FHA Loans: What You Need to Know in 2022
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2022 FHA Loan Limits in Ohio

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Federal Housing Administration (FHA) loans allow you to take out a mortgage even if you don’t have 20% saved for a down payment — or don’t have the most pristine credit history. In most Ohio counties, the FHA loan limit is $420,680 on single-family dwellings. However, the limit is slightly higher at $439,300 in the Columbus-area counties of Delaware, Fairfield, Franklin, Hocking, Licking and Madison. If you’re in the market for a multifamily property, the max you’re allowed to borrow can be as high as $844,800.

Ohio FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
ADAMS$420,680$538,650$651,050$809,150$63,000
ALLEN$420,680$538,650$651,050$809,150$120,000
ASHLAND$420,680$538,650$651,050$809,150$140,000
ASHTABULA$420,680$538,650$651,050$809,150$102,000
ATHENS$420,680$538,650$651,050$809,150$137,000
AUGLAIZE$420,680$538,650$651,050$809,150$135,000
BELMONT$420,680$538,650$651,050$809,150$175,000
BROWN$420,680$538,650$651,050$809,150$295,000
BUTLER$420,680$538,650$651,050$809,150$295,000
CARROLL$420,680$538,650$651,050$809,150$139,000
CHAMPAIGN$420,680$538,650$651,050$809,150$145,000
CLARK$420,680$538,650$651,050$809,150$125,000
CLERMONT$420,680$538,650$651,050$809,150$295,000
CLINTON$420,680$538,650$651,050$809,150$139,000
COLUMBIANA$420,680$538,650$651,050$809,150$95,000
COSHOCTON$420,680$538,650$651,050$809,150$90,000
CRAWFORD$420,680$538,650$651,050$809,150$90,000
CUYAHOGA$420,680$538,650$651,050$809,150$272,000
DARKE$420,680$538,650$651,050$809,150$125,000
DEFIANCE$420,680$538,650$651,050$809,150$117,000
DELAWARE$439,300$562,350$679,800$844,800$382,000
ERIE$420,680$538,650$651,050$809,150$110,000
FAIRFIELD$439,300$562,350$679,800$844,800$382,000
FAYETTE$420,680$538,650$651,050$809,150$130,000
FRANKLIN$439,300$562,350$679,800$844,800$382,000
FULTON$420,680$538,650$651,050$809,150$195,000
GALLIA$420,680$538,650$651,050$809,150$99,000
GEAUGA$420,680$538,650$651,050$809,150$272,000
GREENE$420,680$538,650$651,050$809,150$200,000
GUERNSEY$420,680$538,650$651,050$809,150$90,000
HAMILTON$420,680$538,650$651,050$809,150$295,000
HANCOCK$420,680$538,650$651,050$809,150$168,000
HARDIN$420,680$538,650$651,050$809,150$104,000
HARRISON$420,680$538,650$651,050$809,150$78,000
HENRY$420,680$538,650$651,050$809,150$124,000
HIGHLAND$420,680$538,650$651,050$809,150$105,000
HOCKING$439,300$562,350$679,800$844,800$382,000
HOLMES$420,680$538,650$651,050$809,150$180,000
HURON$420,680$538,650$651,050$809,150$115,000
JACKSON$420,680$538,650$651,050$809,150$95,000
JEFFERSON$420,680$538,650$651,050$809,150$112,000
KNOX$420,680$538,650$651,050$809,150$157,000
LAKE$420,680$538,650$651,050$809,150$272,000
LAWRENCE$420,680$538,650$651,050$809,150$190,000
LICKING$439,300$562,350$679,800$844,800$382,000
LOGAN$420,680$538,650$651,050$809,150$113,000
LORAIN$420,680$538,650$651,050$809,150$272,000
LUCAS$420,680$538,650$651,050$809,150$195,000
MADISON$439,300$562,350$679,800$844,800$382,000
MAHONING$420,680$538,650$651,050$809,150$117,000
MARION$420,680$538,650$651,050$809,150$106,000
MEDINA$420,680$538,650$651,050$809,150$272,000
MEIGS$420,680$538,650$651,050$809,150$64,000
MERCER$420,680$538,650$651,050$809,150$142,000
MIAMI$420,680$538,650$651,050$809,150$200,000
MONROE$420,680$538,650$651,050$809,150$49,000
MONTGOMERY$420,680$538,650$651,050$809,150$200,000
MORGAN$420,680$538,650$651,050$809,150$81,000
MORROW$439,300$562,350$679,800$844,800$382,000
MUSKINGUM$420,680$538,650$651,050$809,150$130,000
NOBLE$420,680$538,650$651,050$809,150$110,000
OTTAWA$420,680$538,650$651,050$809,150$195,000
PAULDING$420,680$538,650$651,050$809,150$80,000
PERRY$439,300$562,350$679,800$844,800$382,000
PICKAWAY$439,300$562,350$679,800$844,800$382,000
PIKE$420,680$538,650$651,050$809,150$102,000
PORTAGE$420,680$538,650$651,050$809,150$175,000
PREBLE$420,680$538,650$651,050$809,150$125,000
PUTNAM$420,680$538,650$651,050$809,150$125,000
RICHLAND$420,680$538,650$651,050$809,150$122,000
ROSS$420,680$538,650$651,050$809,150$135,000
SANDUSKY$420,680$538,650$651,050$809,150$102,000
SCIOTO$420,680$538,650$651,050$809,150$80,000
SENECA$420,680$538,650$651,050$809,150$100,000
SHELBY$420,680$538,650$651,050$809,150$135,000
STARK$420,680$538,650$651,050$809,150$139,000
SUMMIT$420,680$538,650$651,050$809,150$175,000
TRUMBULL$420,680$538,650$651,050$809,150$117,000
TUSCARAWAS$420,680$538,650$651,050$809,150$132,000
UNION$439,300$562,350$679,800$844,800$382,000
VAN WERT$420,680$538,650$651,050$809,150$100,000
VINTON$420,680$538,650$651,050$809,150$30,000
WARREN$420,680$538,650$651,050$809,150$295,000
WASHINGTON$420,680$538,650$651,050$809,150$128,000
WAYNE$420,680$538,650$651,050$809,150$160,000
WILLIAMS$420,680$538,650$651,050$809,150$110,000
WOOD$420,680$538,650$651,050$809,150$195,000
WYANDOT$420,680$538,650$651,050$809,150$115,000

How are FHA loan limits determined?

To calculate FHA loan limits, the FHA looks at conforming loan limits, and then sets FHA limits at 65% of that number. That is called the “floor.” In 2022, the floor for FHA loans is $420,680. This is higher than 115% of median home prices in large swaths of Ohio, so FHA limits in most of the state are set at the floor by default.

To accommodate for high-cost-of-living areas, the FHA can multiply conforming loan limits by up to 150% – called the “ceiling” – or 115% of median home prices in the area, whichever is lower. That’s why the max loan amount in areas around Columbus is higher than the floor. But the cost of living isn’t quite high enough to justify going all the way to the ceiling.

How to qualify for an FHA loan in Ohio

To qualify for an FHA loan in Ohio, you’ll need to make sure you are creditworthy and have enough saved up for a down payment and other associated closing costs. If you’re a first-time homebuyer, you might be able to qualify for additional help from Ohio’s first-time homebuyer programs.

Whether or not this is your first home purchase, you’ll still need to meet the minimum FHA loan requirements:

  • Minimum credit score of 500. You can qualify for an FHA loan with a credit score of between 500-579, but you’ll have to put at least 10% down.
  • Minimum credit score of 580. A lot of people are attracted to FHA loans because of the low 3.5% down payment requirement. But your credit score must be at least 580 to qualify for this lower requirement. Check your credit score here.
  • Debt-to-income ratio (DTI). Your DTI ratio must be no greater than 43%. In rare cases, you might be able to get approved with a higher DTI ratio with certain lenders. Because Ohio is not a community property state, your spouse’s debt won’t be considered unless they’re on the application with you.
  • FHA appraisal costs. To qualify for an FHA loan, you will need to pay for an FHA appraisal, which typically runs between $300 and $500. This appraisal establishes the value of the home.
  • Mortgage insurance. FHA loans require two different types of mortgage insurance. The first is the upfront mortgage insurance premium (UFMIP), which is 1.75% and is typically rolled into your loan total. The second is the annual mortgage insurance premium (MIP), ranging from 0.45% to 1.05%, which is typically paid monthly with your mortgage payments.
  • Occupancy. You must live in the home you purchase with an FHA loan for at least 12 months after buying it.

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

Here are five highly rated mortgage lenders that operate in Ohio.

Lender name LT rating Minimum FHA credit score 
Lower Mortgage10/10580
Rocket Mortgage9.5/10580
Guild Mortgage9/10540
PennyMac9/10620
Caliber Home Loans8/10620

 

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