If you’re a first time home buyer in Ohio or looking to refinance, you may be considering an FHA loan. In this blog post we’ll cover the benefits of an FHA loan in Ohio, the requirements, and if it’s the right choice for you.
An FHA loan is a mortgage that is insured by the Federal Housing Administration (FHA). This type of loan is available to homeowners and home buyers who may not qualify for a conventional mortgage. The main advantage of an FHA loan is that it has lower credit requirements than a conventional mortgage, making it a good option for first-time home buyers or people with limited credit history.
In order to qualify for an FHA loan in Ohio, you must meet the following requirements:
- -Have a valid Social Security number
- -Be a legal resident of the United States
- -Be of legal age to sign a mortgage in Ohio
- -Have steady employment history
- -Show proof of income
- -Have good credit or be willing to work on rebuilding your credit score
- -Have saved up for a down payment
An FHA loan can be a great option if you’re looking to buy your first home or you have limited credit history. However, it’s important that you understand the requirements and are confident that you will be able to meet them before applying for an FHA loan.
If you have any questions about whether or not an FHA loan is right for you, contact Crefco Financial Group today. One of our experienced mortgage officers would be happy to help you determine if an FHA loan is the best option for your unique situation.
Conclusion:
An FHA loan can be a great option if you’re looking to buy your first home or you have limited credit history. However, it’s important that you understand the requirements and are confident that you will be able to meet them before applying for an FHA loan. If you have any questions about whether or not an FHA loan is right for you, contact Crefco Financial Group today. One of our experienced mortgage officers would be happy to help you determine if an FHA loan is the best option for your unique situation.
