Cincinnati FHA Loan

If you are thinking about relocating to Cincinnati, Ohio, right now is the ideal time to apply for an FHA home loan. In 1934, the US Government created the Federal Housing Administration (FHA). The FHA was implemented in order to help US citizens afford new homes and avoid foreclosure on their existing properties. Between the FHA and US Department of Housing and Urban Development (HUD), millions of people have taken advantage of the home loan guaranty program and made the dream of homeownership a reality. Here are some of the advantages FHA loans and what you can do to get started today.

Advantages of FHA Loans

The first major advantage of FHA loans is the low down payment feature. With conventional loans in Cincinnati, you might be expected to pay as much as 20% for a down payment. With an FHA loan, right now it is possible to qualify for as much as 96.5% financing, making your down payment a very low, manageable 3.5%. The FHA is quite lenient about where this money comes from as well, so even if you can’t afford the down payment you are free to have an employer, friend or charitable organization pay your upfront costs.

Additional Benefits

When you apply for a Cincinnati FHA loan, the approval process is much easier and simpler than with a conventional loan. While you will still be required to provide financial information for approval, the FHA is much more lenient in regards to their approval standards. This means that even if you have less that perfect credit, you will still be able to apply for an FHA loan. The other great benefits of FHA loans include low interest rates, flexible repayment plans and streamline refinancing. Your overall cost for obtaining the loan will also be much lower because you won’t be required to pay for private mortgage insurance (PMI).

Refinancing

If you already have an FHA loan in Cincinnati, right now is a great time to apply for a new loan in order to take advantage of lower interest rates. When you apply for a streamline refinance, you will be able to obtain a new mortgage without having to supply any additional paperwork or incur any out-of-pocket expenses.

Get Pre-approved Today!

We have a team of Cincinnati FHA home loan specialists who are ready to help you get started on the path to homeownership today. Fill out our online form and we’ll have you pre-approved instantly for free!

Detroit FHA Loans | Chicago FHA Loans | FHA Loans for First Time Homebuyers | what is a fha loan