Columbus FHA Loans

Right now is a great time to buy a new house in Columbus, Ohio with an FHA loan. The Federal Housing Administration (FHA) has been around for over seventy years, during which time millions of Americans have taken advantage of the home loan program. Today, the FHA and US Department of Housing and Urban Development (HUD) are helping more people than ever become first time homeowners.

Conventional Loans vs. FHA Loans

With a conventional loan, right now you might be expected to pay anywhere from 5 to 20% for a down payment. This can add up really fast for new family homes in Columbus. With an FHA loan you only have to pay 3.5% for a down payment on the property. Plus, this money can come from anywhere. That means you can have an employer, friend or charitable organization pay this for you. You might even want to look into applying for the American Dream Down payment Initiative (ADDI) which will pay for the entire down payment.

Additional Benefits

In addition to the low down payment feature, you will also find the overall cost of the loan much lower than conventional loans. This is because you will be able to take advantage of low interest rates and won’t have to pay private mortgage insurance (PMI). The other benefits of a Columbus FHA loan include streamline refinancing, easy approval and flexible repayment plans.

Refinancing Options

Once you have an FHA loan, it’s very easy to refinance for a lower interest rate. With a streamline refinance, you won’t incur any out-of-pocket fees or have to supply any additional paperwork. Alternatively, you may want to apply for an FHA cash-out refinance in order to borrow money against the house’s line of equity. Be sure to look into all your options to find a refinance plan that suits your needs.

Getting Started

In order to obtain an FHA loan, you will need to find a bank, mortgage company or savings and loans association which participates in the FHA home loan guaranty program. You might want to consider getting pre-approved before settling on a lender. This way you’ll know if you meet all the requirements for an FHA loan.

Take a minute to fill out our secure online form and we’ll be able to help you get started today. The pre-approval process is fast, free, secure and has no obligation.

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