The Ohio Housing Finance Agency (OHFA) offers a number of different homeownership programs for First Time Home Buyers as well as for people purchasing a home in a targeted area.  OHFA’s First Time Home Buyers program offers a competitive interest rate on either a Conforming or an FHA mortgage. Home Buyers must meet income limits and purchase price limits, which vary by city and town. […] Read more »

Mortgages guaranteed by the United Stated Department of Veterans Affairs (VA) are designed to offer financing to eligible American veterans or their surviving spouses. VA loans require NO Downpayment. VA loans require a Funding Fee (similar to FHA’s UFMIP and USDA’s Funding Fee) that is based on whether the veteran is Active Duty/Veteran or Reservists/National Guard and on the loan category (less than 5% down […] Read more »

USDA Rural Development Guaranteed Loans are designed to assist home buyers that don’t necessarily have the ability to secure other financing due to down payment requirements. In order to be eligible for a USDA Rural Development mortgage the property must be in an eligible area, which can be checked on USDA’s eligibility website. Also, home buyers must be under USDA’s income limits, also found on […] Read more »

FHA loans cannot exceed the statutory loan limit for the county in which you are purchasing a property. Currently the loan limits range from $271,050 to $341,250 in Ohio, depending on the county. FHA loans require as little as 3.5% down, and are subject to both an Up Front Mortgage Insurance Premium (UFMIP) and Annual Mortgage Insurance Premium (MIP) which is paid monthly. The UFMIP […] Read more »