FHA Home Loan in Ohio
Buying your first home can be both thrilling and overwhelming. Often, one of the most daunting tasks when you have made the decision to become a homebuyer is not picking the house but picking the financing package. It seems that everyone has a different opinion on what type of loan is best, and these days, there are all sorts of gimmicky loan programs that promise the moon but can often end up leaving you in a precarious financial position.
Why Choose FHA Loans?
If you're considering using an Ohio FHA loan, check with your lender regarding current maximums in your area. If you're considering the purchase of a multi-family dwelling, it's especially important that you establish the current limit since the amount you'll be able to spend varies depending on how many units there are in the dwelling as well as the cost of living in your area.
FHA Loan Limits in Ohio
While there is a maximum loan limit on Ohio FHA loans, the goal of the program is to ensure that most people can qualify for the loan and purchase a house, regardless of the area in which they live. To that end, the maximum loan limit varies from location to location. In Ohio, the baseline limit of $271,050 applies, but in place like Athens, the limit is $432,500 and the limit in Cincinnati is $337,500 due to the relatively high cost of real estate in these areas.