Homebuyers who want to purchase property in OH with a low down payment and competitive loan terms can apply for conventional mortgages.
With the right qualification criteria, your down payment with a conventional home loan might be just 3%.
What is a Conventional Loan?
A conventional loan in OH is one within the conforming loan limits for Fannie Mae and Freddie Mac. If you need to borrow more, you can apply for a jumbo mortgage.
What Are the Conventional Loan Limits in Ohio in 2020?
Every county has its own conventional loan limits. So, to figure out if you can buy a home with a conventional loan, you need to check those limits for the county where you are house shopping.
Here are the Zanesville, OH conventional loan limits:
One unit:
$510,400
Two units:
$653,550
Three units:
$789,950
Four units:
$981,700
Benefits of Conventional Loans in OH
Here are some of the advantages of qualifying for a conventional mortgage in Ohio:
- Conventional mortgages with fixed rates are available, as are those with adjustable rates. Longer and shorter loan terms are available for differing needs.
- Conventional mortgages start out with down payments as low as 3%. It is fast and easy to process a conventional loan. This can make a conventional mortgage a suitable option if closing fast is a priority.
- Compared to requirements to qualify for a jumbo mortgage, those for conventional loans are more relaxed.
- Just one appraisal is needed for a conventional mortgage versus the two required for a jumbo loan.
- You do not have to purchase private mortgage insurance with a conventional home loan.
Qualifying for Conventional Loans in OH
Are you eligible for a Ohio conventional mortgage? Here are the requirements:
- You must be borrowing within the previously stated conventional loan limits for your county.
- You need to get one appraisal performed on the property.
- FICO score requirements for conventional mortgages depend on the lender you use, but a minimum credit score requirement of around 620 is typical.
- Usually, the debt-to-income (DTI) ratio is required to be no higher than 43%, but there can be exceptions if your credit score is sufficiently high or you have high cash reserves or assets.
Apply Now for Fast, Competitive Conventional Financing to Buy a Home in Ohio
If you are ready to move into an Ohio home with a conventional mortgage and a down payment as low as 3%, please give us a call today at (740) 624-8091. During your consultation, we can help you find out if you qualify for a conventional home loan and walk you through the application steps.
