Credit, Income, and Down Payment Basics
To qualify for an FHA loan in Ohio, lenders typically look for a credit score of at least 580 paired with a 3.5% down payment. Borrowers with scores between 500 and 579 may still be considered but are generally required to put down 10%. Lenders also review your employment history, income stability, and overall debt-to-income ratio to confirm you can manage the monthly payment.
Property and Appraisal Requirements
The home you purchase with an FHA loan must serve as your primary residence and meet HUD minimum property standards. An FHA-approved appraiser will assess the condition of the property to confirm it is safe, sound, and secure. Issues like significant structural damage or health hazards may need to be resolved before closing.
Ohio-Specific Loan Limits and Program Changes
FHA loan limits in Ohio are set at the county level and are reviewed annually, so the maximum amount you can borrow may differ depending on where in the state you are buying. Because guidelines, limits, and program terms can change, it is a good idea to connect with a licensed Ohio mortgage professional to confirm current requirements before you apply.