Ohio USDA Mortgage

Ohio USDA Mortgage

First Option Lending  Ohio offers the best expertise in Ohio USDA Mortgage.  These loans come with the following features:

• 100% Financing up to the appraised value
• NO private Ohio mortgage insurance  
• NO limit on seller concessions and gifts  
• Flexible Ohio credit qualifications  
• No  Ohio loan amount limitations 
• Purchase Money Program

What is a Ohio USDA Mortgage?

The Rural Housing Service (RHS) of the United States Department of Agriculture (USDA) sponsors home loans referred to as Section 502 loans. Under Section 502, direct loans (i.e. from money appropriated by Congress) may be available to some low-income applicants. In addition, those with total household income less that 115% of the median household income in a qualified rural area may obtain government guaranteed Ohio mortgages from qualified lenders.

The purpose of the program is described by the RHS as Follows:

The Section 502 Guaranteed Rural Housing Loan Program is designed to serve rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing. These loans enable low and moderate-income rural residents to acquire modestly priced housing for their own use as a residence through the purchase of a new or existing dwelling or the purchase of a new manufactured home.

If you live in a rural area in Ohio or in a less developed portion of a Ohio metropolitan county, and your household income does not exceed the limit assigned to your area, you may qualify for a Ohio USDA guaranteed mortgage.

Why should I consider a government guaranteed Ohio USDA Mortgage? 

1. A Ohio USDA Mortgage may be issued with no down payment.
2. Closing costs may be included in the Ohio loan amount, further decreasing up-front costs.
3. Because of the government guarantee, Ohio interest rates are favorable and there is no Ohio mortgage insurance fee built into the monthly payment.
4. A Ohio USDA Mortgage is a 30 year Ohio fixed rate mortgage. Your interest rates will not increase during the life of the Ohio loan.
5. Ohio credit requirements are flexible. You must have a reasonable credit history and demonstrate that you are willing and able to make timely payments, but circumstances such as previous job loss or other extenuating circumstances may be considered in evaluating your credit history (or your lack of a credit history).

Do I qualify for a Ohio USDA Mortgage?

The final word on eligibility is made by an officer in your local RHS office. This local officer has the discretion to evaluate your circumstances and credit history and take into account extenuating circumstances.

You can learn whether you meet the outside limits on household income by going to the USDA Income and Property Eligibility Site at www.usda.gov. The same calculator can help you determine whether the property you wish to buy is located in a qualified rural area.

In addition to having a satisfactory credit history, the ratio of your total monthly loan payment to monthly household income may not exceed 29 percent, and the ratio of monthly payments on all debt to household income must not exceed 41 percent. 

How do I apply for a Ohio USDA  Mortgage?

Your local Ohio loan office or Ohio mortgage broker at First Option Lending Ohio can help you evaluate your eligibility, prepare a loan request and take full advantage of the options available to you through a government guaranteed Ohio USDA Mortgage.

Apply for a Ohio USDA Mortgage

Links:
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USDA Mortgage at First Option Mortgage
USDA Mortgage at First Option Lending