If you’re considering buying a home in the Columbus Ohio area, you may want to consider obtaining an FHA mortgage loan. While most first time home buyers I’ve helped buy Columbus Ohio real estate do use an FHA loan, FHA is not only for first time home buyers.
One reason many first time home buyers obtain an FHA mortgage loan when buying a home in Columbus Ohio, is because many of the government grants and down payment assistance programs have been partnered with FHA loans. Currently, most of the first time home buyer down payment assistance programs in the Columbus Ohio area are out of money. Once I receive an update on any new funds for down payment assistance becoming available, I’ll be sure to post it here on my Columbus Ohio real estate blog.
HIGHER FHA MORTGAGE LOAN LIMITS FOR BUYING COLUMBUS OHIO REAL ESTATE
FHA has recently increased their loan limits, which makes their loans even more attractive to a wider variety of buyers. The new FHA loan limits to purchase real estate in the Columbus Ohio area are as follows:
SINGLE FAMILY HOMES = $310,500
BUYING INVESTMENT PROPERTIES WITH AN FHA LOAN:
Buying investment property in the Columbus Ohio area typically requires a minimum of 10-20% down payment. However, if you are an owner occupant (live in one unit and rent out the rest) then you can obtain an FHA mortgage for a 2-4 unit investment property in Central Ohio.
Interest rates are generally higher for investment property loans. Another huge benefit of buying investment property in the Columbus Ohio area, with an FHA loan, is you’ll get the typical market interest rate available to any other FHA buyer. This is truly a great deal! Here’s the new FHA mortgage loan limits for buying investment property in Columbus and Central Ohio.
2 UNITS = $397,500
3 UNITS = $480,450
4 UNITS = $597,100
FHA loans are attractive because they typically require a lower down payment than Conventional mortgage loans, plus credit and qualification standards are more flexible. Currently FHA requires 3.5% down payment, while most conventional loans require a minimum of 5% down. Due to the sub prime mortgage crises, many people who used to be able to get a loan can no longer qualify. FHA mortgage loans are now the best alternative for people who’s credit scores are not high enough to obtain a conventional mortgage.
If you’re interested in buying a home, condo or investment property anywhere in Columbus or Central Ohio, please CONTACT ME at 614-895-0496 anytime from 8am-10pm to get started. I look forward to helping you find your ideal home and obtain the best financing for your needs.
As always I look forward to serving your Columbus Ohio real estate needs.
Petra Hinterschied, ABR
Accredited Buyer Agent Representative
Columbus Ohio Realtor with over $40 Million in Central Ohio Real Estate Sales since 2001.