maximum mortgage limits

If you’re planning to buy Columbus Ohio real estate, you’re probably going to need a mortgage loan. In an effort to help more home buyers obtain government backed mortgages, FHA, VA and conforming mortgage limits have been increased in the Central Ohio area. Central Ohio includes Columbus and the following surrounding counties: Delaware, Franklin, Licking, Madison, Morrow, Pickaway and Union.

These government back mortgages can be used to buy single family homes, conforming condos and 2 to 4 unit multi-family owner occupied properties (meaning at least one unit has to be occupied by the owner). 2009 Maximum mortgage loan limits for homes in the Columbus Ohio area are as follows:

FHA mortgage loans for single family homes, conforming condos and 2 to 4 unit multi family properties in the Columbus Ohio area.

1 Unit = $341,250
2 Units = $436,850
3 Units = $528,050
4 Units = $656,250

FHA mortgage loans are the easiest to qualify for and require a minimum down payment of 3.5%. There are some government programs, for first time home buyers in Columbus Ohio, that provide a grant of 2.5% toward your down payment so you can buy a home with only 1% down. However, right now the interest rates are significantly higher than the going market rate for FHA mortgages.

As an example, Fifth Third Bank in Columbus Ohio has a 30 year fixed FHA mortgage rate at 4.75% right now, whereas the Ohio first time home buyer mortgage rate with the down payment assistance is at 6%. On a $100,000 mortgage loan, that’s a monthly principal and interest mortgage payment of approximately $521.64 versus $599.55. A difference of about $78.00 a month or $936.00 a year – over potentially 30 years = $28,080. So you have to weigh those numbers to decide if the 2.5% down payment assistance makes sense for your situation.

I’ve had many clients obtain a gift from a relative for their down payment or borrow against a retirement account that you can pay back over time. The latter option might make sense with the first time home buyer tax credit of up to $8,000.00, which could enable you to pay back the down payment loan shortly after you close on your home.  Learn more about the Federal First Time Home Buyer Tax Credit.

If you want to obtain a FREE mortgage pre-approval consultation to determine what your best loan option is, feel free to contact Sue Reichard, Mortgage Loan Officer with Fifth Third Bank in Columbus Ohio on her cell anytime at 614-395-4150.  Please let her know that Petra referred you.

Conventional mortgage loans for homes in the Columbus Ohio area

Conventional conforming mortgages for single family homes, conforming condos and 2 to 4 unit multi family investment properties in the Columbus Ohio area. Conventional loans typically require better credit scores and a minimum of 5% down payment, but they offer higher loan limits.

1 Unit = $417,000
2 Units =$533,850
3 Units = $645,300
4 Units = $801,950


VA mortgage loans are a huge benefit for qualifying veterans and military personnel enabling them to buy real estate in the Columbus Ohio area, with no money down. VA mortgage loan limits for single family homes and conforming condos, in the Columbus Ohio area are up to $417,000, with no down payment. Since the government has eliminated the no money down mortgage programs, VA is the best option for those who qualify to buy a home in Columbus Ohio with NO MONEY DOWN!


If you’re interested in buying a home in the Columbus Ohio area, I can make your home search easier, AT NO COST TO YOU! Start by calling me at 614-895-0496 anytime from 8am-10pm EST or anytime on my cell at 614-746-2115, to discuss your ideal home. I’ll quickly email you a list of all the current active Columbus Ohio real estate listings that best meet your needs.

Plus, to ensure you don’t miss out on any new listings that come on the market, I’ll continue to email new Central Ohio real estate listing updates directly from the official Realtor® Columbus Ohio MLS. You’ll get all the details including: photos, virtual tours, condo fees, price change updates and so much more that you won’t find in many of the online Columbus MLS searches. The Columbus Ohio MLS (multiple listing service) is the official database that all realtors® in Central Ohio use to post their real estate listings and includes: HUD Repo properties, bank owned foreclosure properties, short sales, Columbus Ohio new build inventory spec homes and more.

Get started now by completing Petra’s Columbus Ohio Home Finder Service Form OR call Petra (Pay tra) at 614-895-0496 anytime from 8am-10pm EST.

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