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
• Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.

Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.