FHA Loan in Ohio
FHA Loan in Ohio: Everything You Need To Know About FHA Mortgages
In 2020, the Federal Housing Administration endorsed 1.3 million home mortgage loans. While the FHA’s share of the market decreased since 2019, it still comprises a significant portion of the housing market. FHA loans are the second most popular mortgage program in the United States. Only conventional loans are more popular. FHA loans are very popular for first-time homebuyers, buyers with higher debt to income ratios, and borrowers with less than perfect credit and lower scores. The minimum credit score for a 3.5% down payment home purchase FHA loan is a 580 credit score. HUD, the parent of FHA allows people with credit scores down to a 500 FICO to qualify for an FHA loan. However, if your credit score is under 580 FICO and down to a 500 credit score, you need a 10% versus a 3.5% down payment to qualify for an FHA loan.
FHA Loan Ohio Policies and Programs
The FHA is a federal program. But, many states strengthen FHA options with their own programs. Ohio has multiple policies, programs, and agencies in place to empower FHA applicants.
Some of these programs are region-specific. That is, only residents of specific counties are eligible for certain programs. You must be a U.S. Citizen and Ohio resident for over two years to qualify for these programs.
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