If you intend to own a home in Columbus or Cleveland, among other lush neighborhoods of this state in the Midwest, there is nothing better than first looking for easy financing schemes. One such program is FHA mortgage Ohio, which guarantees fast processing, as well as, few credit and income requirements. With just 580 points worth of credit score, we at FHA Home Loan Group can facilitate your approval for this loan. However, you need to select a particular package including financing or refinancing. The two have the following maximum amounts respectively:
Up to 97 Percent Financing
In practice, you can finance up to 96.5 percent via FHA mortgage OH. This indicates the amount the Housing Department (HUD) guarantees to send you after you subtract the 3.5% down payment. Here are the advantages:
- Unlike the commercial options, this program lets you to avail almost 100% of the total amount you have requested.
- There is only one other major upfront, which is the Upfront Monthly Insurance Premium at 1% of the total sum. You can roll it onto the rest of the balance.
97.75 Percent Refinancing Amount
The loan-to-value (LTV) ratio for streamlining an existing FHA mortgage Ohio to a lower rate is 97.75 percent. LTV is the total amount you can receive from the lender after you pay the down payment. The advantages of this proposition include:
- You do not have to reappraise the home’s value since it has already been done during the initial application.
- You can refinance to a lower interest rate than the current rate, and thus reduce the burden of payment.
Whether you are financing or refinancing, you can count on us to connect you to a program with the highest LTV percentages.
What if I Have a Credit Score of Below 580?
The remarkable aspect of FHA mortgage OH is that it serves even borrowers with bad credit history. Post-bankruptcy applicants with a credit score of below 580 can apply under these adjustments:
- The down payment will be slightly higher than that for a credit score of 620. However, it never exceeds 10 percent.
- You can also apply with the Direct Program of FHA mortgage Ohio which allows applicants with income of 50 to 80 percent of their counties’ yearly average earnings to get funds.
Do I qualify for the Program?
Yes, you do if you have passed the pre-qualification stage for FHA mortgage OH, below:
- You do not have any other credit obligations including unpaid credit card debts.
- Your employment history has lasted for two consecutive years and shows steady income.
- You intend to move into the property and make it your primary residence.
There is no other program that comes with rules as flexible as FHA mortgage Ohio, besides raising the amount you can borrow to close to 97 percent. You can also choose to refinance to a lower interest rate without reducing the amount you have already borrowed. This is why you need to contact our experts at FHA Home Loan Group for further step-by-step help!