Are you planning to buy a home in Ohio but struggling with the down payment? FHA loans can help eliminate the need for a large down payment. According to the 2024 FHA mortgage limits, the maximum loan amount for a single-family home in most counties in Ohio is $498,257 for a single 1-unit property.
With only a 3.5% down payment, Ohio FHA loans offer a great opportunity for homebuyers to fulfill their dream of owning a home. In this blog post, we will discuss the benefits of Ohio FHA loans, and the possible down payment assistance programs available for Ohio homebuyers.
Benefits of Ohio FHA Loans:
One of the significant benefits of Ohio FHA loans is that they offer low down payment options. With only a 3.5% down payment, homebuyers can purchase a home, even if they do not have a lot of cash reserves. This is especially helpful for many first-time buyers in metro locations like Cleveland, Columbus, Cincinnati, Toledo, and Akron as it provides the opportunity to become a homeowner without the burden of a large down payment.
Additionally, FHA loans have lower credit score requirements, which makes it easier for buyers to qualify for a loan. Besides, FHA loans offer competitive interest rates, which means that homebuyers can save a considerable amount of money over time. Please learn more about all the FHA Loan Details here.
Ohio 2024 FHA Loan Limit Chart: Purchase & Refinance
MSA | COUNTY | 1-UNIT | 2-UNIT | 3-UNIT | 4-UNIT |
NON-METRO | ADAMS | $498,257 | $637,950 | $771,125 | $958,350 |
LIMA, OH | ALLEN | $498,257 | $637,950 | $771,125 | $958,350 |
ASHLAND, OH | ASHLAND | $498,257 | $637,950 | $771,125 | $958,350 |
ASHTABULA, OH | ASHTABULA | $498,257 | $637,950 | $771,125 | $958,350 |
ATHENS, OH | ATHENS | $498,257 | $637,950 | $771,125 | $958,350 |
WAPAKONETA, OH | AUGLAIZE | $498,257 | $637,950 | $771,125 | $958,350 |
WHEELING, WV-OH | BELMONT | $498,257 | $637,950 | $771,125 | $958,350 |
CINCINNATI, OH-KY-IN | BROWN | $498,257 | $637,950 | $771,125 | $958,350 |
CINCINNATI, OH-KY-IN | BUTLER | $498,257 | $637,950 | $771,125 | $958,350 |
CANTON-MASSILLON, OH | CARROLL | $498,257 | $637,950 | $771,125 | $958,350 |
URBANA, OH | CHAMPAIGN | $498,257 | $637,950 | $771,125 | $958,350 |
SPRINGFIELD, OH | CLARK | $498,257 | $637,950 | $771,125 | $958,350 |
CINCINNATI, OH-KY-IN | CLERMONT | $498,257 | $637,950 | $771,125 | $958,350 |
WILMINGTON, OH | CLINTON | $498,257 | $637,950 | $771,125 | $958,350 |
SALEM, OH | COLUMBIANA | $498,257 | $637,950 | $771,125 | $958,350 |
COSHOCTON, OH | COSHOCTON | $498,257 | $637,950 | $771,125 | $958,350 |
BUCYRUS-GALION, OH | CRAWFORD | $498,257 | $637,950 | $771,125 | $958,350 |
CLEVELAND-ELYRIA, OH | CUYAHOGA | $498,257 | $637,950 | $771,125 | $958,350 |
GREENVILLE, OH | DARKE | $498,257 | $637,950 | $771,125 | $958,350 |
DEFIANCE, OH | DEFIANCE | $498,257 | $637,950 | $771,125 | $958,350 |
COLUMBUS, OH | DELAWARE | $546,250 | $699,300 | $845,300 | $1,050,500 |
SANDUSKY, OH | ERIE | $498,257 | $637,950 | $771,125 | $958,350 |
COLUMBUS, OH | FAIRFIELD | $546,250 | $699,300 | $845,300 | $1,050,500 |
WASHINGTON COURT HOUSE, OH | FAYETTE | $498,257 | $637,950 | $771,125 | $958,350 |
COLUMBUS, OH | FRANKLIN | $546,250 | $699,300 | $845,300 | $1,050,500 |
TOLEDO, OH | FULTON | $498,257 | $637,950 | $771,125 | $958,350 |
POINT PLEASANT, WV-OH | GALLIA | $498,257 | $637,950 | $771,125 | $958,350 |
CLEVELAND-ELYRIA, OH | GEAUGA | $498,257 | $637,950 | $771,125 | $958,350 |
DAYTON-KETTERING, OH | GREENE | $498,257 | $637,950 | $771,125 | $958,350 |
CAMBRIDGE, OH | GUERNSEY | $498,257 | $637,950 | $771,125 | $958,350 |
CINCINNATI, OH-KY-IN | HAMILTON | $498,257 | $637,950 | $771,125 | $958,350 |
FINDLAY, OH | HANCOCK | $498,257 | $637,950 | $771,125 | $958,350 |
NON-METRO | HARDIN | $498,257 | $637,950 | $771,125 | $958,350 |
NON-METRO | HARRISON | $498,257 | $637,950 | $771,125 | $958,350 |
NON-METRO | HENRY | $498,257 | $637,950 | $771,125 | $958,350 |
NON-METRO | HIGHLAND | $498,257 | $637,950 | $771,125 | $958,350 |
COLUMBUS, OH | HOCKING | $546,250 | $699,300 | $845,300 | $1,050,500 |
NON-METRO | HOLMES | $498,257 | $637,950 | $771,125 | $958,350 |
NORWALK, OH | HURON | $498,257 | $637,950 | $771,125 | $958,350 |
JACKSON, OH | JACKSON | $498,257 | $637,950 | $771,125 | $958,350 |
WEIRTON-STEUBENVILLE, WV-OH | JEFFERSON | $498,257 | $637,950 | $771,125 | $958,350 |
MOUNT VERNON, OH | KNOX | $498,257 | $637,950 | $771,125 | $958,350 |
CLEVELAND-ELYRIA, OH | LAKE | $498,257 | $637,950 | $771,125 | $958,350 |
HUNTINGTON-ASHLAND, WV-KY-OH | LAWRENCE | $498,257 | $637,950 | $771,125 | $958,350 |
COLUMBUS, OH | LICKING | $546,250 | $699,300 | $845,300 | $1,050,500 |
BELLEFONTAINE, OH | LOGAN | $498,257 | $637,950 | $771,125 | $958,350 |
CLEVELAND-ELYRIA, OH | LORAIN | $498,257 | $637,950 | $771,125 | $958,350 |
TOLEDO, OH | LUCAS | $498,257 | $637,950 | $771,125 | $958,350 |
COLUMBUS, OH | MADISON | $546,250 | $699,300 | $845,300 | $1,050,500 |
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA | MAHONING | $498,257 | $637,950 | $771,125 | $958,350 |
Ohio Down Payment Assistance Programs:
Several down payment assistance programs are available for Ohio homebuyers. The Ohio Housing Finance Agency (OHFA) offers several programs, including the Homebuyer Assistance Program, the Grants for Grads Program, and the Ohio Heroes Program. These programs are designed to help first-time homebuyers, veterans, and other eligible homebuyers with the down payment and closing costs.
*Please note the funding and availability of these down payment assistance programs can change throughout the year. Please connect with us today to learn about the current options available.
FHA also permits the home seller to pay the buyer’s closing costs. Closing costs and pre-paids escrows for things like tax and homeowners insurance reserves can add up to 2-5% of the purchase price. This is in addition to the minimum 3.5% down payment. So it’s good to know the buyer can receive concessions from the home seller for this cost.
Ohio FHA loans offer a great opportunity for homebuyers, especially those who are struggling with the down payment often required by conventional loans. With only a 3.5% down payment, homebuyers can purchase a home, even if they do not have a lot of cash reserves.
Furthermore, FHA loans have lower credit score requirements and offer competitive interest rates, making it easier for buyers to qualify for a loan and save money over time. If you are planning to buy a home in Ohio, be sure to explore the available down payment assistance programs.
Please connect with us 7 days a week to learn more or start your application. Please call the number above or just submit the Info Request Form on this page.