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Last updated: Apr 20, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Ohio Mortgage Overview

11 million people call Ohio home and it could be because of the incredibly low cost of living. The average home price is $147,000. The 'Buckeye State' has plenty of exciting things for residents and the land is beautiful, as is the weather.

If you're thinking of buying a home in Ohio, here are your loan options.

Ohio conventional loans

Borrowers need a 660 credit score or higher for a conventional loan. You'll also need a 36 percent debt ratio, although some lenders may be more flexible. First-time homebuyers need 3 percent down and subsequent buyers need 5 percent. You'll pay PMI until you owe less than 80 percent of the home's value, but you'll get some of the most attractive interest rates.

Ohio FHA loans

Borrowers who don't qualify for conventional financing may be a good fit for the FHA loan. You need a 580 credit score and 3.5 percent down, but it can be gift funds or down payment assistance. Borrowers with a lower credit score may qualify with a 10 percent down payment, but 3.5 percent must be your own funds. FHA loans charge mortgage insurance for the life of the loan, but the rates are affordable.

Ohio VA loans

Veterans can secure 100 financing from a VA loan from a Ohio VA lender. You need at least a 620 credit score and you must prove you can afford the new mortgage plus your existing debts and the cost of living. You don't need mortgage insurance for the loan, but most borrowers pay an upfront funding fee.

Ohio USDA loans

If rural living is your thing and you make less than 115 percent of the median income for your area, the USDA loan may be what you need. You'll need a 640+ credit score and your debts shouldn't exceed 41 percent of your income. You don't need a down payment, but you'll pay mortgage insurance for the loan's term.

First-Time Homebuyer Programs in Ohio

Your Choice Down Payment Assistance

This program provides an affordable 30-year fixed mortgage plus down payment assistance of 2.5 percent or 5 percent of the sales price. You need a 640 credit score or higher and must meet the income limits.

Grants for Grads

If you're a recent grad, you may get a discounted mortgage interest rate plus 2.5 or 5 percent in down payment assistance. If you remain in the home for 5 years, the grant is forgiven. You must have obtained your degree in the last 48 months.

Ohio Heroes

If you serve the public, have a 650 credit score or higher and meet the income limits from above, you may be eligible for a discounted mortgage rate.

Mortgage Tax Credit

First-time homebuyers who meet the income guidelines may be eligible for a tax credit of 40 percent of the mortgage interest paid for the year up to $2,000. This lowers your tax liability and makes homeownership more affordable.

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