Ohio FHA Loan | Requirements | 2023 FHA Loan Limits
Are you looking for FHA loans to buy a home in Ohio?
The FHA (Federal Housing Administration) aims at making the process of home buying easier and achievable for the first time home buyers in US. FHA loans are highly popular in the US due to its low down payment options and simpler eligibility criterions. These loans offer loan facility to purchase home with down payments as low as 3.5%. In comparison to other conventional loans, FHA loans have lenient requirements and one can qualify for them with a credit score as low as 500.
Ohio FHA Loan Requirements
If you need to know the mandatory requirements to qualify for the FHA loan in Ohio, here are some important points to consider. With this, you can check your eligibility and match your lender’s needs, too. To let an FHA lender contact you,
request a free consultation.
- Credit Score– Borrowers can qualify for different down payments based on their credit scores. One needs to hold a 580 credit score or higher to qualify for 3.5% down payment, however, with a credit score range of 500-579, one can qualify for 10% down payment under the FHA loans.
- Job History – As a borrower, you need to provide proof of employment for 2 consistent years to qualify for FHA loans. However, in case one has changed their jobs, you need to provide a consistent employment/income record to qualify.
- Financial Statements– FHA loans call for a consistent financial statement of last 2 years. One is expected to provide their 2 most recent bank statements, pay stubs, and tax returns documents for such validations.
- Debt-to-Income– A borrower holding a debt-to-income ratio higher than 43% cannot qualify for the FHA loans. However, there are certain “compensating factors” under which one can get their FHA loans approved even with higher debt levels. These factors include- having higher money in savings account, longer job history, or a higher credit score).
- Primary Residence– As a borrower opting for an FHA loan for buying a property for the intended house, it needs to be the primary residence of the borrower. You need to live in the house post buying it and not categorize it under an investment purpose property, or your second home, or a vacation home.
- Mortgage Insurance– FHA loans mandatorily require two types of mortgage insurances, including- UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium), regardless of the lender you go for. FHA MIP are like PMI (Private Mortgage Insurance) on a conventional loan acts. Do not forget to use this FHA loan calculator to get your monthly payment estimates along with the overall mortgage insurance costs.
- FHA Loan Limits– FHA loans conclude with the maximum lending limits. These limits are designed at the county level. Make sure to view the mots updated FHA loan limits for all the counties in Ohio below before opting for an FHA loan scheme.
Wish to check your eligibility to qualify for an FHA loan? We can help you get the right status to match with the most apt mortgage lender offering the best FHA loans in Ohio. To receive a call back from a reliable FHA lender, request a free consultation.
2023 Ohio FHA Loan Limits
Below are the 2023 FHA loan limits for every county in Ohio:
| County | Single Family | 2 Family | 3 Family | 4 Family |
|---|---|---|---|---|
| ADAMS | $472,030 | $604,400 | $730,525 | $907,900 |
| ALLEN | $472,030 | $604,400 | $730,525 | $907,900 |
| ASHLAND | $472,030 | $604,400 | $730,525 | $907,900 |
| ASHTABULA | $472,030 | $604,400 | $730,525 | $907,900 |
| ATHENS | $472,030 | $604,400 | $730,525 | $907,900 |
| AUGLAIZE | $472,030 | $604,400 | $730,525 | $907,900 |
| BELMONT | $472,030 | $604,400 | $730,525 | $907,900 |
| BROWN | $472,030 | $604,400 | $730,525 | $907,900 |
| BUTLER | $472,030 | $604,400 | $730,525 | $907,900 |
| CARROLL | $472,030 | $604,400 | $730,525 | $907,900 |
| CHAMPAIGN | $472,030 | $604,400 | $730,525 | $907,900 |
| CLARK | $472,030 | $604,400 | $730,525 | $907,900 |
| CLERMONT | $472,030 | $604,400 | $730,525 | $907,900 |
| CLINTON | $472,030 | $604,400 | $730,525 | $907,900 |
| COLUMBIANA | $472,030 | $604,400 | $730,525 | $907,900 |
| COSHOCTON | $472,030 | $604,400 | $730,525 | $907,900 |
| CRAWFORD | $472,030 | $604,400 | $730,525 | $907,900 |
| CUYAHOGA | $472,030 | $604,400 | $730,525 | $907,900 |
| DARKE | $472,030 | $604,400 | $730,525 | $907,900 |
| DEFIANCE | $472,030 | $604,400 | $730,525 | $907,900 |
| DELAWARE | $488,750 | $625,700 | $756,300 | $939,900 |
| ERIE | $472,030 | $604,400 | $730,525 | $907,900 |
| FAIRFIELD | $488,750 | $625,700 | $756,300 | $939,900 |
| FAYETTE | $472,030 | $604,400 | $730,525 | $907,900 |
| FRANKLIN | $488,750 | $625,700 | $756,300 | $939,900 |
| FULTON | $472,030 | $604,400 | $730,525 | $907,900 |
| GALLIA | $472,030 | $604,400 | $730,525 | $907,900 |
| GEAUGA | $472,030 | $604,400 | $730,525 | $907,900 |
| GREENE | $472,030 | $604,400 | $730,525 | $907,900 |
| GUERNSEY | $472,030 | $604,400 | $730,525 | $907,900 |
| HAMILTON | $472,030 | $604,400 | $730,525 | $907,900 |
| HANCOCK | $472,030 | $604,400 | $730,525 | $907,900 |
| HARDIN | $472,030 | $604,400 | $730,525 | $907,900 |
| HARRISON | $472,030 | $604,400 | $730,525 | $907,900 |
| HENRY | $472,030 | $604,400 | $730,525 | $907,900 |
| HIGHLAND | $472,030 | $604,400 | $730,525 | $907,900 |
| HOCKING | $488,750 | $625,700 | $756,300 | $939,900 |
| HOLMES | $472,030 | $604,400 | $730,525 | $907,900 |
| HURON | $472,030 | $604,400 | $730,525 | $907,900 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 |
| KNOX | $472,030 | $604,400 | $730,525 | $907,900 |
| LAKE | $472,030 | $604,400 | $730,525 | $907,900 |
| LAWRENCE | $472,030 | $604,400 | $730,525 | $907,900 |
| LICKING | $488,750 | $625,700 | $756,300 | $939,900 |
| LOGAN | $472,030 | $604,400 | $730,525 | $907,900 |
| LORAIN | $472,030 | $604,400 | $730,525 | $907,900 |
| LUCAS | $472,030 | $604,400 | $730,525 | $907,900 |
| MADISON | $488,750 | $625,700 | $756,300 | $939,900 |
| MAHONING | $472,030 | $604,400 | $730,525 | $907,900 |
| MARION | $472,030 | $604,400 | $730,525 | $907,900 |
| MEDINA | $472,030 | $604,400 | $730,525 | $907,900 |
| MEIGS | $472,030 | $604,400 | $730,525 | $907,900 |
| MERCER | $472,030 | $604,400 | $730,525 | $907,900 |
| MIAMI | $472,030 | $604,400 | $730,525 | $907,900 |
| MONROE | $472,030 | $604,400 | $730,525 | $907,900 |
| MONTGOMERY | $472,030 | $604,400 | $730,525 | $907,900 |
| MORGAN | $472,030 | $604,400 | $730,525 | $907,900 |
| MORROW | $488,750 | $625,700 | $756,300 | $939,900 |
| MUSKINGUM | $472,030 | $604,400 | $730,525 | $907,900 |
| NOBLE | $472,030 | $604,400 | $730,525 | $907,900 |
| OTTAWA | $472,030 | $604,400 | $730,525 | $907,900 |
| PAULDING | $472,030 | $604,400 | $730,525 | $907,900 |
| PERRY | $488,750 | $625,700 | $756,300 | $939,900 |
| PICKAWAY | $488,750 | $625,700 | $756,300 | $939,900 |
| PIKE | $472,030 | $604,400 | $730,525 | $907,900 |
| PORTAGE | $472,030 | $604,400 | $730,525 | $907,900 |
| PREBLE | $472,030 | $604,400 | $730,525 | $907,900 |
| PUTNAM | $472,030 | $604,400 | $730,525 | $907,900 |
| RICHLAND | $472,030 | $604,400 | $730,525 | $907,900 |
| ROSS | $472,030 | $604,400 | $730,525 | $907,900 |
| SANDUSKY | $472,030 | $604,400 | $730,525 | $907,900 |
| SCIOTO | $472,030 | $604,400 | $730,525 | $907,900 |
| SENECA | $472,030 | $604,400 | $730,525 | $907,900 |
| SHELBY | $472,030 | $604,400 | $730,525 | $907,900 |
| STARK | $472,030 | $604,400 | $730,525 | $907,900 |
| SUMMIT | $472,030 | $604,400 | $730,525 | $907,900 |
| TRUMBULL | $472,030 | $604,400 | $730,525 | $907,900 |
| TUSCARAWAS | $472,030 | $604,400 | $730,525 | $907,900 |
| UNION | $488,750 | $625,700 | $756,300 | $939,900 |
| VAN WERT | $472,030 | $604,400 | $730,525 | $907,900 |
| VINTON | $472,030 | $604,400 | $730,525 | $907,900 |
| WARREN | $472,030 | $604,400 | $730,525 | $907,900 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 |
| WAYNE | $472,030 | $604,400 | $730,525 | $907,900 |
| WILLIAMS | $472,030 | $604,400 | $730,525 | $907,900 |
| WOOD | $472,030 | $604,400 | $730,525 | $907,900 |
| WYANDOT | $472,030 | $604,400 | $730,525 | $907,900 |