Ohio FHA Loans

Right now is the ideal time to apply for an Ohio FHA home loan. The Federal Housing Administration (FHA) has been helping make homes affordable for over seventy years, and today it is extending even greater benefits than ever before. Over that time, the FHA and US Department of Housing and Urban Development (HUD) have helped make the dream of homeownership a reality for millions of Americans and their families.

Advantages of FHA Loans

When you apply for an FHA loan, the upfront costs are much lower than conventional loans. While conventional loans typically charge around 20% for a down payment, the FHA only requires a small 3.5% down payment. This makes it possible for people without huge savings to still be able to afford a new home.

Additional Benefits

Besides the great, low down payment feature of FHA loans, you will also pay less for the overall cost of the loan. This is because you won’t have to pay any private monthly mortgage insurance and will also get to take advantage of competitive interest rates. Plus, approval is incredibly easy. Even if you have a blemish on your credit history, there is still a good chance you’ll be approved for an FHA loan. Other benefits include streamline refinancing and flexible repayment options.

Refinancing

If you already have an FHA loan, right now is a great time to refinance while the interest rates are low. When you apply for a streamline refinance you won’t have to provide any additional paperwork or out-of-pocket expenses. For people who need to borrow money against the house’s equity, the FHA offers a cash-out refinance mortgage.

Getting Started

Whether you want to apply for a brand new loan or refinance your existing one, a great first step is to get pre-approved. Once you have your pre-approval you will be free to start house hunting and researching lenders. The lender you use for your FHA loan can be a bank, savings and loans association or mortgage company as long as they are FHA-approved. In order to qualify for the loan you will need to provide financial documents such as credit checks and bank balances.

To get started today, take a minute to fill out our secure online form. It’s fast, simple and 100% free!

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