FAQs

Questions

  1. How would I quality for a USDA Ohio loan?
  2. Do USDA Ohio loans require a minimum credit score?
  3. Does FHA require a down payment?
  4. Does FHA require a minimum credit score?
  5. How does VA determine if I’m Eligible for a loan?
  6. How do I prove that I served in the military to obtain a VA loan?
  7. How much of a down payment is needed for a Conventional / Conforming loan?
  8. Why would I choose Conventional over FHA?
  9. What is the minimum credit score required for a Conventional / Conforming loan?
  10. How long do I have to wait to refinance my home after purchasing?
  11. Who approves my USDA home loan?
  12. Can a seller help pay closing costs?
  13. How Long does it typically take to close on a loan?
  14. Can my spouse be a co-borrower on my VA loan if they never served in the service?
  15. Can I qualify for a USDA Ohio loan if I had a previous short sale?
  16. Would I qualify for a USDA Ohio loan if I have student loan debt?
  17. Would I be eligible for a USDA Ohio loan if I currently own a home?
  18. Is it true I cannot purchase a Ohio USDA loan if it has a in ground pool?
  19. Does USDA Loans In Ohio Finance Manufactured Homes?
  20. Can I Purchase A Home With FHA If I Want To Purchase A Manufactured Home?

Answers

Q. How would I quality for a USDA Ohio loan?
A. The home you’re considering must be in an eligible rural area defined by USDA. You must meet income requirements based on family size and have no major gaps in employment for at least (2) years.
Q. Do USDA Ohio loans require a minimum credit score?
A. No credit score is required in some cases; 580 minimum credit score is preferred. USDA will also look at your overall pay history of any debt owed in the last 12 months.
Q. Does FHA require a down payment?
A. Yes, FHA requires a down payment of 3.5 percent of the home purchase price.
Q. Does FHA require a minimum credit score?
A. FHA requires a 550 credit score, and in some cases no credit score at all. There are certain requirements for eligibility.
Q. How does VA determine if I’m Eligible for a loan?
A. National Guard and Reserve must have a minimum of six (6) years of service in the Selected Reserve or National Guard, or placed on the retired list, honorably discharged or transferred to the Standby Reserve, and continue to serve in the selected reserve.
Q. How do I prove that I served in the military to obtain a VA loan?
A. You must have a valid Certificate of Eligibility (COE). This document explains what VA entitlement you possess.
Q. How much of a down payment is needed for a Conventional / Conforming loan?
A. Most Conventional loans require between 5 and 20 percent down.
Q. Why would I choose Conventional over FHA?
A. Private Mortgage Insurance (PMI) is much lower than FHA. Usually with a 20% down payment, PMI is not required. This alone can have a decrease in your monthly payment, giving you more room in your purchase price.
Q. What is the minimum credit score required for a Conventional / Conforming loan?
A. Typically lenders require between and 620 and 740 credit score.
Q. How long do I have to wait to refinance my home after purchasing?
A. At least twelve (12) months.
Q. Who approves my USDA home loan?
A. USDA underwriter's will review what is called the 3 C's - Character, Capital, and Capacity, which means they will look at your pay history and ability to pay your debt, as well as what type of valuable assets you have reserved; commonly known as emergency funds, and your income in relation to the debt you owe.
Q. Can a seller help pay closing costs?
A. Yes, a seller can contribute up to 6% toward closing costs.
Q. How Long does it typically take to close on a loan?
A. It can take as minimal as 2 weeks or up to 45 days to close a loan.
Q. Can my spouse be a co-borrower on my VA loan if they never served in the service?
A. Yes. As a result of you serving In the service, your spouse can.
Q. Can I qualify for a USDA Ohio loan if I had a previous short sale?
A. Yes, if the eligible person was current on the mortgage at the time of the short sale and (18) months have elapsed.
Q. Would I qualify for a USDA Ohio loan if I have student loan debt?
A. Yes, however, if the student loans are deferred 1 percent of the loan balance or the fixed payment must be used for qualifying.
Q. Would I be eligible for a USDA Ohio loan if I currently own a home?
A. Yes, if your current home is not financed by a Ohio USDA loan or Direct loan, and you are financially qualified to own more than one home. USDA will require proof the home owned no longer adequately meets your needs.
Q. Is it true I cannot purchase a Ohio USDA loan if it has a in ground pool?
A. That is incorrect homes are eligible for financing if an in ground pool is present. As of December 2014 the contributory value no longer needs to be deducted from the appraised value.
Q. Does USDA Loans In Ohio Finance Manufactured Homes?
A. Yes, however the home must be newly constructed to qualify under the USDA guidelines.
Q. Can I Purchase A Home With FHA If I Want To Purchase A Manufactured Home?
A. Yes, FHA will allow financing on Manufactured, Single and Double Wide Homes. The home must have:

Engineering Foundation Report verifying foundation meets HUD/FHA manufactured home permanent foundation guidelines.

Report must also verify subject property has not been moved from another location and that no changes to the original structure have been made- MUST BE STAMPED/SEALED by an engineer licensed in the state.
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