FHA Loan Requirements, Limits and Approval Tips
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2023 FHA Loan Limits in Ohio

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If you’re interested in a mortgage backed by the Federal Housing Administration (FHA), keep in mind that the 2023 FHA loan limit in most Ohio counties is $472,030 for single-family dwellings. However, the limit is slightly higher at $488,750 in the Columbus-area counties of Delaware, Fairfield, Franklin, Hocking, Licking, Madison, Perry, Pickaway and Union. If you’re in the market for a multifamily property, the maximum you’re allowed to borrow is $939,900.

Ohio FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sale price
ADAMS$472,030$604,400$730,525$907,900$65,000
ALLEN$472,030$604,400$730,525$907,900$135,000
ASHLAND$472,030$604,400$730,525$907,900$159,000
ASHTABULA$472,030$604,400$730,525$907,900$110,000
ATHENS$472,030$604,400$730,525$907,900$145,000
AUGLAIZE$472,030$604,400$730,525$907,900$161,000
BELMONT$472,030$604,400$730,525$907,900$159,000
BROWN$472,030$604,400$730,525$907,900$320,000
BUTLER$472,030$604,400$730,525$907,900$320,000
CARROLL$472,030$604,400$730,525$907,900$150,000
CHAMPAIGN$472,030$604,400$730,525$907,900$160,000
CLARK$472,030$604,400$730,525$907,900$135,000
CLERMONT$472,030$604,400$730,525$907,900$320,000
CLINTON$472,030$604,400$730,525$907,900$155,000
COLUMBIANA$472,030$604,400$730,525$907,900$106,000
COSHOCTON$472,030$604,400$730,525$907,900$102,000
CRAWFORD$472,030$604,400$730,525$907,900$100,000
CUYAHOGA$472,030$604,400$730,525$907,900$290,000
DARKE$472,030$604,400$730,525$907,900$146,000
DEFIANCE$472,030$604,400$730,525$907,900$128,000
DELAWARE$488,750$625,700$756,300$939,900$425,000
ERIE$472,030$604,400$730,525$907,900$127,000
FAIRFIELD$488,750$625,700$756,300$939,900$425,000
FAYETTE$472,030$604,400$730,525$907,900$145,000
FRANKLIN$488,750$625,700$756,300$939,900$425,000
FULTON$472,030$604,400$730,525$907,900$210,000
GALLIA$472,030$604,400$730,525$907,900$125,000
GEAUGA$472,030$604,400$730,525$907,900$290,000
GREENE$472,030$604,400$730,525$907,900$220,000
GUERNSEY$472,030$604,400$730,525$907,900$110,000
HAMILTON$472,030$604,400$730,525$907,900$320,000
HANCOCK$472,030$604,400$730,525$907,900$175,000
HARDIN$472,030$604,400$730,525$907,900$115,000
HARRISON$472,030$604,400$730,525$907,900$85,000
HENRY$472,030$604,400$730,525$907,900$130,000
HIGHLAND$472,030$604,400$730,525$907,900$118,000
HOCKING$488,750$625,700$756,300$939,900$425,000
HOLMES$472,030$604,400$730,525$907,900$180,000
HURON$472,030$604,400$730,525$907,900$119,000
JACKSON$472,030$604,400$730,525$907,900$110,000
JEFFERSON$472,030$604,400$730,525$907,900$131,000
KNOX$472,030$604,400$730,525$907,900$185,000
LAKE$472,030$604,400$730,525$907,900$290,000
LAWRENCE$472,030$604,400$730,525$907,900$186,000
LICKING$488,750$625,700$756,300$939,900$425,000
LOGAN$472,030$604,400$730,525$907,900$131,000
LORAIN$472,030$604,400$730,525$907,900$290,000
LUCAS$472,030$604,400$730,525$907,900$210,000
MADISON$488,750$625,700$756,300$939,900$425,000
MAHONING$472,030$604,400$730,525$907,900$150,000
MARION$472,030$604,400$730,525$907,900$120,000
MEDINA$472,030$604,400$730,525$907,900$290,000
MEIGS$472,030$604,400$730,525$907,900$67,000
MERCER$472,030$604,400$730,525$907,900$170,000
MIAMI$472,030$604,400$730,525$907,900$220,000
MONROE$472,030$604,400$730,525$907,900$87,000
MONTGOMERY$472,030$604,400$730,525$907,900$220,000
MORGAN$472,030$604,400$730,525$907,900$87,000
MORROW$488,750$625,700$756,300$939,900$425,000
MUSKINGUM$472,030$604,400$730,525$907,900$133,000
NOBLE$472,030$604,400$730,525$907,900$86,000
OTTAWA$472,030$604,400$730,525$907,900$210,000
PAULDING$472,030$604,400$730,525$907,900$93,000
PERRY$488,750$625,700$756,300$939,900$425,000
PICKAWAY$488,750$625,700$756,300$939,900$425,000
PIKE$472,030$604,400$730,525$907,900$115,000
PORTAGE$472,030$604,400$730,525$907,900$189,000
PREBLE$472,030$604,400$730,525$907,900$140,000
PUTNAM$472,030$604,400$730,525$907,900$140,000
RICHLAND$472,030$604,400$730,525$907,900$127,000
ROSS$472,030$604,400$730,525$907,900$140,000
SANDUSKY$472,030$604,400$730,525$907,900$113,000
SCIOTO$472,030$604,400$730,525$907,900$88,000
SENECA$472,030$604,400$730,525$907,900$114,000
SHELBY$472,030$604,400$730,525$907,900$155,000
STARK$472,030$604,400$730,525$907,900$150,000
SUMMIT$472,030$604,400$730,525$907,900$189,000
TRUMBULL$472,030$604,400$730,525$907,900$150,000
TUSCARAWAS$472,030$604,400$730,525$907,900$147,000
UNION$488,750$625,700$756,300$939,900$425,000
VAN WERT$472,030$604,400$730,525$907,900$115,000
VINTON$472,030$604,400$730,525$907,900$34,000
WARREN$472,030$604,400$730,525$907,900$320,000
WASHINGTON$472,030$604,400$730,525$907,900$142,000
WAYNE$472,030$604,400$730,525$907,900$195,000
WILLIAMS$472,030$604,400$730,525$907,900$115,000
WOOD$472,030$604,400$730,525$907,900$210,000
WYANDOT$472,030$604,400$730,525$907,900$125,000

How are FHA loan limits determined?

Every year FHA loan limits are determined by looking at the median home sales price from the year before, along with the conforming loan limits established by the Federal Housing Finance Agency (FHFA).

The U.S. Department of Housing and Urban Development (HUD) uses the conforming loan limits to determine lending limits for FHA loans in every county in the country.

The lowest limit nationally is called the “floor” and is set at 65% of the conforming loan limit. The floor for 2023 is $472,030. The highest limit nationally — known as the “ceiling” — is 150% of the conforming loan limit and only applies to higher-cost areas. The ceiling for 2023 is $1,089,300.

Keep in mind that a single-family home will have a lower lending limit than a multifamily home.

How to qualify for an FHA loan in Ohio

To qualify for an FHA loan in Ohio, you’ll need to meet the minimum FHA loan requirements:

A minimum 500 credit score. If you have a credit score between 500 and 579, you may qualify for an FHA loan but will need to put down at least 10%.

3.5% minimum down payment. You may be eligible for a down payment of 3.5% if you have a credit score of 580 or higher. Otherwise, you’ll need to make that 10% down payment.

Debt-to-income (DTI) ratio of 43% or less. A DTI ratio is the amount of money you spend on debt payments compared to your total monthly income. Your DTI ratio will likely need to be 43% (or less) of your gross income to qualify.

An FHA home appraisal. The property you’re looking to purchase must have an FHA appraisal before it can be approved.

Mortgage insurance. You’ll be required to pay two types of FHA mortgage insurance. You’ll put down a lump sum, known as an upfront mortgage insurance premium (UFMIP), which is 1.75% of the loan amount. Then, an annual mortgage insurance premium (MIP), which can be anywhere from 0.45% to 1.05%, will be added to your monthly mortgage payments.

Primary residence. You must live in this property as your main residence for at least one year.

Buying a multifamily property with an FHA loan

As long as you’re planning on living in one of the units yourself, you can use an FHA loan to purchase a multifamily home with up to four units. All the credit and DTI ratio requirements are the same, although you’ll be able to use anticipated rent payments from the new property as income on your application.

FHA lenders in Ohio

Lender nameLT ratingMinimum FHA credit score
Rocket Mortgage5 stars580
PennyMac Mortgage5 stars580
AmeriSave3.5 stars600
Flagstar Bank5 stars580

 

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