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Securing an FHA Loan in Ohio

FHA loans are mortgage loans insured by the Federal Housing Administration that are issued by federally qualified FHA lenders. Ohio FHA loans allow prospective homeowners to borrow money for the purchase of homes that they would not otherwise be able to afford. To find out how much you can borrow, check the table below for the  Ohio FHA loan limits by county.

Ohio FHA Loan Requirements

In order to obtain an FHA loan, borrowers must satisfy Ohio FHA Loan Requirements. While loans guaranteed by the Federal Housing Administration include fairly lenient qualifications, borrowers must satisfy requirements regarding down payment, debt to income ratio, income and residency. 

General Requirements

  • Your down payment must be 3.5% or greater (96.5% loan-to-value, or LTV).
  • FHA requires a credit score of 500 or greater, but many lenders will not accept less than 580.
  • Your debt-to-income ratio (DTI) should be no greater than 45 - 50%.
  • Loan Limit (max allowable loan amount): Up to $625,500 in higher cost areas and as low as $271,050 in lower cost areas (see bottom of this page). 
  • Mortgage Insurance is required depending on loan terms and down payment.
  • Properties must meet FHA guidelines based on a home inspection.

Mortgage Insurance

  • An upfront premium of 1.75% the base loan amount is required at closing. 
  • Unless your mortgage term is less than or equal to 15 years and down payment is greater than or equal to 22%, a monthly mortgage insurance premium (MIP) must be paid alongside your principal and interest. 
  • The monthly payment can be canceled on loans with 10% or more down payment after reaching 78% LTV and the 11 year mark. 
  • If your down payment is less than 10%, you must also pay monthly mortgage insurance for the life of the loan.

Ohio FHA Streamline Refinance 

FHA homeowners can get a lower rate or adjust their mortgage term with little hassle through an FHA Streamline refinance. Unlike other refinances, the FHA Streamline does not require a new home appraisal, and there is no income or employment verification step; the result is a faster process and with less paperwork. Borrowers who are underwater on their FHA mortgage, without significant equity, or have experienced any employment or credit hardships can still qualify for the fixed or adjustable-rate mortgage a Streamline refinance provides. 

Streamline Refinance Requirements:

  • Borrower must currently have an FHA-insured mortgage.
  • The refinance must pose a net tangible benefit for the borrower, meaning the process and fees won't outweigh the advantages. 
  • A minimum of six mortgage payments must have been made at the time of applying, or applying must be at least 210 days from closing.
  • Borrower must have clean payment history from the past year. 

Refinancing borrowers will likely have to pay an upfront and monthly mortgage insurance premium (MIP).

Ohio FHA Loan Lenders

As mentioned above, FHA loans can be originated by qualified FHA loan lenders in OH. These lenders have received approval from the U.S. Department of Housing and Urban Development (HUD) and are qualified to issue all types of FHA loans, including FHA Streamline Refinances, FHA 203k Loans, and FHA Loans for the purchase of FHA-Approved Condos.

Ohio Counties and FHA Loan Limits

County Name One-Family Two-Family Three-Family Four-Family
ADAMS $271,050 $347,000 $419,400 $521,250
ALLEN $271,050 $347,000 $419,400 $521,250
ASHLAND $271,050 $347,000 $419,400 $521,250
ASHTABULA $291,250 $372,850 $450,700 $560,100
ATHENS $432,500 $553,650 $669,250 $831,750
AUGLAIZE $271,050 $347,000 $419,400 $521,250
BELMONT $271,050 $347,000 $419,400 $521,250
BROWN $337,500 $432,050 $522,250 $649,050
BUTLER $337,500 $432,050 $522,250 $649,050
CARROLL $277,500 $355,250 $429,400 $533,650
CHAMPAIGN $271,050 $347,000 $419,400 $521,250
CLARK $271,050 $347,000 $419,400 $521,250
CLERMONT $337,500 $432,050 $522,250 $649,050
CLINTON $271,050 $347,000 $419,400 $521,250
COLUMBIANA $271,050 $347,000 $419,400 $521,250
COSHOCTON $271,050 $347,000 $419,400 $521,250
CRAWFORD $271,050 $347,000 $419,400 $521,250
CUYAHOGA $298,750 $382,450 $462,300 $574,500
DARKE $271,050 $347,000 $419,400 $521,250
DEFIANCE $271,050 $347,000 $419,400 $521,250
DELAWARE $341,250 $436,850 $528,050 $656,250
ERIE $271,050 $347,000 $419,400 $521,250
FAIRFIELD $341,250 $436,850 $528,050 $656,250
FAYETTE $271,050 $347,000 $419,400 $521,250
FRANKLIN $341,250 $436,850 $528,050 $656,250
FULTON $271,050 $347,000 $419,400 $521,250
GALLIA $271,050 $347,000 $419,400 $521,250
GEAUGA $298,750 $382,450 $462,300 $574,500
GREENE $271,250 $347,250 $419,750 $521,650
GUERNSEY $271,050 $347,000 $419,400 $521,250
HAMILTON $337,500 $432,050 $522,250 $649,050
HANCOCK $271,050 $347,000 $419,400 $521,250
HARDIN $271,050 $347,000 $419,400 $521,250
HARRISON $271,050 $347,000 $419,400 $521,250
HENRY $271,050 $347,000 $419,400 $521,250
HIGHLAND $271,050 $347,000 $419,400 $521,250
HOCKING $271,050 $347,000 $419,400 $521,250
HOLMES $271,050 $347,000 $419,400 $521,250
HURON $271,050 $347,000 $419,400 $521,250
JACKSON $271,050 $347,000 $419,400 $521,250
JEFFERSON $271,050 $347,000 $419,400 $521,250
KNOX $271,050 $347,000 $419,400 $521,250
LAKE $298,750 $382,450 $462,300 $574,500
LAWRENCE $271,050 $347,000 $419,400 $521,250
LICKING $341,250 $436,850 $528,050 $656,250
LOGAN $271,050 $347,000 $419,400 $521,250
LORAIN $298,750 $382,450 $462,300 $574,500
LUCAS $271,050 $347,000 $419,400 $521,250
MADISON $341,250 $436,850 $528,050 $656,250
MAHONING $271,050 $347,000 $419,400 $521,250
MARION
$271,050
$347,000
$419,425
$521,250
MEDINA
$298,750
$382,450
$462,300
$574,500
MEIGS
$271,050
$347,000
$419,425
$521,250
MERCER
$292,500
$374,450
$452,600
$562,500
MIAMI
$271,250
$347,250
$419,750
$521,650
MONROE
$271,050
$347,000
$419,425
$521,250
MONTGOMERY
$271,250
$347,250
$419,750
$521,650
MORGAN
$271,050
$347,000
$419,425
$521,250
MORROW
$341,250
$436,850
$528,050
$656,250
MUSKINGUM
$271,050
$347,000
$419,425
$521,250
NOBLE
$271,050
$347,000
$419,425
$521,250
OTTAWA
$271,050
$347,000
$419,425
$521,250
PAULDING
$271,050
$347,000
$419,425
$521,250
PERRY
$271,050
$347,000
$419,425
$521,250
PICKAWAY
$341,250
$436,850
$528,050
$656,250
PIKE
$271,050
$347,000
$419,425
$521,250
PORTAGE
$330,000
$422,450
$510,650
$634,600
PREBLE
$271,250
$347,250
$419,750
$521,650
PUTNAM
$271,050
$347,000
$419,425
$521,250
RICHLAND
$271,050
$347,000
$419,425
$521,250
ROSS
$271,050
$347,000
$419,425
$521,250
SANDUSKY
$271,050
$347,000
$419,425
$521,250
SCIOTO
$271,050
$347,000
$419,425
$521,250
SENECA
$271,050
$347,000
$419,425
$521,250
SHELBY
$271,050
$347,000
$419,425
$521,250
STARK
$277,500
$355,250
$429,400
$533,650
SUMMIT
$330,000
$422,450
$510,650
$634,600
TRUMBULL
$271,050
$347,000
$419,425
$521,250
TUSCARAWAS
$271,050
$347,000
$419,425
$521,250
UNION
$341,250
$436,850
$528,050
$656,250
VAN WERT
$301,250
$385,650
$466,150
$579,300
VINTON
$271,050
$347,000
$419,425
$521,250
WARREN
$337,500
$432,050
$522,250
$649,050
WASHINGTON
$271,050
$347,000
$419,425
$521,250
WAYNE
$271,050
$347,000
$419,425
$521,250
WILLIAMS
$271,050
$347,000
$419,425
$521,250
WOOD
$271,050
$347,000
$419,425
$521,250
WYANDOT
$271,050
$347,000
$419,425
$521,250
Local Cities

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