USDA Loans in Ohio

Ohio USDA 'Zero Money Down' Home Loans

What is a USDA Ohio Loan?

A Ohio USDA Loan is a United States Department of Agriculture sponsored program that is backed by the Government and commonly referred to as Ohio Rural Development loans.

If you're purchasing a home in a rural area in the state of Ohio with a population of less than 35,000, and looking for a home in a qualifying suburban town that is located outside of city limits, a Ohio USDA home loan may be a good fit for you!

An Ohio USDA Home Loan is a 'Zero Money Down' loan, which means, at the time of closing on your loan, you will not have any out of pocket costs.  This is one of the many benefits of selecting a Ohio rural development loan.

How do I know if a USDA Ohio Loan is for me?

USDA was created by the government to develop economic growth and serve low-to-moderate-income residence for the purpose of providing affordable home loans in rural areas. In 2013 alone, USDA rural development provided $23.4 billion for purposes of purchasing and restoring homes in rural communities. This said, a Ohio USDA home loan makes the ability to achieve the dream of homeownership obtainable for qualifying home buyers.

There are 2 Common Types of USDA Ohio Home Loans:

  • Ohio USDA Rural Development Guaranteed Loan - most common type of USDA home loan. USDA will allow the seller to pay all closing costs toward the purchase of the home or, closing costs can be financed directly into the loan. This is a no money down home loan for buyers looking to purchase a home in eligible areas of Ohio, and insured/guaranteed by the government. Maximum loan limit is up to $417,000, and rates on a Ohio Rural Development loan are fixed and very competitive. Often, a Ohio USDA home loan program will allow the ability to finance home improvements into the loan. Maximum home improvements are limited to $5,000, and provides great benefit to Ohio home buyers.
  • Ohio USDA Rural Development Direct Loan - used to help low income individuals or households to purchase homes in Ohio rural areas, loan can be used to purchase or build a home, repair, renovate or relocate a home. Eligibility is based on low income buyers, which is defined as below 50% of the area median household income.

Benefits of a Ohio USDA Home Loan include:

  • Manufactured homes, Double and Single wide are allowable under the USDA Rural Development program.
  • Zero Money Down (USDA will finance 100% of the home purchase). USDA home buyers will save thousands of dollars in closing costs.
  • Closing costs can typically be financed into the loan (no money out of pocket).
  • Low interest rates.
  • 30-year fixed rates are available.
  • Lower PMI (private mortgage insurance) than FHA
  • Credit score and credit history is more flexible than most other loan products.
  • Right to prepay loan without penalty.
  • No monthly mortgage insurance required on Ohio USDA loans, monthly payments on this program are often lower than other Government backed loan options.
  • Guaranteed by the government.

Who is eligible for a USDA Ohio Loan?

  • Residents of Ohio that meet maximum income limits, and have a property of interest that is located in a eligible rural area can quality for a Ohio USDA loan.
  • Anyone who meets minimum credit guidelines (Min. 600 Credit Score) and local area income requirements can qualify for a Ohio USDA loan. In some cases, no credit score required.
  • A Ohio USDA home loan is an affordable and great option for low-to-moderate income families, and first time home buyers.

Minimal Requirements for USDA Ohio Loans:

  • 600 minimum credit score
  • Ability to show at least 3 credit trade lines reporting on your credit report for 12 months (non-traditional lines of credit may be acceptable, such as utility bills)
  • Verifiable rental history in the last 12 months
  • Verifiable employment

Are there any restrictions to obtaining a USDA Ohio Loan?

  • All areas in the state of Ohio that are eligible for a USDA home loan require income limits based on the property you are looking to purchase, and the number of people living in your home. 

Adjusted Maximum Income Limits in Ohio Counties:

City, State

County  Name

1-4 Person Households (Guaranteed Loans)5-8 Person Households (Guaranteed Loans)
NON-METROADAMS          $74,050          $97,750
LIMA, OHALLEN          $74,050          $97,750
ASHLAND, OHASHLAND          $74,050          $97,750
ASHTABULA, OHASHTABULA          $74,050          $97,750
ATHENS, OHATHENS          $74,050          $97,750
WAPAKONETA, OHAUGLAIZE          $74,050          $97,750
WHEELING, WV-OHBELMONT          $74,050          $97,750
CINCINNATI-MIDDLETON, OHBROWN          $80,950         $106,850
CINCINNATI-MIDDLETON, OHBUTLER          $82,000         $108,250
CANTON-MASSILLON, OHCARROLL          $74,050          $97,750
URBANA, OHCHAMPAIGN          $74,050          $97,750
SPRINGFIELD, OHCLARK          $74,050          $97,750
CINCINNATI-MIDDLETOWN, OHCLERMONT          $80,950         $106,850
WILMINGTON, OHCLINTON          $74,050          $97,750
EAST LIVERPOOL-SALEM, OHCOLUMBIANA          $74,050          $97,750
COSHOCTON, OHCOSHOCTON          $74,050          $97,750
BUCYRUS, OHCRAWFORD          $74,050          $97,750
CLEVELAND-ELYRIA-MENTOR, OHCUYAHOGA          $74,050          $97,750
GREENVILLE,OHDARKE          $74,050          $97,750
DEFIANCE, OHDEFIANCE          $74,050          $97,750
COLUMBUS, OHDELAWARE          $78,900         $104,150
SANDUSKY, OHERIE          $74,050          $97,150
COLUMBUS, OHFAIRFIELD          $73,600          $97,150
WASHINGTON, OHFAYETTE          $73,600          $97,150
COLUMBUS, OHFRANKLIN          $73,600          $97,150
TOLEDO, OHFULTON          $73,600          $97,150
POINT PLEASANT, WV-OHGALLIA          $73,600          $97,150
CLEVELAND-ELYRIA-MENTOR, OHGEAUGA          $76,600          $101100
DAYTON, OHGREENE          $74,050          $97,750
CAMBRIDGE, OHGUERNSEY          $74,050          $97,750
CINCINNATI-MIDDLETOWN, OHHAMILTON          $80,950         $106,850
FINDLAY, OHHANCOCK          $74,050          $97,750
NON-METROHARDIN          $74,050          $97,750
NON-METROHARRISON          $74,050          $97,750
NON-METROHENRY          $74,050          $97,750
NON-METROHIGHLAND          $74,050          $97,750
NON-METROHOCKING          $74,050          $97,750
NON-METROHOLMES          $74,050          $97,750
NORWALK, OHHURON          $74,050          $97,750
NON-METROJACKSON          $74,050          $97,750
WEIRTON-STEUBENVILLE, WV-OHJEFFERSON          $74,050          $97,750
MOUNT VERNON, OHKNOX          $74,050          $97,750
CLEVELAND-ELYRIA-MENTOR, OH     LAKE          $74,050          $98,400
HUNTINGTON-ASHLAND, OHLAWRENCE          $74,050          $97,750
COLUMBUS, OHLICKING          $78,900         $104,150
BELLEFONTAINE, OHLOGAN          $74,050          $97,750
CLEVELAND-ELYRIA-MENTOR, OHLORAIN          $74,550          $97,750
TOLEDO, OHLUCAS          $74,550          $97,750
COLUMBUS, OHMADISON          $78,900          $97,750
YOUNGSTOWN-WARREN-BOARDMAN, OHMAHONING          $74,050          $97,750
NON-METROMARION          $74,050          $97,750
NON-METROMEIGA          $74,050          $97,750
NON-METROMERCER          $74,050          $97,750
NON-METROMONROE          $74,050          $97,750
NON-METROMORGAN          $74,050          $97,750
NON-METROMUSKINGUM          $74,050          $97,750
NON-METRONOBLE          $74,050          $97,750
NON-METROPAULDING          $74,050          $97,750
NON-METROPERRY          $74,050          $97,750
NON-METROPIKE          $74,050          $97,750
NON-METROPUTNAM          $77,650         $102,500
NON-METROROSS          $74,050          $97,750
NON-METROSANDUSKY          $74,050          $97,750
NON-METROSCIOTO          $74,050          $97,750
NON-METROSENECA          $74,050          $97,750
NON-METROSHELBY          $74,050          $97,750
NON-METROTUSCRAWAS          $74,050          $97,750
NON-METROVAN WERT          $74,050          $97,750
NON-METROVINTAN          $74,050          $97,750
NON-METROWAYNE          $74,050          $97,750
NON-METROWILLIAM          $74,050          $97,750
NON-METROWYANDOT          $74,050          $97,750

 

How do I find out if I qualify for a Ohio USDA Home Loan?

Take 3 Simple Steps to "Get Pre-Qualified":

At CFG, our main goal is to understand your needs and prepare the best plan for you to obtain a USDA Ohio home loan. 

  1. Tell Us Your Goals
    • What is the maximum mortgage payment you want to pay per month?
    • How soon do you want to move?
    • What is most important that you want to accomplish with your new loan?
    • Complete the online "Get Pre-Qualified" form and you will receive a call from one of our Ohio USDA Loan Experts.
  2. We will develop a plan for you based on the following:   
    • How long do you intend to live in the home?
    • Is the property a single family home?
    • How many people will be living in the home with you?
    • How would you categorize your credit?
    • How long have you worked at your current employer?
  3. You're Pre-Qualified!
    • Begin your search for your new home.
    • See if the home you're interested in is eligible for a Ohio USDA home Loan (please click here [usda.gov] and enter the address of the home (This will open in a separate browser window).
    • You will soon be enjoying the peace of mind knowing that you're on the path to homeownership.

     

To Get Pre-Qualified for a USDA Ohio loan today, get started by taking less than 1 minute to complete our online form, or call us (855) 572-4006, and begin your path to homeownership.  We look forward to serving you!

 

Get Pre-Qualified!