Jumbo Home Loans Ohio Mortgage Lending Guidelines

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Jumbo Home Loans Ohio

Gustan Cho Associates at Loan Cabin Inc.

Jumbo Home Loans Ohio Mortgage Lending Guidelines

This BLOG On Jumbo Home Loans Ohio Mortgage Lending Guidelines Was Published On January 1st, 2019

This article discusses Jumbo Loans in Ohio. Ohio, the Midwestern state of the Great Lakes region, takes its name from the famous Ohio River. The French fur traders originally occupied Ohio, then it became British colony after the war of 1754 between France and India. Some call Ohio the “mother of modern presidents” because, since 1869, seven presidents have arrived from Ohio. 

Other interesting facts about Ohio? Columbus, the capital of Ohio, where the American Federation of Labor was founded. The first man on the moon, Neil Armstrong, was from Wapakoneta. I’m sure everyone has heard the name of the Wright brothers? But many do not know they came from Dayton. Ohio is the first state to enact laws that protect female workers. Ohio is also known as Buckeye State, as there are many Buckeye trees here. 

This was a general introduction to Ohio, but now let’s talk about the real estate market in Ohio. At present, the average cost of housing in Ohio is $ 131,000. Property prices in Ohio rose 4.9% in 2017 and market experts expect a 2.7% increase when 2018 is over. 

For current homes in Ohio, the average price is still $149,000 and the average price of homes sold is just under $ 127,800. The average rental income is $ 995. 

In the cities of Ohio, Hamilton is a leader. The average cost of a house is 140, 200 in US dollars. The average cost of housing in Columbus is $120,500, Cincinnati – $ 113,400, Parma – $ 103,600, Canton – $ 88,200, Akron – $62,900, Toledo – $58,600 dollars and the average cost of residential housing in Dayton is $ 52,000. 

You don’t have to pay “cash” for a jumbo property in Ohio. Thanks to jumbo home loans, buying a large and expensive single-family home is now fairly easy! Read on for more information about the Jumbo loan and qualification requirements. 

What Are Jumbo Home Loans Ohio

What is Jumbo Home Loans Ohio? 

As the name suggests, a Jumbo home loans Ohio is a large sum of loan that go beyond the loan limit set by Freddie Mac and Fannie Mae (two government-funded agencies that purchase loans from lending institutions). In most places in Florida, the limit imposed by Fannie Mae and Freddie Mac is $ 484,350. However, this rate is higher in places where the cost of living is higher, such as Los Angeles, California. Fannie and Freddie are willing to grant loans up to the appropriate loan limit and not above. 

 Jumbo Home Loans Ohio Eligibility Requirements

Eligibility Requirements for a Jumbo Mortgage Loan: 

We quickly review the admission / qualification requirements for a Jumbo loan. To qualify for a Jumbo loan, the borrower must expect the following: 

  • Make generally at least 10% of your purchase as a down payment
  • The down payment of this loan is higher than a conventional loan because PMI is not necessary
  • In some cases, the down payment is only 5%
  • Document your income: at least two years of documented income verification
  • The debt-to-income ratio should generally not exceed 43% percent
  • After closing, your bank account or liquid assets  must have at least three to twelve months’ worth of reserve saving
  • The amount of the reserve saving may vary subject to the credit, the loan amount, the down payment, etc.
  • The creditors want to see the credit reserves of the borrower, as this gives them assurance that borrower can pay the monthly loans payments

If you have been denied a home loan or have any questions about real estate or mortgage please contact the author, Massimo Ressa at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com. Massimo Ressa of Loan Cabin Inc. works when you work, so feel free to contact him any time.  

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