Financing & mortgage guide

How much house you can afford is decided by a lender, but it helps to understand the moving parts before you apply.

Loan programmes you are likely to meet

Programme	Typical down payment	Notes
Conventional	3–20%	Not government-backed. Below 20% down usually means private mortgage insurance until you build enough equity.
FHA	3.5%	Government-backed, more forgiving credit requirements, mortgage insurance premium applies. Property must meet FHA condition standards.
VA	0%	For eligible veterans, active-duty service members and some surviving spouses. Often no monthly mortgage insurance.
USDA Rural Development	0%	For eligible rural areas — much of this part of Ohio qualifies. Income limits apply.

Programme rules and limits change. Confirm current terms with your lender.

Estimate your monthly payment

Enter the price, your down payment, the interest rate and the term to see an estimate of principal, interest, taxes and insurance.

This calculator is an estimate only. It does not include mortgage insurance, HOA fees, closing costs or lender-specific charges, and it is not a loan offer.

What lenders look at

• Income and employment — usually the last two years, and stability matters.
• Debt-to-income ratio — total monthly debt payments compared with gross monthly income.
• Credit history — payment record, length of accounts, and recent inquiries.
• Assets — down payment, closing costs and reserves.
• The property — it has to appraise for the loan amount and meet the programme's condition standards.

Rural property and financing

Country property adds a few wrinkles. Lenders care about the ratio of land to house value, and large acreage may be treated as a separate purchase. Well and septic systems are inspected, and if a system fails it can delay or stop a loan. If you are buying farmland with an existing agricultural exemption, the tax treatment can change on transfer — ask the county auditor and your tax advisor.

Documents to gather before you apply

• Photo identification and Social Security numbers
• Recent pay stubs and the last two years of tax returns
• Bank and investment statements
• Details of existing loans, leases and child support
• If self-employed: profit and loss statements and business returns

This information is general and is not financial, legal or tax advice.