USDA Loan in Ohio | (888) 464-8732 | USDALoanInfo

How do You Pre-Qualify For a USDA Loan in Ohio?

The USDA Guaranteed Home Loan Program in Ohio is backed by the USDA – the United States Department of Agriculture.

It is a TRUE no money down home loan.

Many people who take advantage of this USDA Loan program in Ohio are able to get into their homes with little to no money out of their pocket.

BUT, there are several USDA Home Loan eligibility requirements that you need to meet in order to take advantage of this home loan program.

The first USDA Loan requirement is that you cannot be a current homeowner.

If you already own your home but are planning to sell it, then you are still eligible! You just need to have your existing home sold BEFORE we can close the loan for your new home in Ohio.

The next requirement is that your total annual household income cannot exceed the limits set by the USDA. Finding USDA Loan in Ohio isn’t as hard as it seems with a certified Mortgage and Loan Officer at your disposal.

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These income limits are based on market area and family size.

Another requirement is that you cannot have defaulted on a USDA loan in the past.

This means that if you’ve had a past USDA loan that has gone in to foreclosure, you unfortunately aren’t eligible.

To take advantage of this program, the home has to be located in an eligible rural area.

But guess what, rural does not necessarily equal country! Homes do not have to be in a country setting.

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In fact, there are many areas where entire counties and cities qualify for this program.

The property has to meet minimum property standards.

The home must be in satisfactory condition, and this loan cannot be used to finance any sort of income producing property.

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That means mini farms, and properties with farm acreage are not eligible.

Do you want to find out if you qualify for a USDA Loan in Ohio? We make it EASY! Just give us a call at USDA Loan Info (888) 464-8732.

We’re here to make your dreams of homeownership come true.

In 2019, What Do You Need for a USDA Loan in Ohio?

American Home Mortgage

[MUSIC PLAYING] Hello, and welcome toCalHFA's lender training.

My name is Molly Ellis.

Our focus in this video is ourconventional first mortgage programs, basic guidelines,and the common ways to layer closing costs and downpayment assistance programs to benefit your borrowers.

First, let's talk about ourCalHFA Conventional Program.

This is a conventional firstmortgage with a very affordable interest rate.

It has a maximumloan to value of 97%, and a maximumcombined loan to value of 105% with a minimumcredit score of 640.

It follows FannieHomeReady guidelines.

Technically, CalHFA doesn'thave a loan amount limit.

However, we do chargea high balance fee for any loan over $484,350.

This would only be applicableif the Fannie HomeReady loan limit in the countythe property is located allows you to exceed $484,350.

Otherwise, you'd have to adhereto the HomeReady loan limit.

On a high balance loan,the max LTV is 95%.

For the highbalance fees, please check out the rate pageon CalHFA's website.

Next is our CalPLUSconventional program.

This first mortgage alsofollows Fannie Mae's HomeReady guidelines, but itcomes with built-in loan for closing costs called theZero Interest Program or ZIP.

CalHFA offers ZIPat a loan amount of 2% of the firstmortgage loan amount or 3% of the firstmortgage loan amount.

Please check out therate page for pricing.

ZIP has a zero interestrate with deferred payments.

It's only available forfirst-time homebuyers, and remember, the definitionof a first-time homebuyer is someone who is not owned andoccupied a principal residence in the past three years.

One of the bestbenefits of using either conventional program isthe reduced mortgage insurance rates through GenworthMortgage Insurance.

The borrower can choosea monthly premium, a single premium, or theycan choose from several split premium options.

This allows you tocustomize the loan to meet the needsof your borrower.

You can access Genworth'sMortgage Insurance rates through our RateExpress, or we've also included a link in theloan program handbooks on the website.

Click on Lenders/RealEstate Agents, then click the LoanProgram Handbooks tab, then choose the program handbookapplicable to your loan.

For all CalHFAconventional programs used by first-time homebuyers,homebuyer education is required for at leastone borrower on the loan.

CalHFA does not allowmanual underwriting or non-traditional crediton our conventional loans.

What makes our program so greatis our down payment assistance and closing cost assistancelayer these programs with our first mortgagesto increase affordability for your home buyers.

For example, if yourborrower is employed in a K through 12 publicschool in California, they would be eligiblefor CalHFA's Schoolteacher and Employee Assistance Program.

This mortgageassistance will lend 4% in down payment or closingcosts at a very affordable 3 and 1/4% simple interest rate.

Or if your client doesn't workin California's public schools, they can use our MyHomeAssistance Program.

MyHome is 3 and 1/2% of thesales price or the appraised value, whichever is less,which could get your borrower almost 6% or 7% in mortgageassistance when you layer it with CalPLUS and ZIP.

The interest rateis only 3 and 1/4% simple interest withdeferred payments.

And whether you'reusing the School Program or theMyHome program, it does need to be insecond lien position, and your borrower needs tobe a first-time homebuyer.

Make sure you take a minuteto check out the rate page on the CalHFA website.

We offer a lower interestrate if the borrower decides not to use the down paymentor closing cost assistance, and a lower rate if theyare purchasing home either in a Fanny HomeReady areadesignated as no-income, or when the borrower's incomeis below the Fannie HomeReady limit.

Please remember, theFannie HomeReady limit is only an indicatorfor a lower rate.

If the borrower is overthe Fannie HomeReady limit, they are stilleligible for CalHFA, it's just at a higher rate.

You can use the FannieHomeReady Lookup Tool to find the informationon specific property address and get the FIPS number-- you'll need to enter it intoCalHFA Mortgage Access System.

That covers our conventionalfirst mortgage programs and the down payment assistanceand closing cost assistance that can be layered with them.

Now let's move onto the property requirements and maximumlender origination fees.

The property requirementsfor these programs for the most part follow FannieMae's HomeReady guidelines.

Also, make sure you adhereto any lender or investor overlays.

The sales price ofthe property must be within CalHFA'scurrent sales price limit.

A one-year homewarranty is required for first-timehomebuyers unless they're purchasing new construction.

The property cannotexceed five acres.

Manufactured homes are allowed.

If it meets Fannie Mae MHAdvantage, the max LTV is 97%.

But if it's MH standard,the max LTV is 95%.

Either way, minimumcredit score is 660.

If the property meetsFannie Mae guidelines for an accessory dwellingunit, then as allowed, you can count the rental income.

Now, let's talkabout lender fees.

First, to originateCalHFA loans, you must be aCalHFA-approved lender.

The maximum a lender cancharge in lender fees on the first mortgage is 3%.

This includes origination,processing, and underwriting.

It does not includeany third party fees.

Our rates are at par, so youhave to charge origination on these loans.

But with the closing costsand payment assistance from ZIP andMyHome, the borrower will still have very littleout-of-pocket expenses.

CalHFA will allow you to chargean additional subordinate processing fee of $250 forMyHome or the School Program, and an additional $50processing fee for ZIP.

Also, you may not chargeany additional fees like origination,per diem interest on the subordinate loans.

We want to help make this easy,so we have provided some tools to help you process loanswith CalHFA programs.

The loan program handbookfor each one of our programs includes all the detailsabout the program in one easy handbook.

The loan program matrixprovides a quick reference of terms and requirementsfor all CalHFA programs.

The very popular loanscenario calculator will help you calculateloan amounts and print results for your borrowers.

You can find these toolsunder Lenders/Real Estate Agents on our website.

Click on Loan Program Handbooksfor the program handbooks, the Calculator icon for theloan scenario calculator, and the Tools, Affidavits, andDocs tab for the loan program matrix.

Now let's look at the funstuff before we close.

Our single familylender training team offers in-person trainingclasses every month across the state.

Attend a four-hourworkshop to learn all about CalHFA's programs.

Classes are announcedeach month on our website and through our monthlye-news announcements.

To sign up for our class,visit CalHFA's website, choose the Training Calendarlink under Lenders/Real Estate Agents, and sign up for a classthat will work best for you.

We also provide customizedmarketing materials that can be downloadedfrom our website by clicking on theLenders/Real Estate Agent section of the website,choose the Loan Officers tab, then choose the Sales Toolsand Marketing Materials link.

For any questions you may have,contact Single Family Lending at 916-326-8033.

Or you can email ourLender Services Division at lendertraining@calhfa.

Ca.

Gov.

Thank you so much for your time.

Now get out there andhelp more Californians have a place to call home.

[MUSIC PLAYING].

USDA opening Ohio offices during shutdown to help with farm loans

Prequalify For Mortgage

Hi, Katie the Mortgage Lady with Total Mortgage.

A lot of my borrowers ask me why they should pick me as their loan officer, and it's really so much more than just me doing their mortgage, it's a relationship.

It's earning their trust.

I'm going to be there from start to finish to make sure that they do get to the end of the process and purchase their home.

So if you know someone that needs my help, have them go to www.

Katiethemortgagelady.

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