Monthly Archives: March 2016

FHA Loans have been helping people become homeowners since 1934. It is the largest insurer of residential mortgages in the world, insuring tens of millions of properties. Borrowers with these loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. Borrowers can qualify for an FHA loan with a down payment as little as 3.5% and a credit score of 580 or higher.

The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable for people with less than stellar credit or a low down payment.

Who are these loans ideal for?

• First time home buyers: FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price. Available on 1-4 unit properties.
• Financial help for seniors: Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer “yes” to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.
• Energy efficiency: You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.
• Manufactured housing and mobile homes: FHA has financing for mobile homes and factory-built housing. We have two loan products – one for those who own the land that the home is on and another for mobile homes that are – or will be – located in mobile home parks.

Some of the FHA Loan Requirements:

• Must have a steady employment […]
  

In order to have the most successful and efficient loan approval process, communication with your loan officer is crucial. The Loan Officers here at First Ohio Home Finance go above and beyond to create lasting relationships with their customers. Before the process begins, here are a few things you might want to discuss with your loan officer.

Communication – Everyone has their go to form of communication. Depending on the person, they may choose email, phone calls or texting. During the loan process, some issues will need to be dealt with quicker than others so it is important that your loan officer knows the best way to get ahold of you in those situations.

Goals – Do you plan on living in this house from 3-5 years or a couple decades? Do you plan to pay off your mortgage quickly? Is this house going to become a rental property soon? All of these answers can help the loan officer present the best possible loan programs for your situation. Our loan officers here at First Ohio Home Finance care about choosing the loan programs that best fit your financial goals and want to help you achieve those goals as quickly as possible.

Be Upfront – You don’t want to take the risk of not getting a loan because you were not upfront with your loan officer. We are here to help, we do this every day, and most importantly we have heard it all. Some examples of what to be upfront about would be: other rental properties, income restraints, a short sale, foreclosure or bankruptcy or anything unique. It will help both parties in the long run to be upfront from the beginning.

Timeline – If you have a strict timeline for the […]