Cleveland FHA Loans

Right now is the perfect time to apply for an FHA home loan in Cleveland, OH. Housing prices have come down in recent years while the FHA has increased loan limits in most Ohio counties. This means you will be able to afford a much bigger, better house for you and your family than ever before. Take a look at some of the benefits of the FHA home loan program and what you can do to obtain one today.

What is an FHA loan?

An FHA loan is actually an insurance policy; they do not lend any money themselves. By insuring privately issued loans, the FHA makes you a much more secure and desirable borrower and one that is then able to take advantage of great benefits. One of these benefits is the low down payment feature. In Cleveland it’s possible to procure a loan with as little as 3.5% down. The overall cost of the loan is much lower than conventional loans as well because you will get to take advantage of low interest rates and won’t have to pay any private mortgage insurance (PMI). The other benefits include streamline refinancing, flexible repayment schemes and easy approval.

Who can qualify for an FHA loan?

In order to qualify for an FHA loan you will first need to find a bank, mortgage company or savings and loans association that participates in the FHA home loan program. Once you have your lender, you’ll be required to provide credit checks, employment history, debt-to-income ratio and bank balances. While your approval will be pending this information, keep in mind that the FHA is quite lenient with its standards. Even if you have a blemish on your credit history, you should still look into applying for a Cleveland FHA loan.

What homes are eligible?

For standard FHA loans, one to four-unit family properties that are priced below the county’s loan limits are eligible for an FHA mortgage. There are also mortgage plans available for houses that need to be rehabilitated and homes that require energy efficiency upgrades. Be sure to discuss each plan with your lender to find one that suits your needs.

Get Started Today!

Getting pre-approved for a Cleveland FHA loan is incredibly easy when you take a minute to fill out our secure online form. The process is fast, free and has no obligation.

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