FHA Loan Ohio Benefits:
* FHA Loan Ohio Only 3.5% Down Payment
* Low interest rates
* Fast Closing – As fast as 17 Days
* Low FICO Allowed
* If you have not purchased a house in 3yrs
* Gift Funds Allowed
* FHA Loan from 3.5% Down, HomeReady 3% Down.
#1 FHA Lender Ohio
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FHA Loan Ohio- Ohio #1 FHA loan lender. We are helping borrowers in Ohio qualify for the best FHA home loan to meet their borrowing requirements.
FHA loans starting with just 3.5% down payment. Apply today!
FHA Loan Ohio
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FHA Loan Q&A Everything You Wanted To Know about FHA Loan
A Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify. You can find out more by applying here!. Same rule applies for borrower with chapter 13 bankruptcy.
A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 pla.
Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan Florida. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify. You can find out more by applying here!. Same rule applies for borrower with chapter 13 bankruptcy.
A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 plan.
Charge-off accounts are not included in borrowers’ debt.
For non-medical collection accounts when the cumulative outstanding balance is greater than $2,000 borrower may either pay-off the balance or, for the purpose of debt-to-income ratio (DTI), provide proof of a payment plan. If neither are an option, the lender must use 5% of the outstanding balance and include it in the borrower’s DTI calculation.
Delinquent child support must be paid current or in a payment plan.
Borrowers with delinquent tax debt are ineligible unless currently in payment plan.
Borrowers with delinquent tax debt are ineligible unless currently in repayment plan. Repayment plan tax liens are not required to be paid in full if documentation is provided indicating the borrower is in a valid payment plan.
The following is required:
Foreclosure waiting period is measured from the date of title transfer. Three (3) years must have elapsed from the time title transferred. If the foreclosed loan was an FHA loan, the 3-year waiting period is based on the date the FHA claim was paid (e.g. foreclosure 11/12/14, FHA claim dates was 7/12/15, the 3-year waiting period ends 7/13/18).
Borrowers with foreclosure/Deed in Lieu within 3 years of case number assignment that was due to documented extenuating circumstances may be eligible if the borrower has re-established good credit since the foreclosure. A downgrade to manual underwriting is required. If the foreclosure was included in the bankruptcy, the foreclosure waiting period still applies. HUD treats the foreclosure and Bankruptcy independently, not as a single event.
The three-year waiting period from date of title transfer still applies unless they were current at the time on short sale. Speak to your loan officer for specifics.
The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets. Typically, the DTI cannot exceed 45% of the borrower’s gross income. However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt.
Borrowers with student loans that are in deferment or not fully amortized will be required to calculate 1% of the outstanding balance as minimum monthly payment that will be added in their debt-to-income ratio (DTI) calculation.
The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets. Typically, the DTI cannot exceed 45% of the borrower’s gross income. However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt.
WHY FHA HOME LOAN Ohio?
About Ohio
Ohio with a population of nearly 11.8 million, Ohio is the seventh-most populous and tenth-most densely populated state in the nation.
Despite the decrease in the number of home sales, the average sales price across Ohio experienced a 5.4% increase compared to July 2022. In July 2023, the average sales price reached $287,695, compared to $272,833 in the same month of the previous year.
This trend emphasizes that housing is still considered a wise and long-term investment, attracting buyers despite the challenges in the market.
10 Metropolitan Statistical Areas (MSAs) in Ohio that are anticipated to experience the highest home price growth by August 2024 based on the provided data and a great place to purchase a home with an FHA Loan Ohio with CambridgeHomeLoan.com:
In the Mansfield, OH MSA, homebuyers and investors can anticipate a remarkable increase in home prices. From August 31, 2023, to August 31, 2024, home prices are expected to surge by an impressive 7.2%. This substantial growth suggests a flourishing real estate market in Mansfield.
The Bucyrus, OH MSA is also expected to see significant growth in home prices. The forecasted increase stands at 6.3% from August 2023 to August 2024, indicating a robust and attractive real estate market for potential buyers and investors.
The Springfield, OH MSA is anticipated to experience substantial home price growth, with a forecasted increase of 6.2% by August 2024. This growth signifies a thriving real estate market in the region, presenting investment opportunities.
Homebuyers and investors in the Greenville, OH MSA can expect a notable increase in home prices, with a forecasted growth of 6.1% from August 2023 to August 2024. This suggests a strong demand for properties in the area.
In the Ashtabula, OH MSA, home prices are projected to see a significant increase, with a growth of 5.8% by August 2024. This growth indicates a healthy and potentially lucrative real estate market for both buyers and sellers.
The Youngstown, OH MSA is also forecasted to experience substantial growth in home prices, with a projected increase of 5.7% by August 2024. This suggests a robust real estate market with potential opportunities for investment and homeownership.
Van Wert, OH MSA is expected to witness a significant increase in home prices, with a forecasted growth of 5.6% by August 2024. This growth indicates a stable and potentially rewarding real estate market for those looking to buy or invest in properties.
The Columbus, OH MSA, a prominent area, is projected to experience a notable increase in home prices, with a growth of 5.4% from August 2023 to August 2024. This suggests a flourishing real estate market in the state’s capital.
Zanesville, OH MSA is also expected to see a significant growth in home prices, with a forecasted increase of 5.4% by August 2024. This indicates a healthy real estate market in the region, making it an attractive destination for potential buyers and investors.
In the Celina, OH MSA, homebuyers and investors can expect a notable increase in home prices, with a forecasted growth of 5.4% by August 2024. This growth signifies a stable and potentially rewarding real estate market, making Celina an attractive location for property investment.
These projections offer valuable insights into potential real estate hotspots for home price growth. However, it’s important to remember that real estate markets are influenced by numerous factors. Prospective buyers and investors should conduct thorough research and consult real estate professionals before making decisions in these markets.
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