USDA Loans
Ohio USDA Loans are intended to provide lower-income homeowners with 100 percent financing (without a down payment). United States Department of Agriculture loans, also known as farm loans, are now available to Ohio residents in almost every OH county outside of major metropolitan areas (rural areas in Ohio including Adams County, Jackson County, Morgan County and others).
USDA Loan Requirements (Ohio)
There are a variety of requirements to qualify for Ohio USDA Loans:
- Monthly Ohio housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in Ohio.
- Ohio borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- Ohio property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
Ohio families must be able to afford the mortgage payments, including taxes and insurance.
Ohio USDA Mortgage Rates
OH USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Ohio property being financed, etc. In general, OH USDA rates are better than average compared to other options for qualifying individuals.
Apply for a Home Loan Today
Apply now or contact the Ohio USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Ohio, eligibility and more.
