Ohio Mortgage Loan Programs
Conventional
These are traditional loan programs that usually require up to
3-5% down and offer competitive interest rates. Documentation and fair-to-good
credit are usually needed.
Low and moderate income Ohioans can purchase homes of
their own with the state of Ohio’s OHFA First-Time Homebuyer Program. These
have competitive interest rates and mortgage options and can include state
grants or down payment assistance.
If you're a Firefighter,
emergency medical tech, paramedic, healthcare worker, police officer, teacher,
active military personnel or military veteran, you may be eligible for special
mortgage programs and lower than average rates through the State of Ohio's OHFA
program.
FHA
Backed by the Department of Housing and Urban Development, this
mortgage offers the borrower the ability to put as little as 3.5% down payment
– and they can finance closing costs. Seller can contribute up to 6% of the
purchase price to the buyer towards closing costs. FHA’s can also be used to
refinance rate and term up to 97% cash-out up to 85% of your homes value.
VA
Loans insured by the Veterans Administration for our nation's
veterans can be some of the best financing options available. No down payment
on a purchase, no PMI, and up to 90% for a refinance
Vacant properties up to ten acres, five year arms amortized over
30 years with minimum 20% down.
Construction / Rehab Loans
Offers one time closings for clients building their own home or
rehabbing their existing one. Fixed rates are able to be locked up to 12
months.
Used to finance 1-4 units that will be for investment non owner
occupied properties with 20% down payment.
