833-4-CHF-INCPlanning To Buy Your First Home in Ohio?
There are quite number of government programs for buying a house in Ohio for the first time.
One of the best options for first time home buyers in Ohio is a government funded program by USDA ( United States Department of Agriculture). The name in itself can be misleading because many sub-urban areas near a metropolitan qualify for the USDA loan program. USDA is a no money down payment loan program for residents of Ohio that comes with following benefits:
- NO money down
- Low interest rates
- 30 year fixed rates
- Government guaranteed
- Flexible credit guidelines
- Roll in the closing costs into the loan
Apply now and our USDA loan expert from Ohio will get back to you!
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First Time Home Buyer Programs In Ohio
We will be discussing a lot about USDA loan program program, but before that lets take a look at some other “Government funded loan programs in Ohio” for a first time home buyer.
FHA : An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). This program is a good fit for Homebuyers because you can be eligible with a FICO score as low as 580 and FHA home loans require only 3.5% for down payment.
VA : This government program is for serving or retired US veterans. VA loan program is also a no money down loan program and a great option if you can qualify for it.
Here on we will focus on USDA program and explain property eligibility by area and eligibility by income limits for the residents of Ohio. If you calculate monthly mortgage amount for all the 3 programs in our mortgage payments calculator you will learn that USDA is the best option unless you are a veteran, therefore we will focus on this program for the rest of the article.
We want you to save money by choosing the best option
Ohio Areas that Qualify for a USDA Home Loan
Just by looking at the map from different parts of Ohio, you can imagine all the beautiful places that are eligible for a USDA home loan. As a quick reference for first time home buyer, any part of the map which is white in color is in an eligible area and the property will qualify for USDA Loan. The peach areas in the map are not in the eligible zone.
There can be many communities outside of major metropolitan area in Ohio 1 that may be eligible for the program. Your agent may or may not be interested to show you USDA eligible properties as it takes a little longer for the mortgage to materialize, but it is worth the wait as you can qualify for a much larger property by spending less money.
Ohio USDA Loan Income Limits By County
USDA program is designed for families with moderate to lower income group, therefore the income of home buyers looking to purchase in Ohio cannot exceed the limits which are set by different county’s. The average household income limits for a USDA home loan in Ohio range from $90,300 – $142,900 depending on which county you live in and the size of your family. The summarized break down is given below along with a complete list of county wise breakup.2
| Ohio County’s / Areas | Family Size 1-4 | Family Size 5-8 |
| Columbus | $96,800 | $127,800 |
| Cincinnati | $99,250 | $131,000 |
| Union County | $108,250 | $142,900 |
| All Other County’s / Areas | $90,300 | $119,200 |
USDA Approval Turn Times In Ohio
Just like any other type of loan, USDA loans in Ohio have to go through the underwriting process in the end lender will submit that loan to USDA (United States Department of Agriculture). USDA has to do a final approval and audit of that loan. Currently average turn times in Ohio is approx 7 days but it can be as high as 3-4 weeks as well.
USDA Approved Lenders In Ohio
The first step to getting a USDA loan is to find a lender authorized to work in Ohio because the your loan file can only be submitted to USDA by an approved lender. Being a first-time home buyer in Ohio we do not expect you to know everything about the rural home program, we are here to help!
Based in Cleveland, we are USDA-approved lender to operate in the state of Ohio. For a more comprehensive list of other participating lenders from Ohio please follow this link.
Reviews By First Time Homebuyers In Ohio
I am 1 business day away from my closing! My overall experience with Community Heights was pretty amazing! I started out with a gentleman named Mitch. Mitch was always on top of things and was so nice to talk to it made the first step of the process very enjoyable. I unfortunately did run into an issue at the end of underwriting with being told information that was untrue and misleading. Being a first time home buyer this was very irritating. My Closing Coordinator Catherine, was amazing. Even though I only dealt with her for about 3 days, she called and emailed every day with an updated timeline. I am overall please with this company!
Kaila
Brown County, OHI work with the company for my first time home buying it was a great experience. Mitch makes the process less stressful. He communicates and let us know what is happening along the way. He helps me fix all my paperwork so the process could go as scheduled. I will recommend them to all my friend and family. Excellent hoo hoo
Jean S
Cumberland, OHMitch was great this was my first time buying a house and he was very helpful and had an answer to all my questions.
Brittany
Clarksfield, OHIts was a pleasure working with Mitch and Mike. They made my first time home purchase experience extremely easy. They were always available, didn’t mind answering all my crazy questions and even walked me thru removing things from my credit. Provided me with a script told me exactly what to say, which worked wonderfully. I have highly recommended them to family and friends.
Jessie N
Clinton, OHMy first time home buyers worked with Mitch in a transaction! He was a pleasure to work with! First time home buyers have many questions and need someone who understands! He was always prompt in responding and made the transaction very smooth from start to finish! As a realtor its important to have a mortgage company and someone that you know is on the same team! Highly recommend him! Thanks Mitch and Catherine
Carol C
Laurelville, OHMItch M is an excellent lender he provided me with the information I need to get my home loan process started. By this being my first time trying to buy a home I had other lenders but they didn’t work out so well but when I had the pleasure of working with Mitch everything changed. If I had any questions he was right there to answer them. I love working with him he is awesome
Shontante S
Benton, OHWe Brought Smiles To More Than 1800 First Time Home Buyers in Ohio
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Community Heights Funding Inc.
1475 W 114th St.
Cleveland, Ohio – 44102
NMLS# 1956164
Click here for Community Heights Funding Inc’s access page on NMLS.