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FHA Changes, How Will They Affect Ohio Residents?

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Ohio FHA Underwriting

On March 14, 2019 the Federal Housing Administration (FHA) announced changes to underwriting requirements. Many in the media have predicted these changes will hurt a large number of potential homebuyers. While that may be true, the changes are being made to ensure FHA’s long-term ability to help borrowers.

A few data points that FHA provided as reasons for the tightening of underwriting requirements are:

  • Cash-Out Refinances increased by 60 percent in 2018
  • Debt-to-income (DTI) ratios above 50% accounted for more than 50 percent of all FHA mortgage in 2018
  • Credit scores decreased to an average of 670 in 2018, the lowest average since 2008.

What are the FHA changes?

Applications submitted through FHA’s automated underwriting system will undergo greater scrutiny. Some loans that previously received an automated underwriting approval, now will require a manual underwrite. Many lenders still offer Manual Underwriting on FHA mortgages, so those borrowers that don’t receive an automated approval can still potentially get a FHA home loan.

Now, more than ever, you need to trust that that your loan officer has access to the programs that you need. If you want to discuss your options for a FHA mortgage CONTACT ME or complete the simple, no obligation Ohio FHA Rate Quote Request form

Ohio FHA Loan Limits 2019

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Ohio FHA Loan LimitsHUD has announed the new loan limits for Ohio FHA Mortgages for 2019. HUD’s Mortgagee Letter 2018-11 covers the particulars. Ohio’s new loan limits can be found below. The higher loan limits are effective for new files beginning January 1, 2019.

Home prices in Ohio have increased 7% over the last year. The higher loan limits offer homebuyers an alternative to Conventional mortgages, such as:

 

Ohio FHA Mortgage Loan Limits for 2019.csv

COUNTY1 UNIT2 UNIT3 UNIT4 UNIT
Adams$314,827 $403,125 $487,250 $605,525
Allen$314,827 $403,125 $487,250 $605,525
Ashland$314,827 $403,125 $487,250 $605,525
Ashtabula$314,827 $403,125 $487,250 $605,525
Athens$314,827 $403,125 $487,250 $605,525
Auglaize$314,827 $403,125 $487,250 $605,525
Belmont$314,827 $403,125 $487,250 $605,525
Brown$314,827 $403,125 $487,250 $605,525
Butler$314,827 $403,125 $487,250 $605,525
Carroll$314,827 $403,125 $487,250 $605,525
Champaign$314,827 $403,125 $487,250 $605,525
Clark$314,827 $403,125 $487,250 $605,525
Clermont$314,827 $403,125 $487,250 $605,525
Clinton$314,827 $403,125 $487,250 $605,525
Columbiana$314,827 $403,125 $487,250 $605,525
Coshocton$314,827 $403,125 $487,250 $605,525
Crawford$314,827 $403,125 $487,250 $605,525
Cuyahoga$314,827 $403,125 $487,250 $605,525
Darke$314,827 $403,125 $487,250 $605,525
Defiance$314,827 $403,125 $487,250 $605,525
Delaware$356,500 $456,350 $551,650 $685,550
Erie$314,827 $403,125 $487,250 $605,525
Fairfield$356,500 $456,350 $551,650 $685,550
Fayette$314,827 $403,125 $487,250 $605,525
Franklin$356,500 $456,350 $551,650 $685,550
Fulton$314,827 $403,125 $487,250 $605,525
Gallia$314,827 $403,125 $487,250 $605,525
Geauga$314,827 $403,125 $487,250 $605,525
Greene$314,827 $403,125 $487,250 $605,525
Guernsey$314,827 $403,125 $487,250 $605,525
Hamilton$314,827 $403,125 $487,250 $605,525
Hancock$314,827 $403,125 $487,250 $605,525
Hardin$314,827 $403,125 $487,250 $605,525
Harrison$314,827 $403,125 $487,250 $605,525
Henry$314,827 $403,125 $487,250 $605,525
Highland$314,827 $403,125 $487,250 $605,525
Hocking$356,500 $456,350 $551,650 $685,550
Holmes$314,827 $403,125 $487,250 $605,525
Huron$314,827 $403,125 $487,250 $605,525
Jackson$314,827 $403,125 $487,250 $605,525
Jefferson$314,827 $403,125 $487,250 $605,525
Knox$314,827 $403,125 $487,250 $605,525
Lake$314,827 $403,125 $487,250 $605,525
Lawrence$314,827 $403,125 $487,250 $605,525
Licking$356,500 $456,350 $551,650 $685,550
Logan$314,827 $403,125 $487,250 $605,525
Lorain$314,827 $403,125 $487,250 $605,525
Lucas$314,827 $403,125 $487,250 $605,525
Madison$356,500 $456,350 $551,650 $685,550
Mahoning$314,827 $403,125 $487,250 $605,525
$455,800

Contact Me or complete the free, no obligation, Ohio FHA Mortgage Rate Quote Request form.

Ohio FHA Loan Limits Rise in 2017

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Ohio FHA Loan Limits

The Federal Housing Administration (FHA) has followed suit with the Federal Housing Finance Agency (FHFA) in raising the limits for loans that qualify for FHA financing. Last week FHFA raised limits for Conventional loans to $424,100. Now Ohio FHA loan limits are increasing as well.

The new Ohio FHA loan limits, which begin with FHA Case Numbers issued on or after January 1, will be a slight increase across Ohio. Below is the complete list of Ohio Counties and their respective FHA loan limits. The chart includes both 2016 and 2017 and the amount of the increase.

If you’d like to discuss your options for a Ohio FHA Mortgage you can Contact Me or complete the Ohio FHA Rate Quote Request form.

OHIO FHA Loan Limits County

COUNTY2016 LIMIT2017 LIMITINCREASE
Adams$271,050$275,665$4,615
Allen$271,050$275,665$4,615
Ashland$271,050$275,665$4,615
Ashtabula$271,050$275,665$4,615
Athens$271,050$275,665$4,615
Auglaize$271,050$275,665$4,615
Belmont$271,050$275,665$4,615
Brown$271,050$275,665$4,615
Butler$271,050$275,665$4,615
Carroll$271,050$275,665$4,615
Champaign$271,050$275,665$4,615
Clark$271,050$275,665$4,615
Clermont$271,050$275,665$4,615
Clinton$271,050$275,665$4,615
Columbiana$271,050$275,665$4,615
Coshocton$271,050$275,665$4,615
Crawford$271,050$275,665$4,615
Cuyahoga$271,050$275,665$4,615
Darke$271,050$275,665$4,615
Defiance$271,050$275,665$4,615
Delaware$316,250$326,600$10,350
Erie$271,050$275,665$4,615
Fairfield$316,250$326,600$10,350
Fayette$271,050$275,665$4,615
Franklin$316,250$326,600$10,350
Fulton$271,050$275,665$4,615
Gallia$271,050$275,665$4,615
Geauga$271,050$275,665$4,615
Greene$271,050$275,665$4,615
Guernsey$271,050$275,665$4,615
Hamilton$271,050$275,665$4,615
Hancock$271,050$275,665$4,615
Hardin$271,050$275,665$4,615
Harrison$271,050$275,665$4,615
Henry$271,050$275,665$4,615
Highland$271,050$275,665$4,615
Hocking$316,250$326,600$10,350
Holmes$271,050$275,665$4,615
Huron$271,050$275,665$4,615
Jackson$271,050$275,665$4,615
Jefferson$271,050$275,665$4,615
Knox$271,050$275,665$4,615
Lake$271,050$275,665$4,615
Lawrence$271,050$275,665$4,615
Licking$316,250$326,600$10,350
Logan$271,050$275,665$4,615
Lorain$271,050$275,665$4,615
Lucas$271,050$275,665$4,615
Madison$316,250$326,600$10,350
Mahoning$271,050$275,665$4,615
Marion$271,050$275,665$4,615
Medina$271,050$275,665$4,615
Meigs$271,050$275,665$4,615
Mercer$271,050$275,665$4,615
Miami$271,050$275,665$4,615
Monroe$271,050$275,665$4,615
Montgomery$271,050$275,665$4,615
Morgan$271,050$275,665$4,615
Morrow$316,250$326,600$10,350
Muskingum$271,050$275,665$4,615
Noble$271,050$275,665$4,615
Ottawa$271,050$275,665$4,615
Paulding$271,050$275,665$4,615
Perry$316,250$326,600$10,350
Pickaway$316,250$326,600$10,350
Pike$271,050$275,665$4,615
Portage$271,050$275,665$4,615
Preble$271,050$275,665$4,615
Putnam$271,050$275,665$4,615
Pichland$271,050$275,665$4,615
Ross$271,050$275,665$4,615
Sandusky$271,050$275,665$4,615
Scioto$271,050$275,665$4,615
Seneca$271,050$275,665$4,615
Shelby$271,050$275,665$4,615
Stark$271,050$275,665$4,615
Summit$271,050$275,665$4,615
Trumbull$271,050$275,665$4,615
Tuscarawas$271,050$275,665$4,615
Union$316,250$326,600$10,350
Van Wert$271,050$275,665$4,615
Vinton$271,050$275,665$4,615
Warren$271,050$275,665$4,615
Washington$271,050$275,665$4,615
Wayne$271,050$275,665$4,615
Williams$271,050$275,665$4,615
Wood$271,050$275,665$4,615
Wyandot$271,050$275,665$4,615