FHA Loans, FHA Refinancing with FirstMerit Bank - Serving Akron, Cleveland, Ashtabula, Canton, Columbus, Elyria, Medina, Toledo, Columbus, Ohio and New Castle, PA

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Federal Housing Administration (FHA) Loans

How it works FHA loans are government-insured loans backed by the Federal Housing Administration (FHA). These loans require a smaller down payment and offer flexible credit guidelines.

An FHA Loan might be right for you if: You want to purchase a home with a low down payment You have a lower household income You have less than perfect credit

Features & Benefits Minimum down payment (only 3.5% on purchases)* You can refinance up to 97.75% of home's value (with no cash out) For cash-out refinances, you can refinance up to 85% of your home's value Flexible credit guidelines and total debt ratios Prior bankruptcy acceptable within defined limits (Chapter 13 bankruptcy for one year or Chapter 7 for two years) Down payment and closing costs can come from gift funds Available as a fixed rate loan We offer in-house underwriting of FHA loans which can shorten your application process



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* For example, currently a $96,500 fixed rate FHA loan for 30 years at 5.941% APR with $3,500 down payment will have 126 payments of $586.15 and 234 payments of $542.20.