Ohio USDA Loans

In Ohio, USDA loans are a popular way to finance a home when the property qualifies. One of the many reasons that the USDA loan program is popular in Ohio is because you can get true 100% financing and not pay mortgage insurance every month.

The downside to an Ohio USDA loan is that there are only certain properties that qualify and from time to time the USDA loan program will run out of money. The most important thing that you can do when thinking about the USDA loan program is to work with a loan officer who knows what they are doing and has access to the property databases so they can tell you what properties qualify for the USDA loan program.

2010 USDA Loan Limits have been increased and are in effect. The USDA loan has two different types of qualifying income, but doesn’t have a loan limit like FHA or VA loans do. Remember, when calculating income for USDA loans, there are there are items that can be subtracted from the income in order to help qualify for the USDA Loan.

Ohio USDA Loan Highlights:

  • Zero Money Down
  • One Fixed Rate Loan
  • No PMI Insurance required
  • No cash reserves required (money in the bank not required)
  • Single Family Homes only (can’t purchase duplexes, apartments, ect.)
  • No mobile homes
  • No “fixxer-uppers” (standard homes in working order)
  • Flexible credit requirements (similar to FHA)
  • Over 620 credit score automaticaly credit qualifies.
  • Low, fixed interest rates

Income Restrictions: USDA loans don’t have a loan limit – but they do have income restrictions.  Click here to check your USDA income restrictions.

Location Restrictions: USDA home loans are not for the “big cities” and surrounding areas. Click here to check qualifying areas in Ohio.

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