Loan Programs in Ohio: Find the Right Mortgage for Your Situation
Your credit score, down payment, income, and property type determine which loan programs in Ohio work for you. This guide shows you the main options I use with Ohio buyers and homeowners so you can pick the right starting point.
Buying a home? Refinancing? Scroll to find your program, then use the calculators linked in each section.
When you’re ready to see real numbers
Free consult. No obligation.
Conventional Loans in Ohio
Conventional home loans in Ohio are backed by Fannie Mae and Freddie Mac (Learn more about conforming loan limits from FHFA), not the government. They reward stronger credit and solid down payments with lower costs and more flexibility.
Best for:
- Buyers with good to excellent credit
- At least 3 to 5 percent down on primary homes
- One to four unit primary homes, second homes, and investment properties
Key benefits:
- As little as 3 percent down for qualified buyers
- Private mortgage insurance (PMI) drops off once you reach 20 percent equity
- Works for primary homes, second homes, and some rental properties across Ohio
For refinancing:
Conventional refi is a strong option when you want to remove PMI after your home value rises or when you’re moving from FHA to Conventional to drop mortgage insurance.
Use the purchase mortgage calculator to estimate your payment, or see the full Conventional loans in Ohio guide for requirements and examples.
FHA Loans in Ohio
Ohio FHA loans are backed by the Federal Housing Administration and designed to help buyers with limited savings or past credit issues.
Best for:
- First time or repeat buyers with lower credit scores
- Buyers who need 3.5 percent down and more flexible debt ratios
Key benefits:
- 3.5 percent minimum down payment with qualifying credit
- More forgiving on credit history and debt to income
- Allows gift funds and some down payment assistance programs
For refinancing:
Standard FHA refi works if your rate is high or you want cash out. FHA streamline refinance can reduce paperwork and skip the appraisal in many cases if you already have an FHA loan and can show a clear benefit from refinancing.
Use the house affordability calculator to see what you can afford, or read the full Ohio FHA loans guide for requirements and examples.
VA Loans in Ohio
VA loans in Ohio are a benefit for eligible veterans, active duty service members, and some surviving spouses. Check your VA loan eligibility on the VA website.
Best for:
- Eligible veterans and service members who want zero down
- Buyers who want no monthly mortgage insurance
Key benefits:
- 0 percent down in many cases
- No monthly PMI
- Competitive rates and flexible approval standards
For refinancing:
Standard VA refi works for cash out or major changes. VA IRRRL refinance (also called VA streamline) can lower your rate or payment with less documentation if you already have a VA loan. The funding fee is usually lower than a standard VA cash out refi.
See the Ohio VA loans page for full eligibility rules and examples.
USDA Loans in Ohio
USDA home loans in Ohio help buyers purchase in eligible rural and small town areas with zero down.
Best for:
- Buyers who want 0 percent down and meet income limits
- Homes in USDA eligible areas outside the dense city core
Key benefits:
- Zero down payment if you meet income and location rules
- Lower monthly mortgage insurance than FHA in many cases
- Often works well in parts of Warren, Clermont, Butler, and nearby counties
For refinancing:
Standard USDA refi works for rate and term changes. Some borrowers may qualify for USDA streamlined options, which can simplify the process.
For maps, income limits, and more examples, see the full USDA loans in Ohio guide.
Jumbo Loans in Ohio
Jumbo loans cover higher price points that exceed standard conforming loan limits.
Best for:
- Higher priced homes above current conforming limits
- Buyers with strong credit, income, and cash reserves
Key details:
- Larger loan amounts for luxury or higher priced homes
- Often require 10 to 20 percent down
- Tighter guidelines on credit score, debt to income, and assets
For refinancing:
Jumbo refi can reduce your rate, adjust your term, or tap equity on higher priced homes. Underwriting is more detailed, so clean documentation matters.
For examples and common jumbo structures, see the Jumbo loans page.
Non-QM Loan Options for Investors and Self-Employed Borrowers
Some real estate investors and self-employed borrowers don’t fit standard Conventional guidelines, even though the properties and deals make sense. For those cases, I use Non-QM options that focus more on property cash flow or business income patterns.
These programs typically come with higher rates and costs, but they open doors when traditional financing won’t work.
DSCR Investor Loans
Ohio DSCR loans use the property’s cash flow to qualify rather than your personal debt to income ratio. DSCR stands for debt service coverage ratio.
Best for:
- Investors buying or refinancing one to four unit rentals
- Borrowers with strong equity or down payment but complex personal income
- Portfolios where property cash flow is the main driver
How it works:
The lender looks at the expected or actual rent versus the new mortgage payment. If the rent covers the payment by a certain ratio, the loan can work even if your personal debt to income is messy. Often allows title in an LLC, subject to lender rules.
Common uses:
- Purchase or refinance long term rentals
- Rate and term refi of hard money or flip loans into long term hold financing
- Cash out refi on existing rentals to free up capital for more deals
Use the purchase mortgage calculator to estimate payment or the refinance calculator if you’re restructuring an existing rental.
Bank Statement Mortgage Loans
Ohio bank statement loans are designed for self-employed borrowers whose tax returns don’t show their true usable income.
Best for:
- Self-employed buyers with strong cash flow but heavy write-offs
- Business owners whose tax returns undersell their real earning power
- Some investors who take most of their income as distributions rather than payroll
How it works:
You provide 12 to 24 months of bank statements instead of W-2s and tax returns. The lender applies a reasonable expense factor to your deposits to calculate qualifying income. Rates and costs are usually higher than standard Conventional loans, but the tradeoff is access to financing that standard guidelines might block.
Common uses:
- Buying a primary home or second home when tax returns don’t work
- Refinancing to improve terms or access cash based on actual bank cash flow
Use the house affordability calculator with a conservative view of your average income.
Not sure if DSCR or bank statement financing fits your situation? Contact me and I’ll walk you through it.
Next Steps
You don’t need to memorize every rule about loan programs in Ohio. My job is to listen to your goals and then line up the program and structure that fits.
To move forward:
- Use my mortgage calculators to estimate your budget and payment
- Read the individual program pages linked above for more detail
- When you’re ready, start your application or contact me for a review based on your specific situation